**Meta to lay off thousands of employees amid economic downturn**
Meta is preparing to lay off thousands of employees in one of the largest corporate staff reductions in tech industry history, according to The Wall Street Journal.
The layoffs are expected to begin as soon as this week and could affect more than 10,000 employees, or about 13% of Meta’s workforce.
The company has been struggling in recent months, as its advertising business has been hurt by the economic downturn and competition from TikTok.
Meta’s stock has lost more than half of its value this year, and the company has recently reported two consecutive quarters of revenue declines.
The layoffs are a significant setback for Meta, which has been on a hiring spree in recent years.
The company has added more than 27,000 employees since the start of 2021, bringing its total workforce to more than 87,000.
The layoffs are a sign that Meta is facing a new era of financial constraints.
The company is facing increasing competition from TikTok, and it is also struggling to develop new products that can generate revenue.
The layoffs are likely to have a significant impact on the tech industry, as they will set a precedent for other companies that are struggling amid the economic downturn.
**Meta CEO Mark Zuckerberg has sent a message to employees about the layoffs**
In a message to employees, Meta CEO Mark Zuckerberg said that the layoffs were necessary to .
