Facebook Parent Meta plans large layoffs this week; reports

The Wall Street Journal reported on Sunday, citing people familiar with the situation, that Meta Platforms Inc. plans to make a statement as early as Wednesday and start mass layoffs this week that will effect thousands of employees.
Regarding the WSJ article, Meta chose not to comment.

In October, Meta, the parent company of Facebook, predicted a dismal Christmas quarter and much higher costs in the following year, which will subtract nearly $67 billion from Meta's stock market worth and add to the more than $500 billion in value already lost this year.

The unimpressive prognosis comes as Meta struggles with the declining global economy, TikTok's rivalry, Apple's privacy improvements, worries about big spending on the metaverse, and the constant danger of regulation.
According to chief executive Mark Zuckerberg, it will take around ten years for the investments in the metaverse to pay off. To save costs in the interim, he was forced to halt employment, cancel projects, and rearrange personnel.

"We're planning to concentrate our efforts in 2023 on a select few high priority growth sectors. This indicates that while most teams will remain flat or contract during the upcoming year, certain teams will experience considerable growth. Overall, we anticipate that by 2023, we will be either around the same size or even a little bit smaller than we are now "On the most recent earnings call in late October, Zuckerberg said.