Washington [US]: Meta, Facebook’s parent company has announce a massive cut in jobs. The company will be laying-off as many as eleven thousand employees in the next few days. Meta’s current strength is about 87,000 employees.
Move move comes after adoption of a new strategic and transformative business model approach and slash expenses.
Lay-offs is a current trend in the IT industry and Meta believes it stands to gain going with the flow.
“We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1,” said Meta CEO Mark Zuckerberg in a statement on Wednesday.
Zuckerberg termed the layoffs as some of the most difficult changes the company has made in Meta’s history and added that everyone in the company will soon get an email “letting you know what this layoff means for you.”
Notably, the layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to people familiar with the matter.
The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history.