Mark Zuckerberg, CEO of the Meta Group that owns Facebook, plans to lay off up to 12,000 employees in the company after the company's shares lost 70% of their value this year.
According to Arab Net, this move comes in light of gloomy expectations about poor performance and increased costs next year, which will lead to a collapse in the value of the company's shares at a size of 67 billion dollars, in addition to a loss of more than half a trillion dollars in the value of shares this year.
To make matters worse, it coincides with a slowdown in the growth of meta globally in the face of Tik Tok, which is rising strongly in the world of social networks.
And the American Wall Street Journal reported that the layoffs at Facebook will affect thousands of employees, noting that the process may take place this week, specifically by Wednesday.
She explained that Zuckerberg wants to terminate the services of about 12,000 employees in the company, and the evaluation of these employees revealed that they are among the poor performers, knowing that the number of the company's employees is 87,000, according to last September's figures.
The Wall Street Journal said the company plans to inform employees of the matter this week.
This layoff will be the largest of its kind to affect the technology sector, despite its rapid growth during the Corona pandemic.
In preparation for this, the company has advised its employees not to travel unless absolutely necessary.
A few days ago, Twitter witnessed what was described as a job massacre that affected 50% of its employees around the world.
And the American billionaire, Elon Musk, who acquired the platform, justified the decision to lay off employees, and revealed the benefits they obtained, and said: With regard to reducing the power of Twitter, unfortunately, there is no option when the company loses more than 4 million dollars per day. Everyone who leaves the service receives compensation for 3 months, which is 50% more than the amount required by law.
