Facebook parent company Meta to lay off thousands this week: Report

California, Nov 07: After Twitter laid off 3700 employees, another social media giant Meta, previously known as Facebook, is planning large scale lay off this week, according to a Wall Street report. However, the social media company has not clarified this.

Meta had more than 87,000 employees worldwide across its different platforms at the end of September. The strength was up 28 per cent from a year ago. The social media company informed the officials to cancel nonessential travel beginning this week, according to the report.

Notably, if the job cut happens, this will be the first massive head-count reduction in the social media giant's 18-year history.

Reports suggest that Meta has been struggling against several changes including global economic growth, privacy changes from Apple, competition from TikTok, and concerns about massive spending on the metaverse.

Also, Meta shares have dipped 73 per cent, dropping to their lowest since early 2016, and the Silicon Valley major is now the worst performer in the S&P 500 in 2022.

Meta is the parent company which owns Instagram, Facebook, WhatsApp and Messenger.

Chief executive officer and founder of Meta Mark Zuckerberg said recently, "In 2023, we're going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today," reported Reuters.