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Facebook and parent company Meta with founder Mark Zuckerberg at the helm are about to begin a massive series of layoffs that will impact thousands of employees.

The social media giant will begin the layoffs this week according to The Wall Street Journal. The first firings may come as early as Wednesday. Meta reportedly had more than 87,000 employees as of the end of September.

Meta as many other big-tech companies also did, added over 27,000 new employees during the COVID lockdowns in 2020 and 2021. The company subsequently added another 15,344 in the first three-quarters of 2022.

“Realistically, there are probably a bunch of people at the company who shouldn’t be here,”  Zuckerberg said to his employees at a companywide meeting in June.
According to WSJ, a Meta spokesman declined to comment, instead directing reporters back to Zuckerberg’s recent statement that the company would “focus our investments on a small number of high priority growth areas.”
During the Q3 earnings report the multi-billionaire said, “In 2023, we’re going to focus our investments on a small number of high priority growth areas. That means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”

CNBC reports that the company saw its stock prices plunge by 72% in 2022 while it pivoted to launch a new strategy centered on its metaverse product.
“I get that a lot of people might disagree with this investment,”  Zuckerberg told analysts during last month’s earnings call reaffirming his dedication to metaverse “I think people are going to look back on decades from now and talk about the importance of the work that was done here.”
Job losses among big-tech firms have continued to worsen approaching the end of the year as Twitter following its acquisition by Elon Musk has shed staff as has Lyft, Inc. and even hard drive manufacturer Seagate according to Breitbart.
WSJ reported that after the Q3 earnings call, stock analysts took a hatchet to their ratings of Meta’s stock and cut deeply into price targets.