Meta reportedly set to cut thousands of jobs this week
Meta, the parent company of Facebook, Instagram and WhatsApp, is preparing to cut thousands of jobs, according to a report by the Wall Street Journal.
The news comes mere weeks after weak performances from Facebook and Instagram saw $80 billion wiped off Meta’s market value and its share price drop to less than a third of what it was at the start of the year.
The job cuts reported by the Wall Street Journal are expected to be announced on Wednesday and will impact “many thousands” of Meta’s 87,000 global employees, according to source cited by the WSJ as being familiar with the situation.