According to the Wall Street Journal, the parent company of social media giant Facebook, Meta Platforms Inc is planning to initiate a large-scale layoff this week. The details said that this layoff will affect thousands of employees of the company working on different projects.

On the other hand, the management of Meta Platforms Inc. has refused to comment to issue any statement on the report published by Wall Street Journal on Sunday.

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Back in October, Meta forecasted a weak holiday quarter and significantly more costs next year wiping about $67 billion off stock market value of company, adding to the more than half a trillion dollars in value already lost this year.

The reasons behind all this are, Meta is contending with slowing global economic growth, competitions from video publishing social media application TikTok, privacy changes from another tech giant Apple, concerns about massive spending on the metaverse and the threat to regulation.

Mark Zuckerberg, the Chief Executive Officer, in a statement, said that he expects the results from the investment in metaverse after a decade. In the meantime, the company had to halt the hiring, shutter projects and reorganizing teams to bring the costs down.

“In 2023, we’re going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today” Zuckerberg said in late October.