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US tech conglomerate Meta Platforms Inc. (formerly Facebook Inc., banned in Russia) plans to initiate major job cuts beginning next week, a US newspaper reports citing people familiar with the matter.
The upcoming “large-scale layoffs” could become the largest round of tech job cuts and could affect “thousands” of people, the newspaper said on Sunday, without specifying exactly how many of over 87,000 Meta employees could get fired.
Sources told the newspaper that the announcement of the job cuts is expected on Wednesday and company officials have already told Meta employees to cancel nonessential travel starting next week.
US billionaire entrepreneur Elon Musk, who recently acquired Twitter, said earlier this week that the company currently has no other choice than to fire employees since it is losing money.
Five current and former employees filed a class-action lawsuit against the social media company on Thursday for allegedly failing to provide sufficient notice of the mass layoffs following Musk’s takeover.
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