Facebook parent company Meta is planning to conduct massive layoffs this week according to a report published by the Wall Street Journal on Sunday, November 6. 

Thousands of employees are expected to lose their job as Meta plans to oversee workforce reduction, same with the giant tech industries such as Microsoft and the recent controversial micro-blogging app, Twitter which cut almost half of the company's workers including several high ranked executives under Elon Musk’s ownership.

Reports show that Meta has lost 73% of its stock since the beginning of the year 2022 and is looking to reduce its cost for about 10% in September  and the succeeding months.

Last year, CEO and founder, Mark Zuckerberg rebranded Facebook to what is now known as Meta. During the pandemic until the end of September 2022, Meta employed over 87,000 of employees which are now on the verge of the first  large-scale layoff in the company for almost 18 years.

Meta spokesperson declined to give any comments or any other details regarding the news, instead the company  directed everyone to the comments made by Mark Zuckerberg on the company's latest earnings call, October last month. 

“In 2023, we’re going to focus our investments on a small number of high priority growth areas. That means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today,” Zuckerberg said.