The Free Money Stopped

Now Facebook is planning to fire even more workers than Twitter did:

Just over a week ago, Meta CFO Dave Wehner confidently stated that the not-so-giant tech firm will basically freeze headcount and limit new hiring…

With the shares down 36% since then (and is down over 70% this year), something has apparently changed extremely fast.

The Wall Street Journal reports that, according to people familiar with the matter, Meta is planning to begin large-scale layoffs this week. As of the last earnings, Meta had over 87,000 employees (and has never seen a quarterly decline in headcount in its 18 year history)…

The WSJ sources say that layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, with company officials having already told employees to cancel non-essential travel beginning this week.

Many thousands….