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Breaking: Meta to lay off 11,000 staff

Facebook owner Meta said it will lay off 11,000 staff, according to a  statement.

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Earlier,  IT News Nigeria noted that  Newspaper reports have suggested that Tech conglomerate Meta plans to initiate major job cuts beginning next week.

The upcoming “large-scale layoffs” could become the largest round of tech job cuts and could affect “thousands” of people, the newspaper said on Sunday, without specifying exactly how many of over 87,000 Meta employees could get fired.

Sources told the newspaper that the announcement of the job cuts is expected on Wednesday and company officials have already told Meta employees to cancel nonessential travel starting next week.

Reports have it that Meta CEO Mark Zuckerberg’s net worth has plummeted by $70 billion so far this year, bumping him down to 20th richest person in the world, estimates show. Zuckerberg started the year with a $125 billion fortune, according to Bloomberg’s Billionaires Index.

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