Meta is reportedly announcing mass layoffs this week

The Wall Street Journal is reporting that Meta is planning mass layoffs this week. Thousands of Meta employees will be affected by this, according to the news outlet. Over 87,000 people are employed by Meta.

The layoffs would be the largest in the company's history. According to the WSJ, company officials are telling employees to cancel non-essential travel as soon as this week.

During Meta's third-quarter earnings call, the company's CEO made statements.

We will focus our investments on a small number of priority growth areas. Some teams will grow more than others over the next year.

He said that they expect to end the year as either the same size or slightly smaller.

Meta's stock has plummeted this year. The Journal attributes this to the fact that the company's flagship metaverse offering, and the company's augmented and virtual reality headset division, are part of the reason for this.

Since the acquisition of the social media company, a wave of layoffs has taken place. There are announcements of job cuts in the tech industry.