Meta Platforms Inc (NASDAQ:FB), which owns Facebook, is expected to announce large-scale job cuts today, according to reports.
The Wall Street Journal said Meta CEO Mark Zuckerberg confirmed to executives that the company will begin laying off employees on Wednesday morning.
Zuckerberg was reported to have addressed hundreds of executives at the company on Tuesday morning, foreshadowing large cuts, highlighting recruiting and business teams as groups that would see layoffs.
The WSJ said an internal announcement of the company’s layoff plans is expected around 6am ET on Wednesday.
Zuckerberg said he was accountable for the company’s downturn, people familiar with the meeting told the newspaper, with overoptimism about growth leading to overstaffing.
Meta’s head of human resources, Lori Goler, said employees who lose their jobs will be provided with at least four months of salary as severance, the WSJ reported, citing people familiar with the matter.
Meta, the parent company of Facebook, Instagram and WhatsApp, reported more than 87,000 employees at the end of September.
Last month, investors wiped $80bn (£69bn) off the company’s market value after it reported profits had halved during the third quarter.
It was one of the most dramatic devaluations Wall Street has seen since the start of the year.