New Delhi : Like Twitter, the festival of retrenchment will also continue on Meta. There was a panic among the employees. Like Elon Musk’s Twitter, Facebook’s subsidiary Meta will also be laid off. The retrenchment process is expected to begin next Wednesday.

According to media reports, Mark Zuckerberg’s company will have a big hard cut. The company is going to lay off more than a thousand employees. For the first time in the history of the Meta company, such a large-scale layoff will take place. This has led to panic among the employees.

More than 87,000 employees are earning a living in meta. Shares of Meta have fallen by up to 73 per cent this year. Shares of the company have also fallen to lower levels since 2016. SADP has been included in the list of poorly performing on the 500 index. Meta’s share value has fallen below about $67 billion this year. Which is said to be nothing short of a big setback for the company.

So far, the company has not given any information about the layoff of employees in Meta. According to sources, more than 1,000 employees are being planned to be evicted.

According to the report, Mark Zuckerberg’s company Meta is currently in the midst of an economic crisis. Global economic growth, competition on social media, changes in Apple’s private policy, excessive spending on metaborses have led to financial problems in the company. Therefore, it is said that the policy of meta cost cutting is going to be adopted.