It Is Likely That Instagram Will Cut Or Relocate Its Staff In London

Trade Algo reported at the end of Wednesday that Meta Platforms plans to cut or relocate around 100 London-based Instagram employees who currently work at the company.

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Earlier last year, Instagram expanded its presence in London as its leader, Adam Mosseri, temporarily moved there. Upon returning to the U.S., Mosseri plans to relocate his staff, which could include the employees who aren't laid off, a person familiar with the matter told the report.

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It is estimated that around 100 Instagram employees will be affected by the move. In 2013, Instagram opened its first international office in London, which was its first multi-location venture.

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META, -1.01%, the parent company of Facebook, WhatsApp, Instagram, and Reality Labs, has begun its latest round of job cuts. Additionally, a memo released this week indicated that 10,000 technology team members across Facebook, WhatsApp, Instagram, and Reality Labs would be affected by the cuts, Trade Algo reported.

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It is expected that there will be further cuts in May as well.

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It was announced earlier this month that Facebook's CEO Mark Zuckerberg will initiate a massive restructuring effort in the coming months, which will affect more than 11,000 employees, triggering a wave of job cuts across large technology companies as well.

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The number of tech-related job losses among tech workers has risen to over 157,000 since the beginning of 2023

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On Thursday morning, Meta's stock price was 1% down premarket, in anticipation of releasing its first-quarter results on Wednesday. The company is expected to take a beating thanks to its AI investments and advertising efforts.

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Trade Algo contacted Meta for a comment, but they did not respond immediately.