Thousands of people have been fired from Meta, the parent company of Facebook and Instagram

Meta (Facebook, Instagram) plans to delete thousands of people starting this week, according to wall street journal (WSJ), while some technology companies have laid off part of their workforce in response to the economic crisis.

This may be the most important social plan in the sector, according to the American daily, after the pandemic that has benefited the most from the growth of profits, but also the personnel of these companies.

Meta had about 87,000 employees worldwide as of September 30.

In the recent publication of the latest disappointing quarterly results, boss Mark Zuckerberg mentioned that the group’s staff should not increase by the end of 2023, or even slightly decrease.

The company’s first social plan

According to WSJThe social plan should be announced on Wednesday and several thousand employees will be affected by this first social plan in the history of the social networking giant.

Last Thursday, two Silicon Valley companies, Stripe and Lyft, reported sweeping layoffs while Amazon stalled hiring at its offices. And Twitter, recently acquired by Elon Musk, has laid off nearly half of its 7,500 employees.

Platforms whose business model is based on advertising are suffering especially from budget cuts by advertisers struggling with inflation and rising interest rates. Meta saw its net income melt to $4.4 billion in the third quarter (-52% year-on-year).

“We are facing an unstable macro-economic environment, increased competition, advertising targeting issues and increasing costs for our long-term investments, but I have to say that our products look better than some comments that don’t suggest”

, tried to provoke Mark Zuckerberg at the end of October, during the analyst conference. But the California group’s stock fell 24.56% the next day on Wall Street. In one year, Meta lost nearly $600 billion in market capitalization.

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The company has worried the markets since the beginning of the year, when it first announced that it was losing users to its original social network, Facebook.

The costly investments to build the metaverse, which was presented as the future of the Internet, did not reassure investors who doubted the group’s ability to generate large profits from this new parallel universe.

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