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Meta could begin large-scale layoffs this week, report says

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An avatar of Mark Zuckerberg, chief executive officer of Meta Platforms Inc., speaks during the virtual Meta Connect event in New York, US, on Tuesday, Oct. 11, 2022.
Michael Nagle | Bloomberg | Getty Images

Facebook parent MetaWall Street Journal.

The layoffs are expected to impact thousands of employees, the report said, and the move would mark the first major headcount reduction in Meta’s history. At the end of September, the company reported that it had more than 87,000 employees.

A representative for Meta did not immediately respond to requests for comment.

Meta shares plummeted 73% this year, falling to their lowest since early 2016, and the social media giant is now the worst performer in the S&P 500 in 2022.

–CNBC’s Jonathan Vanian contributed to this report.

Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week

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