As the Ukrinform correspondent reports, the Wall Street Journal writes about it.

“Meta Platform Inc will begin layoffs Wednesday morning, CEO Mark Zuckerberg told hundreds of executives on Tuesday. The cuts are expected to affect thousands of employees and will likely be the largest outage in the IT industry this year,” the report said.

During the meeting, it was noted that Zuckerberg was upset and accepted the responsibility for the company’s mistakes. His over-optimism about potential growth has led to overemployment, he said.

“Zuckerberg talked about significant cuts and talked about the hiring and business teams separately,” the WSJ said.

The official announcement of the layoffs will be posted early Wednesday morning, and employees will be notified of the layoffs throughout the day. Anyone who loses their job in this wave of layoffs will receive at least four months’ salary in advance.

We should add this as of the end of September. Meta More than 87 thousand employees worked.

“These reductions will be the first significant headcount reduction in the company’s 18-year existence,” the publication said.

Let’s remind: Twitter, Microsoft, Salesforce and other technology giants have made large-scale personnel discounts before. Share prices of these companies have also fallen sharply – for example, Meta shares have fallen 70% this year.