Meta prepares to layoff thousands of employees this week: WSJ

Quick Take

  • Meta, the parent company of Facebook, plans to cut thousands of employees this week, according to the Wall Street Journal. 
  • Meta’s metaverse arm lost billions of dollars this year and joins other tech firms in reducing head counts.

Meta intends to cut thousands of employees in the second week of November, the Wall Street Journal reported, citing people familiar with the matter.

With over 87,000 employees at Meta, the layoffs could stand to be some of the largest employee reductions at a big tech firm.

These layoffs come two months after Meta implemented a hiring freeze in September. The firm had noted it will whittle costs down 10% in part due to staff reduction.

Meta is not alone in cutting headcount. Bitmex, Dapper Labs and Mythical Games are all web3 firms that laid off employees in the first week of November. Numerous other tech firms have trimmed staff amid a difficult business environment.

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Meta has uniquely struggled to make its metaverse-focused business model take off — after doubling down on its metaverse effort since October of 2021. Meta’s metaverse arm Reality Labs saw a loss of $3.7 billion in this year’s third quarter, with a year-to-date loss of $9.4 billion.

The company has also fallen short on user count goals for its flagship Horizon Worlds initiative, according to WSJ

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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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