This week, Facebook’s parent company, Meta, is planning to lay off a lot of people, including: report

In October, Facebook’s parent company, Meta, said that the holiday quarter would be slow.

The Wall Street Journal reported on Sunday that people with knowledge of the situation said that Meta Platforms Inc. (META.O) plans to lay off thousands of employees this week. The news could be made public as early as Wednesday.

Meta didn’t say anything about the WSJ story.

In October, Facebook’s parent company, Meta, said it expected a bad holiday quarter and a lot more costs next year. This cut Meta’s stock market value by about $67 billion, on top of the more than $500 billion it had already lost this year.

Meta has to deal with a slowing global economy, competition from TikTok, changes to privacy from Apple (AAPL.O), worries about spending a lot of money on the metaverse, and the threat of regulation, which is always there.

CEO Mark Zuckerberg has said that he thinks it will take about ten years for the investments in the metaverse to pay off. In the meantime, to cut costs, he has had to stop hiring, end projects, and reorganise teams.

“By 2023, we’ll put most of our money into just a few high-priority growth areas.” This means that some teams will grow a lot over the next year, but most teams will either stay the same size or get smaller. We think that by the end of 2023, our organisation will be about the same size or even a little smaller than it is now. During the last earnings call in late October, Zuckerberg said.

In June, the social media company cut its plans to hire engineers by at least 30%. Zuckerberg told employees to get ready for a slowdown in the economy.

In an open letter to Mark Zuckerberg, Altimeter Capital Management, one of Meta’s shareholders, said that the company needs to cut jobs and capital spending to save money. It was also said that Meta has lost investor confidence as it has spent more and turned its focus to the metaverse.

In the past few months, technology companies like Microsoft Corp (MSFT.O), Twitter Inc (TWTR), and Snap Inc (SNAP.N) have cut jobs and slowed hiring as the global economy has slowed down because of higher interest rates, rising inflation, and an energy crisis in Europe.