Facebook parent Meta is preparing for a large-scale layoff this week. A report by The Wall Street Journal mentioned that the layoffs would impact thousands of Meta employees. Reports suggest that the company, as of September 30, 2022, had about 87,000 employees worldwide, working for different platforms, including Facebook, Instagram, and WhatsApp.

The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. The number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment, reported WSJ.

The company was planning to cut expenses by at least 10 per cent. In a meeting at the end of June, Mark Zuckerberg told employees, “Realistically, there are probably a bunch of people at the company who shouldn’t be here.”

“In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today,” he added.