Facebook is about to lay off employees on its largest scale ever

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in innnewyorkcity.com

According to WSJ sources, Meta Platform, Facebook’s parent company, will begin a large-scale layoff plan this week.

Facebook announces job cuts on September 11th

According to WSJ, Meta Platform, Facebook’s parent company, will announce plans to lay off employees as soon as possible after 9/11. The company’s layoffs are expected to affect thousands of employees.

This is the first time in its 18-year history that Facebook has cut staff. While Meta’s layoff rate doesn’t compare to Twitter’s, the company’s number of job losses could be the largest in the tech industry right now.
Facebook announces job cuts on September 11th
This year the Meta share has fallen by more than 70%, the cause of this situation is attributed to the recessionary economic development. Meta’s costs skyrocketed, causing free cash flow to fall 98% in its most recent quarter. There is also investment in computing power and artificial intelligence to create Reels, or reality labs that develop wearables for virtual universes.
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Source: INN NEW YORK CITY

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