Facebook parent Meta is preparing large-scale layoffs

(CNN)- Twitter isn't the only social media platform announcing layoffs. According to the Wall Street journal, Facebook parent meta is preparing to notify employees of large-scale staff reductions.

The job cuts are expected to affect many thousands of employees and the announcement could come as soon as Wednesday.

Meta reported having more than 87,000 full-time employees on staff in September.

Facebook employees were told to cancel any non-essential travel beginning this week.

The 70% slide in the company's stock is being blamed for the layoffs, which could be the largest ever for Facebook's parent company.