According to reports American multinational technology conglomerate; Meta Platforms Inc., will be starting off a wide reaching lay off this week. It is expected that the decision will affect thousands of its employees. As at the time of putting this article together, the specific number of employees that will be laid off, was not known.
As at the end of September 2022 Meta Platforms Inc., made it public knowledge that it has over 87,000 employees all over the world across its various platforms, marking a 28 percent increase from just the year before.
The report also stated that the company officials at Meta Platforms Inc., have already informed staff to stop all nonessential travel starting from this week.
One aspect of note is the fact that this would be the first time in Meta Platforms Inc’s eighteen (18) years of existing, that it would be undertaking lay offs of this magnitude.
Read Also: Facebook Set To Restrict Traders Listed on CRBs Blacklist
In addition the planned lay offs by Meta Platforms Inc., are smaller in comparison to the layoffs that occurred at the Elon Musk owned microblogging and social networking service; Twitter which saw 50 percent of its employees lose their jobs.
Read Also: Facebook Will Share Information With KRA
For months Meta Platforms Inc., has been faced with financial difficulties and continued to undergo expenditure cuts. In 2022 alone the American multinational technology conglomerate has seen its share value drop by as much as seventy three (73) percent which is its lowest since 2016. As a result, it is now the worst performer in the S&P 500 for 2022 so far.
Meta Platforms Inc., has invested large sums of money into the Metaverse space that has continued to grow. Metaverse and its technology, refers to a virtual world that is truly immersive. The move by Meta Platforms Inc. which also owns Messenger, Facebook, Instagram and WhatsApp is occurring at a time when the growth of economies worldwide have slowed down in the face of an increase in inflation.
Read Also: 75 Percent Of Twitter Workers Could Lose Their Jobs
In October 2022 the Chief Executive Officer of Meta Platforms Inc.; Mark Zuckerberg made it known during earnings call for the company that, “In 2023, we’re going to focus our investments on a small number of high priority growth areas. 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.”
Read Also: Safaricom Secures Mobile Money License From Ethiopia
In recent times a significant number of the biggest technological companies in the world like American camera and social media company; Snap Inc., multinational technology corporation; Microsoft, and Twitter Inc., have also had to reduce their personnel and also press pause on any plans to hire new hands due to the ongoing worldwide recession, increased interest rates and inflation.
Read Also: Safaricom Set To Transform Into A Holding Company
While many businesses worldwide transitioned to more online models Meta Platforms Inc., moved to strengthening its workforce. The technology conglomerate hired a total of over 27,000 employees in 2020 and 2021. In January 2022 to September 2022 it hired an additional 15,344.
How informative was this particular article? Are there any other news topics, categories, or How To topics, that you would like us to write on? Feel free to reach out to Nexbit KE in the comment section.
