Meta prepares for large-scale layoffs  

Thousands of those who will lose their jobs

Meta is preparing for ” large-scale ” layoffs, according to the Wall Street Journal , this week with an official announcement expected to come on Wednesday. Today Meta employs more than 87,000 workers worldwide and the upcoming layoffs are estimated to be larger than those of Twitter.

Meta declined to comment on the report, which calls for a broad restructure of the company after the company’s first-ever revenue decline in July.

The company has blamed the decline on competition from TikTok, as well as declining revenue due to Apple’s App Tracking Transparency feature. At the same time, Mark Zuckerberg’s bet on Metaverse is not paying off and costing the company dearly. As of 2021, Meta has invested over $15 billion to make virtual and augmented reality mainstream, with little success.