The Wall Street Journal reports that Meta Platforms is set to begin massive layoffs this week.
It is said that thousands of employees will be affected.
An announcement on the same may be made the day after tomorrow (November 9).
Meta, which manages the Facebook site, had predicted that spending would increase next year.
It has already lost about half a trillion dollars in stock market value this year.
A slowing global economy, competition from TikTok, Apple’s changes to personal privacy, and concerns about the high cost of the metaverse have been attributed.
Mark Zuckerberg, chief executive of Meta, said he expects investments in the Metaverse platform to start paying off in about 10 years.
Tech giants Microsoft, Twitter, and Snap have also laid off staff.