Facebook silently sharpening the axe to slash 12,000 of its workforce
- IBJ Bureau
- Oct 07, 2022
Meta is reportedly conducting “quiet layoffs” at Facebook that may lead to thousands of job cuts – at least 12,000 or about 15 per cent of its workforce.
According to a report in the Insider, the senior executives are in the process of executing “quiet layoffs” of underperforming workers.
Several employees have told the Insider that as much as 15 per cent of the workforce could be cut within the next few weeks. This means that some 12,000 employees could be out of jobs soon.
“It might look like they are moving on, but the reality is they are being forced out,” an employees told the Insider.
Facebook employees are bracing for layoffs for months since the social networking giant had announced a hiring freeze.
At its peak, Meta’s stock price had approached $380 per share. But in the last year, the company’s share price has nosedived by 60 per cent.
Meta Founder and CEO Mark Zuckerberg has made it clear that the social network is freezing hiring across the board, warning that more layoffs are in the pipeline.
According to reports, Mr Zuckerberg had made these comments during an internal call to employees.
Mr Zuckerberg had mentioned during the last Meta earnings call that: “Our plan is to steadily reduce headcount growth over the next year. Many teams are going to shrink, so we can shift energy to other areas.”