Facebook chief Mark Zuckerberg to fire ‘10% of Meta’s 87,000 staff’ this week in first mass layoffs in company’s history, analyst warns – after profits slump and $80bn wiped off the value

Posted BY: Wyatt | NwoReport

Mark Zuckerberg will lay off 10 percent of Meta’s staff this week as the company embarks on the first mass job cuts in its 18-year history, an analyst has predicted.

The Facebook founder, 38, is planning ‘large-scale’ job losses that could total around 8,700 employees after the company’s profits slumped and nearly $80billion was wiped from their value.

Analyst Gene Munster, a managing partner at Loup, which invests in Meta, said the staff cuts would be the largest by any of the big tech companies.

Details of Meta’s plans come after Twitter’s new chief, Elon Musk, brutally released half of its staff, about 3,750 employees – becoming the latest tech firm to wield the axe.

Meta, which owns Facebook, Instagram, and WhatsApp, has around 87,000 employees – so cuts of 10 percent would amount to more than double the headcount lost by Twitter.

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"They're probably going to cut 10%….this is a step in the right direction," says @munster_gene on $META. "We really want to see those headcount numbers reducing in 2024." pic.twitter.com/jnBRTH90xV

— Squawk Box (@SquawkCNBC) November 7, 2022

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