Facebook May Lay Off 12,000 Employees

It was reported that Facebook might let go of 12,000 employees due to the continuous decrease in advertising spending.

 In June, Zuckerberg announced that the company was going through one of its worst recessions in history in recent days. As a result, he would raise expectations of employees and that underperforming employees would be included in the performance improvement plan, forcing them to apply again for other positions within the company.

 Facebook sees a rapid decline in its subscriptions. Its user base has shrunk for the first time in the social network’s history. By next year, fewer than 15 percent of Facebook users will be under 25. With users’ changing jobs and advertisers following suit, leading to a rapid decline in advertising revenue, lower consumer spending, and soaring interest rates, Facebook has lost about two-thirds of its value since its peak in September 2021.

 As a last resort for Facebook, retrenchment could affect about 12,000 employees. Internally known as the 30-day list, these plans give employees a month to find new roles in the company. But, according to company insiders, listed employees are likely to be fired later. One employee described the company expansion plans as silent layoffs.