Facebook, Instagram parent company Meta to lay off thousands of employees this week: Report

Meta, the parent company of popular social media giants like Facebook and Instagram is ready to conduct a second round of layoffs. A new report claims that Meta will be firing thousands of employees as early as this week. 

According to a report by Bloomberg, thousands of Meta employees will lose their jobs this week. The report cited people familiar with the matter. The report suggests that Meta has asked directors and vice presidents to list the names of the employees that can be let go in this round of layoffs.

This will be the second round of layoffs after Meta conducted one late last year. In the first round, the company let go of 11,000 employees, constituting 13 per cent of the entire workforce.

It is noteworthy that a similar report about the second round of layoffs at Meta was rubbished by a Meta executive. 

Meta is witnessing a slowdown in revenue due to more restrictions in the targeted ads category. This impacts the advertising revenue of the company. The metaverse platform is also far from generating any revenue.

Meta CEO Mark Zuckerberg has titled 2023 as the 'year of efficiency' for the company. The company has also completed a recent performance review of the employees which could easily be a precursor to the second round of layoffs.

During the first round of layoffs at Meta in the month of November, Mark Zuckerberg conducted a video call with employees, taking full ownership for the job cuts. He essentially took the blame for growing too quickly during the pandemic era. Meta's massive bets in the field of Metaverse have also failed to payoff their investments. 

Meta has not confirmed the move officially. This is a developing story. 

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