Facebook’s parent company, Meta, has announced that it will stop hiring for most positions at the company. The company will now part ways with thousands of employees.
Giant technology corporations are also impacted by issues with the global economy. Many large corporations are implementing the policy of reducing hiring as a result.
To prepare for a potential economic slump, Apple, for instance, plans to reduce hiring and spending growth in some departments next year.
Additionally, US businesses like Google, Meta, and Tesla are attempting to reduce costs.
Meta might fire thousands of workers.
For a time now, Meta—which comprises Facebook, Instagram, and WhatsApp—has been seeking to cut costs.
The Wall Street Journal reports that Meta will make a decision this week regarding significant layoffs.
The social media giant currently has 87 thousand of employees. It is said that this may be the largest layoff operation in a technology company this year and that it may surpass the layoff operation that started last week on Twitter.