Facebook's parent company Meta is reportedly set to perform significant and historic layoffs as early as this week.
CNN Business reportedthat the cuts could affect thousands of employees, citing a report from the Wall Street Journal.
The large-scale layoffs were reported by citing people familiar with the situation, and said it could be the largest round of layoffs.
The tech sector grew rapidly during the pandemic. As the Wall Street Journal reported, the layoffs could start as early as Wednesday.
Leadership at the company told employees to cancel all nonessential travel starting this week.
According to the SEC, Meta has around 87,000 employees, according to a September filing.
Last month, CEO Mark Zuckerberg said that he expects the company to end 2023 “as either roughly the same size, or even a slightly smaller organization than we are today.”
Meta once had a market capitalization of over $1 trillion, but is now valued as about $250 billion. The reports of job cuts caused Meta's stock price to open at over 5% higher than expected on Monday.
Other tech companies have also indicated they will be cutting staff. Lyft said it was reducing staff by 13%, and payment-processing brand Stripe said it would cut staff by 14%.
Amazon announced it would put a pause on corporate hiring. Twitter also make large staffing cuts after newowner Elon Musk took over. But the company reportedly asked dozens of those who were laid off, to return.