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According to the Wall Street Journal, Meta plans to lay off thousands of workers in the second week of November.
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Meta employs over 87,000 people, so that the layoffs could be the biggest in tech company history.
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Two months after Meta instituted a hiring freeze, these layoffs occurred.
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The firm stated that it would reduce costs by 10%, partly due to staff reduction.
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Meta is one of many cutting headcounts. Web3 companies like Bitmex and Mythical Games were among those that cut their workforce in November's first week.
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Many other tech companies have also reduced staff in a challenging business environment.
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According to WSJ, the company failed to meet its user count goals for Horizon Worlds' flagship initiative.
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