Meta intends to cut thousands of employees in the second week of November, as the Wall Street Journal reported, citing people familiar with the matter.
With over 87,000 employees working in Meta, this layoff could be the largest headcount reduction in a large tech company.
These layoffs come two months after Meta implemented its employment freeze in September. The company wants to reduce costs by 10%, partly by reducing the number of employees.
Previously, Bitmex, Dapper Labs and Mythical Games were all web3 companies that laid off their employees in the first week of November. Among many other tech companies that are laying off workers amid difficult business environments.
Meta tried hard to push the metaverse afterincreaseDoubled effort since October 2021, Metaverse’s Reality Labs lost $3.7 billion in Q3 of this year.
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