Meta (Facebook) Chief Executive Mark Zuckerberg reportedly accepted responsibility for mass layoffs that are occurring at his company.
According to Fox News Digital, Zuckerberg told executives to take full responsibility for the company’s missteps. The company is expected to cut thousands of jobs Wednesday.
The company’s stock plummeted by more than 70% this year. Recently, Twitter laid off nearly half of its workforce after Elon Musk purchased the company for $44 billion.
Employees who are let go will receive at least four months of salary. Zuckerberg mentioned that recruiting and business teams will face layoffs.
In February, Fortune reported that Meta lost $200 billion worth of value in one afternoon, a new record for capitalization lost in one day.
An internal announcement of the layoff plan is expected at about 6 a.m. Wednesday.
