Facebook's Mark Zuckerberg confirms that Meta is laying off employees today: Report

Mark Zuckerberg, the chief executive of Meta, stated that layoffs would take place on Wednesday in a speech to hundreds of executives on Tuesday (local time).

In the meeting on Tuesday, Zuckerberg presented a dejected appearance and claimed responsibility for the company's errors. People present at the discussion stated to The Wall Street Journal that his overconfidence in growth had resulted in overstaffing.

According to the Wall Street Journal, which cited sources with knowledge of the situation, the corporation is anticipated to let off thousands of employees starting on Wednesday. This will likely be the biggest layoff in the IT industry this year. According to the newspaper, laid-off workers will receive at least four months' worth of pay. The report states that among those facing layoffs are the business and recruiting departments. According to Fox News, an internal notification of the layoff plan is anticipated at around 6 a.m. on Wednesday.

In his description of broad cuts, Zuckerberg expressly highlighted the hiring and business teams as two groups that would be seeing layoffs. Around 6 a.m. Eastern time on Wednesday, the firm is anticipated to make a general internal announcement of its layoff plans before informing particular employees who would lose their jobs throughout the course of the morning, according to WSJ.

(With ANI Inputs)