After the "Twitter massacre"... 12,000 Meta employees face the same fate

 After the Twitter platform witnessed a layoff that affected about half of the employees, it seems that the employees of the competing site “Facebook” will meet the same fate. Media reports said that Mark Zuckerberg, CEO of the "Meta" group that owns Facebook, intends to resort to layoffs after the company's shares lost 70 percent of their value this year, forcing it to stop hiring.

This comes amid gloomy expectations about poor performance and a significant increase in costs next year, which will lead to a collapse in the value of the company's shares, a volume of 67 billion dollars, in addition to more than half a trillion dollars lost in the value of shares this year.

To make matters worse, the matter coincides with the 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 newspaper, “The Wall Street Journal”, reported that the layoffs in “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, an assessment 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 intends to inform employees of the matter this week. This layoff will be the largest of its kind to affect the technology sector, despite the rapid growth it achieved during the Corona pandemic. In preparation for the matter, the company informed its employees not to travel unless absolutely necessary.

Twitter "massacre"

A few days ago, Twitter witnessed what was described as a "jobs massacre", affecting 50 percent of its employees all over the world. The American billionaire, Elon Musk, who acquired the platform, justified the decision to lay off employees, revealing the benefits they received, and said:

"In terms of reducing Twitter's power, unfortunately there is no choice when the company loses more than $4 million a day."

"Everyone who has left the service is granted 3 months compensation, which is 50 percent more than the amount required by law."