According to the information we received from Reuters, it seems that Meta will be the first known technology company to announce the second round of massive layoffs in the current economic recession.
After the publication of this news, Meta ‘s stock value increased by 6%. The process of firing employees is part of the reorganization of the company, which includes stopping plans to hire 5,000 new workers, closing low-key projects and reducing the middle layers of management.
Previously, in the first phase of the layoffs of its employees, Meta Company implemented the layoffs and laid off 11,000 people (about 13% of the company’s workforce) at the end of 2022. The increase in bank interest rates in the United States does not seem to have an effect on the number of employee layoffs.
In the meantime, technology companies have started the layoff process earlier than others and according to Layoffs website, more than 290,000 employees have been laid off since the beginning of 2022.