BY: News Peddlers
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Meta, the parent company of Facebook, is set to begin large-scale layoffs this week, possibly as early as Wednesday, as part of the tech giant's first headcount reduction in its 18-year history.
The Wall Street Journal broke the news first, citing people familiar with the situation.
"The layoffs are expected to affect many thousands of employees, and an announcement is expected as soon as Wednesday, according to the people," the Wall Street Journal reported on Sunday evening.
The number of Meta employees expected to lose their jobs could be the "largest to date at a major technology corporation in a year that has seen a tech industry retrenchment," according to the report.
Meta reported having over 87,000 employees as of late September. CEO Mark Zuckerberg announced plans to reorganize teams and reduce headcount, stating that the company would freeze hiring and restructure some teams in order to cut costs and realign priorities.
Twitter, which was recently acquired, began laying off employees last week. In the midst of the tech industry's job-cutting frenzy, Tesla CEO Elon Musk reportedly planned to lay off roughly half of Twitter's 7,500 employees.
According to an internal memo obtained by TechCrunch, online financial services company Chime announced that it would lay off 12% of its workforce, with the cuts affecting 160 of the company's 1,300 employees.
According to a letter obtained by CNBC, ride-hailing company Lyft will lay off 13% of its workforce, affecting approximately 650 employees. This is the company's second round of layoffs this year, following the layoff of 60 employees in July. Stripe also announced plans to lay off 14% of its workforce.