Mark Zuckerberg says he's accountable as Meta prepares for layoffs: Report
Meta, the parent company of Facebook, is planning to let go of thousands of employees this week, according to reports
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Microsoft, Meta, Twitter and other big tech firms will continue layoffs and hiring freezes as companies look to cut cost, Bay Area recruiting site founder says.
Meta Chief Executive Mark Zuckerberg told executives Tuesday that he was accountable for the company's missteps that led to increased staffing as broad layoffs for employees loom this week.
The company is expected to cut thousands of employees beginning Wednesday, the Wall Street Journal reported, citing people familiar with the matter. Fox Business has reached out to the company.
Employees who are let go will receive at least four months of salary, the newspaper reported. Zuckerberg mentioned recruiting and business teams as among those facing layoffs, according to the report. An internal announcement of the layoff plan is expected at about 6 a.m. Wednesday.
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Meta CEO Mark Zuckerberg said Tuesday that he is accountable as the company prepares to layoff employees. (Getty Images | istock / Getty Images)
Meta, the parent company of Facebook, reported more than 87,000 employees at the end of September. The company aggressively hired through the COVID-19 pandemic.
Employees were told by officials to cancel nonessential travel beginning this week, the Journal previously reported.
Meta's stock fell by more than 70% this year amid a decline in macroeconomic trends and concerns from investors over spending.
The layoffs come as the tech industry is going through growing pains.
Twitter has already begun layoffs following the $44 billion acquisition of the social media giant by Elon Musk as he tries to restructure the company.
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In August, Snap Inc. said it would cut 20% of its staff, roughly 1,000 employees, the Journal reported.