Layoffs/Job Cuts: Facebook parent company $META will lay off 11,000 employees

Facebook parent company Meta will lay off 11,000 employees

The job cuts will impact many corners of the company, but Meta’s recruiting team will be hit particularly hard as “we’re planning to hire fewer people next year,” Zuckerberg said in the post. He added that a hiring freeze would be extended until the first quarter, with few exceptions.

In September, Meta had a headcount of more than 87,000, per a September SEC filing.

Meta’s core ad sales business has been hit by privacy changes implemented by Apple, advertisers tightening budgets and heightened competition from newer rivals like TikTok. Meanwhile, Meta has been spending billions to build a future version of the internet, dubbed the metaverse, that likely remains years away from widespread acceptance.

$META daily, weekly, and monthly charts

And, even if there is “widespread acceptance”, there’s no guarantee that Meta will be the one successful at it. I offer CompuServe, WordPerfect, Univac, or other companies that pioneered in a field only to be left in the trash heap by the sidewalk.