Social media giant Meta (formerly Facebook) plans to reduce its workforce this month. 

 Meta Platforms, Inc. doing business as Meta which was formerly known as Facebook, Inc., and TheFacebook, Inc. This company is an American multinational technology conglomerate based in Menlo Park, California. Facebook, Instagram, and WhatsApp are the main social media platforms of this company.

On 7 November, WSJ reported that Meta will reduce its employee strength in the second week of this month. 

The report noted that lay off of the workforce by this company will not be at a very big scale, instead the company will reduce only a small number from 87,000 employees.

In late September, Meta announced that the company had 87,000 employees and also froze the new hiring. At that time the company also ordered all the employees not to travel for non-essential work. Overall the company may impact the life of approximately thousands of its employees by kicking them from their job roles. 

Earlier this, Elon Musk, CEO of many tech companies like Tesla, and SpaceX, reduced the workforce of Twitter companies by approximately 50%. According to Musk, there were huge numbers of employees over what twitter needs. Musk fired almost all the leading position roles, which includes its recent CEO, Paras Agarwal. 

Economic downturn

Many experts noted that the current high inflation-based global economy is impacting the business of almost every small & big company.

This year, not only non-crypto companies but also many crypto companies reduced their workforce, including Gemini, Coinbase, etc. 

A report by Cointelegraph noted that the majority of these unemployed tech talents are moving toward Web3 sector-based companies and probably it is a good thing for Web3 focussed project development works. 

Read also: Cardano blockchain can kick out false social media accounts, Says Hoskinson



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