--- description: Meta Platforms Inc. is planning to begin layoffs that will affect thousands of workers from this week, Wall Street Journal reported. title: Meta to Lay Off Thousands of Workers This Week, Report Says image: https://static.time.com/v3/assets/bltea6093859af6183b/bltf3f7c7475670da7b/698a378086f68e28266f1d76/meta-facebook-layoffs-reports.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  * [Business](/section/business/) ## Business Update your preferences in [Account Settings](/account/preferences/) Close * [Tech](/tag/time-section-tech/) ## Tech Update your preferences in [Account Settings](/account/preferences/) Close # Facebook Parent Company Meta to Lay Off Thousands of Workers This Week, Report Says by [Shiyin Chen / Bloomberg](/author/bloomberg/) ## Shiyin Chen / Bloomberg Update your preferences in [Account Settings](/account/preferences/) Close Nov 7, 2022 4:24 PM CUT  New Meta sign is seen as Facebook changes its company name to Meta at the One Hacker Way in Menlo Park, California, United States on October 28, 2021. New Meta sign is seen as Facebook changes its company name to Meta at the One Hacker Way in Menlo Park, California, United States on October 28, 2021.Tayfun Coskun-Anadolu Agency/Getty Images by [Shiyin Chen / Bloomberg](/author/bloomberg/) ## Shiyin Chen / Bloomberg Update your preferences in [Account Settings](/account/preferences/) Close Nov 7, 2022 4:24 PM CUT Meta Platforms Inc. is planning to begin layoffs that will affect thousands of workers from this week, Wall Street Journal reported, citing people with knowledge of the matter. The job cuts could come as early as Wednesday, the newspaper said. The company has already told employees to cancel non-essential travel from this week, according to the report. Meta shares rose 3.8% to $94.20 as trading got underway in New York on Monday. The stock has declined about 73% for the year through Friday. Chief Executive Officer Mark Zuckerberg in September outlined plans to reorganize teams and reduce headcount for the first time, following a sharp slowdown in growth at the parent of Facebook and Instagram. Zuckerberg said then that Meta will likely be smaller in 2023 than it was this year. The layoffs come as Meta struggles with growing losses and as it invests heavily in developing its metaverse business. **Read More**: [_A Year Ago, Facebook Pivoted to the Metaverse. Was It Worth It?_](https://time.com/6225617/facebook-metaverse-anniversary-vr/ "undefined") “Meta may seek at least $3 billion to $4 billion in opex reductions through layoffs and fixed-cost cuts to bring its view closer to the lower end of its expense guidance of $96 billion to $101 billion,” Bloomberg Intelligence Analyst Mandeep Singh wrote in a note on Monday. The cuts will add to already mounting job losses in Silicon Valley. Twitter Inc. last week slashed nearly 3,700 positions after Elon Musk completed his $44 billion takeover of the social media platform. Other companies that have also reduced their workforce or announced plans to include ridehailing firm Lyft Inc. and hard drive maker Seagate Technology Holdings Plc. A spokesman for Meta declined to comment to the WSJ. (Updates shares in third paragraph) ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/6229981/meta-facebook-layoffs/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/6229981/meta-facebook-layoffs/"},"headline":"Facebook Parent Company Meta to Lay Off Thousands of Workers This Week, Report Says","datePublished":"2022-11-07T16:24:54.000Z","dateModified":"2026-04-13T08:52:51.483Z","description":"The cuts will add to mounting job losses in Silicon Valley.","url":"https://time.com/6229981/meta-facebook-layoffs/","keywords":["Tech","Social Media","biztech2030"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/bltf3f7c7475670da7b/698a378086f68e28266f1d76/meta-facebook-layoffs-reports.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Shiyin Chen / Bloomberg"}],"articleSection":"Business","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/bltf3f7c7475670da7b/698a378086f68e28266f1d76/meta-facebook-layoffs-reports.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"Facebook changes its company name to Meta","caption":"Facebook changes its company name to Meta","creditText":"Tayfun Coskun-Anadolu Agency/Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/business/","name":"Business"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/time-section-tech/","name":"Tech"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/6229981/meta-facebook-layoffs/","name":"Facebook Parent Company Meta to Lay Off Thousands of Workers This Week, Report Says"}}]}] ```