Facebook parent company Meta is reportedly conducting ‘quiet layoffs’ that may lead to thousands of job cuts resulting at least 12,000 employees losing their jobs.
The senior executives at Facebook are in the process of executing “quiet layoffs” of underperforming workers, Insider claimed in its report.
Several employees aware of the matter said that as much as 15 % of the workforce could be cut within the next few weeks. This means that some around 12,000 workers would be jobless.
Facebook employees are bracing for layoffs for months since the social networking platform announced a freeze on hiring.
Meta’s stock price had also approached $380 per share during its peak but in the last one year, it has nosedived 60%.
Meta Founder and CEO Mark Zuckerberg has also made it clear that the social network is freezing hiring across the board, warning that more layoffs may take place.
The Founder made these comments during an internal call to employees, the report said.
During the last Meta earnings call, Zuckerberg had mentioned that the company’s plan is to steadily reduce headcount growth over the next year. Many teams are going to shrink so Meta can shift energy to other areas.
The hiring freeze was announced by Zuckerburg in May this year.