A new report from the Wall Street Journal alleges that Meta Platforms, formerly Facebook, has told certain employees that they must find another job within the company within 30 days or else they will be fired during the company’s restructuring. Employees who will be fired if they don’t find a new position internally have reportedly been put on a “30-day list”.
The hard push comes as the social media giant tries to cut costs by 10%. A Meta spokesperson confirmed to WSJ that the reports of the attempt to relocate employees are accurate.
“We’ve been public about the need for our teams to shift to … take on challenges,” Meta Platforms spokesperson Tracy Clayton told the outlet.
Entrepreneur has contacted Meta for additional comment.
In July, Meta reported on earnings, as shares in the company had lost about 50% of their value by the end of the second quarter of 2022. The company also forecast higher-than-expected loss of sales and a bleak outlook for the third quarter.Read:Kansas company stiffed by Vietnam, demands action
“This is a period that requires more intensity, and I expect we’ll get more done with fewer resources,” CEO Mark Zuckerberg said of restructuring and spending cuts coming to the company at the end of the second quarter. “I think we will get through this period as a stronger and more disciplined company.”Read:‘Investors Are Running out of Havens’ — Erratic Behavior in US Bond Markets Points to Deep Recession, Elevated Sovereign Risk – Economics Bitcoin News
Meta did not disclose the exact number of layoffs.
“Any business that wants to make a lasting impact needs to set disciplined priorities and work with high intensity to achieve goals,” a Meta spokesperson said. Insider. “The reports on these efforts are consistent with this focus and with what we have already shared publicly about our way of working.”
Meta was down more than 2% from Friday morning’s market opening.