Meta Platforms Inc will lay off thousands of workers this week according to The Wall Street Journal

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In October, Facebook's parent company, Meta, said it expected a weak holiday quarter and a lot more costs next year

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This took about $67 billion off Meta's stock market value, which was already down more than $500 billion this year.

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Meta is facing sluggish global economic development, competition from TikTok, Apple's privacy changes, enormous spending on the metaverse, and regulation.

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Mark Zuckerberg expects metaverse investments to produce fruit in a decade. He's had to suspend hiring, cancel projects, and rearrange teams to cut costs.

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During the last earnings call in late October, Zuckerberg said " In 2023, we'll put most of our money into just a few high-priority growth areas..."

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This means that some teams will grow a lot over the next year, but most teams will either stay the same or get smaller

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We think that by the end of 2023, our organisation will be about the same size or even a little smaller than it is now

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In June, Facebook slashed plans to hire engineers by at least 30% and warned employees of an economic slump.

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Altimeter Capital Management, a Meta shareholder, addressed Mark Zuckerberg an open letter suggesting the business needed to slash personnel and capital investment.

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The letter also said that Meta has lost investor confidence because it has spent more and switched to the metaverse.

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Microsoft Corp, Twitter Inc, and Snap Inc have eliminated positions and slowed back hiring in recent times as the worldwide economy slows.

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Entire story information credit: Reuters