UPDATE: Meta confirms it will cut thousands of jobs
Meta, the parent company of Facebook, Instagram and WhatsApp, has confirmed that it is preparing to cut thousands of jobs, impacting 13% of its global workforce.
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.
On Wednesday, Meta confirmed earlier reports about the layoffs and announced it would be reducing its global workforce by 13%, leading to 11,000 employees losing their jobs. In a statement, Meta CEO Mark Zuckerburg said that the company has already sought to cut costs across the business, including scaling back budgets, reducing perks, shrinking our real estate footprint, and restructuring teams to increase our efficiency.