According to The Wall Street Journal, Meta is expected to make a lot of layoffs this week.
Sources told the Journal that the layoffs could come as early as Wednesday.
Meta declined Insider's request to comment, but instead pointed to recent remarks from CEO Mark Zuckerberg from the company's third-quarter earnings call which seemed to hint at upcoming downsizing
He said in October that they would focus their investments on a few high priority growth areas. Some teams will grow, but most will stay the same over the next year. We expect to end the year as either the same size or slightly smaller than we are now.
Meta employees told Insider's Kali Hays last month that managers had started asking for more intensity and that there was a chance of 10% to 20% of the company's workforce being laid off.
One of the workers said that "Zuck's message was loud and clear, you have three months to prove your worth, or you can resign now if you don't like it."
After the company reported worse-than- expected earnings, Meta's stock plummeted by 20%.
Many employers are bracing for a looming economic recession as a growing number of tech companies start cutting jobs.
Less than a day after Musk took over at the helm, the company laid off 50% of its workforce. Last week, Stripe cut 14% of its staffers, and 700 employees were fired by Lyft, among other things.
Mark Peter Davis, managing partner at Interplay, told Insider that it will affect a lot of people's jobs and livelihoods.
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