Meta is the latest in a string of technology companies to announce layoffs.
Meta, the owner of Facebook and Instagram, will begin large-scale layoffs this week, according to the Wall Street Journal.
The layoffs come as Meta struggles with growing losses and as it invests heavily in developing its metaverse business. Its shares have fallen 73% this year.
The platform declined to comment about the layoff but referred to CEO Mark Zuckerberg’s recent statement that it would “focus our investments on a small number of high priority growth areas.”