Parent Company META Set to Announce Mass Layoffs

The parent company META of social media giant Facebook is reportedly set to announce layoffs of thousands of employees this week.

The move would mark the company's most significant job cuts since 2004, and come as the economy shows signs of weakening.

At the end of September, the company reported that it had more than 87,000 employees.

Meta shares have plummeted 73% this year, falling to their lowest since early 2016, and the social media giant is now the worst performer in the S&P 500 in 2022.

Meta has tremendous global reach, with over 2.7 billion users on Facebook and 2 billion users on WhatsApp.

The company had actually been on a hiring spree over the past three years, with over 37,000 new hires since the start of 2020.

Numerous layoffs occurred in America's tech sector in recent weeks.

In addition to Stripe, with around 1,800 employees, Twitter And also laid off 50% of its employees after Elon Musk took the helm. Netflix, Spotify, and Shopify also observed large scale layoffs.

If you or someone you know has been affected by layoffs or job cuts, know that you are not alone.

There are resources available to help you get through this difficult time.

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