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Meta will start the first large-scale layoffs in history

People familiar with the matter said that Facebook's parent company Meta plans to start mass layoffs this week, which will affect thousands of employees. This may be the largest round of layoffs in recent times after the tech industry achieved rapid growth during the epidemic.

Meta’s round of layoffs, which are expected to affect thousands of employees, are scheduled to be announced as early as Wednesday, people familiar with the matter said. According to the financial report released by Meta, as of the end of September this year, the company has more than 87,000 employees. Meta managers have told employees to cancel non-essential travel starting this week.

The planned layoffs would be the first major layoffs in Meta's 18-year history. While its layoffs are lower than Twitter, which laid off about 50% of its workforce last week, it may be the largest number of layoffs of any big tech company this year. The tech industry has all been downsizing this year.

A Meta spokesman declined to comment, referring only to a recent statement from CEO Mark Zuckerberg that the company will focus its investments on a few high-priority growth areas. Zuckerberg first outlined plans in September to restructure the team and cut jobs after the company's growth slowed sharply. Zuckerberg then said that Meta could be smaller in 2023 than it was this year. It was reported in September that Meta plans to cut costs by at least 10% in the coming months, in part through layoffs.

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