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Social media giant Meta’s footprint in Menlo Park is shrinking, as layoffs and a yearslong decline in local headcount take effect even as its property holdings remain a major pillar of the city’s tax base.
Meta moved its headquarters from Palo Alto to Menlo Park in 2011 when it signed a 15-year lease for the former Sun Microsystems campus, located in the city’s Bayfront neighborhood. When the New York Times reported in January 2025 that the nearly $1.5 trillion company was exploring changing its incorporation from the state of Delaware, the company responded publicly that it had no plans to move out of Menlo Park.
While its headquarters remain in place, Meta has moved some of its divisions out of California, including relocating its US-based trust and safety team to Texas.
In the current fiscal year, which ends June 30, Meta announced layoffs totaling 10% of its workforce, including 2,570 employees in Menlo Park, according to state data. It represents a drop in Menlo Park-based staff that began with the COVID-19 pandemic, according to city data.
In fiscal year 2020-21, Meta employed some 18,500 people in Menlo Park. At the time, its employees made up more than 80% of the city’s labor force. In the years since, Meta’s headcount has steadily declined, reaching a low of 12,159 in fiscal year 2023-24.
Other companies that have moved into the city are picking up some of the slack, data shows. In 2025, Snowflake, a cloud-based data platform company, relocated its headquarters from San Mateo to a 773,000-square-foot office complex at 135 Constitution Drive in Menlo Park. The office was originally leased by Meta, which sublet it to Snowflake.
As of fiscal year 2024-25, Snowflake had 1,450 employees in Menlo Park, according to the most recent city data. Robinhood Markets is also a major employer headquartered in the city, with more than 1,000 employees.
Meta and its affiliated companies own at least $4 billion in assessed property value in Menlo Park. Its holdings are primarily split between two entities: Hibiscus Properties LLC, with $2.2 billion in assessed value, and Facebook, with $1.5 billion, according to city records.
Securities and Exchange Commission filings show that Hibiscus Properties LLC is a Meta subsidiary.
Peninsula Innovation Partners LLC, a joint venture between Meta and Signature Development Group for the now-tabled Willow Village project, holds more than $500 million in assessed property value.
Under state law, increases in assessed property values are capped at 2% annually unless a property changes ownership or undergoes new construction. Over the past three fiscal years, Meta’s total assessed value has begun to stagnate, including a decline in fiscal year 2024–25. These decreases may reflect falling property values or ownership changes.
Despite this, Meta’s property holdings remain a core component of Menlo Park’s tax base. The three Meta affiliates and subsidiaries accounted for 13.4% of the city’s total assessed property value — $28.6 billion — as of fiscal year 2024-25.
After announcing it would “pause” its huge, mixed-use Willow Village development in May, Meta said it remained “deeply committed to the community,” but cited changes in the real estate market and its current space needs as reasons for the decision.
Willow Village was projected to bring in over $6 million in additional annual tax revenue to the city. The development would have also required Meta to contribute at least $133 million in community benefits, including bringing the Belle Haven neighborhood a full service grocery store, town square and entertainment venue.
