The tech industry is bracing for another round of massive layoffs, possibly the largest ever at a single company. According to The Wall Street Journal, Meta intends to begin firing employees tomorrow, but executives have already been informed about the internal restructuring.
According to reports, the company will make an official internal announcement at 6 a.m. (ET), followed by managers informing their respective teams about workforce reduction plans. Employees laid off by Meta will reportedly receive at least four months’ pay as severance.
In comparison, Twitter began its layoff spree just a few days ago, reducing its workforce to nearly half of its original size. Unsatisfied with their treatment, a few employees are suing the company for labor law violations. According to the sheer number of people who will be laid off, Meta’s layoffs will be much deeper.
According to the report, Meta’s recruiting and business departments will suffer the most, while the Reality Labs division, which is in charge of building the metaverse ecosystem, and the video-focused social media divisions will suffer the least. However, Meta is not the only social media titan planning layoffs. TikTok began layoffs in July, Snap announced a 20% workforce reduction in August, and Apple announced a 20% workforce reduction in September.
It’s the tech CEO apology season
To recall, Zuckerberg’s metaverse ambitions have resulted in Facebook bleeding billions of dollars each year, while the stock continues to fall.
The rest of the divisions are struggling as well, with Apple’s moves hurting ad revenues and social media competition causing Meta to lose daily active users for the first time in the company’s history. Zuckerberg’s apology sounds suspiciously similar to what Twitter co-founder and former CEO Jack Dorsey recently posted about the company’s massive layoffs under new CEO Elon Musk.
Dorsey stated that he accepts responsibility for Twitter’s chaotic employment situation, especially in light of the impending recession. “I expanded the company too quickly. Please accept my apologies “He continued, almost as if it were a model for Zuckerberg’s own apology.
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Musk, on the other hand, wasn’t as sorry. Soon after employees began being locked out of Twitter systems, the billionaire tweeted, “There is no choice when the company is losing over $4 million per day.” Embarrassingly, Twitter soon began contacting a few of the fired employees, asking if they were interested in making a comeback.
