'Meta' plans to sack employees this week, reduce costs.

'Meta' plans to sack employees this week, reduce costs.

Reuters reported on Nov. 7 that the Wall Street Journal cited a person familiar with the matter as Facebook's parent company "Meta." There are plans to lay off a large number of employees this week. The planned announcement will be made as early as Wednesday, November 9. The cuts are expected to affect thousands of employees.

Previously in October MetaSLOTrevealed that The company's business performance is expected to deteriorate in the fourth quarter during the holiday season. Including the cost of expenses will be significantly higher in the next year. As a result, the stock market value of Meta fell to $67 billion. which makes this social network giant This year's total lost value is over $500 billion.

This disappointing business outlook comes as the meta faces a slowdown in the global economy. Competing with new competitor TikTok, changes to Apple's privacy policy, concerns about massive costs to metaverse and threats to existing regulations.

Mark Zuckerberg Meta's chief executive said it would take about 10 years for the Metaverse system to turn a profit. Now, he has to freeze hiring, collapsing projects, and reorganizing his team to reduce costs. By 2023, he will first focus his investment on a small number of high-growth areas. The organization may be smaller. Or it may be slightly similar in size to what it is today.