The Wall Street Journal reports that Facebook parent, Meta Platforms will layoff thousands of its employees in the second week of November.
Earlier in September, Meta had freezed hirings as it whittled its costs down by 10%.
Meta has struggled to make its metaverse-focused business model take off. Meta’s metaverse arm Reality Labs saw a loss of $3.7 billion in this year’s third quarter, with a year-to-date loss of $9.4 billion.
Meta has also fallen short on user count goals for its flagship Horizon Worlds initiative.
