Meta Platforms Inc. (META) plans to begin a major layoff this week, according to people familiar with the matter. Meta’s layoffs may be among the biggest of the recent cuts at technology companies that had grown rapidly during the previous Covid-19 pandemic.
The layoffs, announced as early as Wednesday, are expected to affect thousands of workers, the people said. The company had more than 87,000 employees at the end of September, according to information previously released by Meta. Meta has told employees to cancel non-essential travel starting this week, these people said.
The proposed cuts would be the first major redundancies in the company’s 18-year history. Although Meta’s layoffs are smaller than Twitter Inc.’s. (TWTR), which announced last week that it was laying off about half of its workforce, Meta’s potential workforce reduction is expected to be the largest of any major tech company as the tech industry tightens its spending. This year.
A Meta spokesman declined to comment. The spokesperson suggested that The Wall Street Journal (the…
