Meta Preparing Thousands of Layoffs in Latest Tech Industry Retrenchment

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Meta will be just the latest in a string of technology companies to announce layoffs or hiring freezes in recent weeks as the industry prepares for a period of slowing sales.

Meta’s employee ranks have swelled to 87,000 as of September and this will be the first major layoffs in the company’s 18-year history.

Last week, Twitter announced it would cut up to 50% of its workforce following Elon Musk’s takeover of the company, Amazon said it would freeze incremental new hiring, Lyft said it would cut another 13% of its workforce in its second round of cuts, and Stripe said it would cut 14% of its workforce, among other industry cuts.

Meta declined to comment to the Journal about the cuts but referred to CEO Mark Zuckerberg’s re­cent state­ment that it would “fo­cus our in­vest­ments on a small num­ber of high pri­or­ity growth ar­eas.”

By Staff