It’s a terrible time to work for social media companies. According to a new Wall Street Journal report, it was Twitter’s turn to go through a round of mass layoffs, and now it’s Meta’s turn. However, Facebook’s parent company appears to be going above and beyond its bird rival with thousands of possible cut-offs.
According to sources familiar with the situation, layoffs could begin as early as Wednesday this week.
By the end of September, social media giant Meta had over 87,000 employees, but these mass layoffs are expected to reduce that figure significantly. According to the WSJ, these mass layoffs are expected to be much larger than those experienced by Twitter, which laid off roughly half of its 7500-person workforce.
Chris Cox, Meta’s chief product officer, hinted at the move in June of this year, warning employees of “serious times” and the need to “execute flawlessly in an environment of slower growth.”
Facebook CEO Mark Zuckerburg was far more direct about the company’s stance on the issue. According to an internal Q&A session obtained by The Verge, the executive stated that “there are probably a bunch of people at the company who shouldn’t be here.” He also halted hiring about two months ago and warned that the company might downsize soon.
He declined to comment, but pointed to a statement he made during the company’s earnings call last month. According to the statement:
“In 2023, we’re going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.