A report obtained by the Wall Street Journal stated that the layoffs are expected to impact thousands of employees. The move would mark the first major workforce reduction in the company's history.
Meta, Facebook's parent company, could begin large-scale layoffs as early as Wednesday, according to the Wall Street Journal.
During the company's earnings call last month, Mark Zuckerberg said,"In 2023, we're going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year." It's a turbulent time in the tech world. Just last week, Twitter cut close to 3,700 people via email as a way to slash costs following Elon Musk's $44 billion acquisition, which closed in late October. Many employees learned they were laid off after their access to company-wide systems, such as their work email and Slack, were revoked.
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