According to the Wall Street Journal, Meta could begin large-scale layoffs as soon as Wednesday, impacting thousands of employees.
The layoffs could go down in the books as Meta’s first major headcount reduction.
“In 2023, we’re going to focus our investments on a small number of high-priority growth areas,” said CEO Mark Zuckerberg during the company’s latest earnings call last month.
The news comes at a time when Meta is continuing to see its stock value slip, with shares declining by 73% this year alone — falling to its lowest since 2016. Meta has also been the worst-performing stock in the S&P 500 in 2022.
As of September 2022, the tech giant had more than 87,000 employees.