Meta Platforms Inc.
META,
will begin laying off employees on Wednesday morning, Chief Executive Mark Zuckerberg told hundreds of executives on Tuesday.
The coming cuts are expected to total many thousands of employees and will likely be the largest of the year to date in the tech sector, The Wall Street Journal previously reported.
Zuckerberg appeared downcast in Tuesday’s meeting and said he was accountable for the company’s missteps, and that his overoptimism about growth had led to overstaffing, according to people familiar with the meeting.
Meta’s head of human resources, Lori Goler, told the group that employees who lose their jobs will be provided with at least four months of salary as severance, according to people familiar with the meeting.
Zuckerberg described broad cuts and specifically mentioned the recruiting and business teams as among those facing layoffs. A general internal announcement of the company’s layoff plans is expected around 6 a.m. Eastern time on Wednesday, with the specific employees losing their jobs informed over the course of the morning.
An expanded version of this report appears on WSJ.com.
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