Meta Platforms will reportedly begin the retrenchment of thousands of workers this week, starting as early as 9 November 2022.
In September, the Chief executive officer of Meta, Mark Zuckerberg, outlined plans to reorganise teams and reduce headcount. It is said that the team will also be smaller in 2023 than in 2022.
The reason for making this decision is because of growing losses as Meta invests greatly in its metaverse business.
The shares have fallen by 73 per cent this year and there is slower growth for Facebook and Instagram.
If this feels familiar, here’s why.
Other Big Tech Companies that Recently Laid Off Employees
Apart from Meta, Twitter has also recently slashed 3,700 positions after Mr Elon Mask took over it for US$44 billion (S$62 billion).
The CEO of Tesla and SpaceX wants many things from Twitter: defeating the spam bot, turning the social media platform’s algorithm into open source, and relaxing content restrictions.
He has since terminated Chief Executive Officer (CEO) Parag Agrawal, Chief Financial Officer (CFO) Ned Segal, general counsel Sean Edgett and legal affairs and policy chief Vijaya Gadde.
Another notable company which recently fired its employees is Shopee.
You can also watch this video for more information about Shopee’s recent layoffs:
Human resources, regional operations, marketing, product and engineering, and even staff from ShopeeFood and ShopeePay teams in the region have been affected by the mass layoffs.
On 19 September 2022, some staff in Singapore were informed that they were laid off in Shopee’s latest round of job cuts. In the same month, they revoked some job offers too.
One man brought his wife and dog over from China to Singapore, only to find out at the airport that Shopee has revoked his job offer.
Shopee admitted to that incident and said, “Due to adjustments to hiring plans on some tech teams, a number of roles at Shopee are no longer available. We are working closely to support those affected.”
An insider source has revealed that they will be offering compensation of one month’s salary and travel expenses to those affected.
At least compensation is given.
Featured Image: Frederic Legrand – COMEO & askarim / Shutterstock.com