Meta is preparing for a huge round of job cuts this week, which is expected to impact thousands of employees, The Wall Street Journal reported today (Nov. 7).
The company has doubled its employee count since 2018 to 87,000 workers. Last month, an investor criticized Meta for its bloated headcount due to hiring for its metaverse initiatives. In Meta’s plans for next year, which it revealed in October, it said it would stop excessive hiring and that its headcount at the end of 2023 would look similar or slightly smaller to its numbers now. Meta will continue onboarding employees but it will also exercise layoffs to keep its employee count down.
A spokesperson declined the Journal‘s request for comment but referred to CEO Mark Zuckerberg’s statement in last month’s earnings call that Meta would focus on growth areas, which means some employment changes.
As with many technology companies, Meta went on a hiring spree during the pandemic, which has since prompted cuts throughout the industry as inflation rates hit a 40-year high and a potential recession looms. On Nov. 4, Twitter’s new owner Elon Musk cut nearly 50 percent of staff to save money.
The job cuts are expected to be announced as early as Wednesday, the Journal said.