Chief Executive Mark Zuckerberg told hundreds of executives on Tuesday that Meta Platforms Inc. META will lay off employees on Wednesday morning.
The Wall Street Journal previously reported that the coming cuts are expected to be the largest of the year to date in the tech sector.
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. 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. Zuckerberg referred to the recruitment and business teams as being among those facing layoffs because of the broad cuts. A general announcement of the company's layoff plans is expected to be made around 6 a.m. Eastern time on Wednesday, with the specific employees losing their jobs over the course of the morning. Elizabeth Holmes, founder of Theranos, is denied a new trial. Millennials are changing what it takes to succeed in sales.