Meta Platforms Inc. will begin laying off employees on Wednesday morning, Chief Executive Mark Zuckerberg told hundreds of executives on Tuesday, the Wall Street Journal reported.
Zuckerberg appeared downcast in Tuesday's meeting and said he was accountable for the company's missteps and his overoptimism about growth had led to overstaffing, the report added, citing people familiar with the matter.
He described broad cuts and specifically mentioned the recruiting and business teams as among those facing layoffs, the report said, adding an internal announcement of the company's layoff plans is expected around 6 a.m. Eastern time on Wednesday.
The specific employees losing their jobs will be informed over the course of the morning, the report said.
Meta reported more than 87,000 employees at the end of September.