Meta\u2019s planning major job cuts that could affect \u201cthousands\u201d of workers.
\nThe Facebook and Instagram parent company reported over 87,000 employees at the end of September, but these \u201clarge-scale\u201d layoffs are expected to slash a significant portion of staff members.
\nAccording to reports, the layoffs could hit Meta even harder than the mass job cuts at Twitter, which affected about half of the company\u2019s 7,500-employee workforce.
\nAlthough Zuckerberg says Facebook has more active users than ever before, investors are still concerned about the company\u2019s pricey bet on the metaverse. Meta\u2019s virtual reality arm lost $3.7 billion this past quarter and a total of $9.4 billion this year, while the company\u2019s stock is trading at its lowest price since 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"
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