Meta may be next Silicon Valley tech company to announce mass layoffs, sources say

SAN FRANCISCO (KGO) -- Facebook's parent company, Meta, may be following in Twitter's footsteps in the coming days.

A new report says the Menlo Park-based giant is expected to announce large-scale layoffs sometime this week.

The Wall Street Journal cites close sources that say the announcement could be handed out as soon as Wednesday.

MORE: Here's how Twitter employees are finding out they've been laid off as nearly 50% of workforce cut

The layoffs are expected to affect many thousands of Meta employees. It's unclear what percentage of its overall workforce.

This would be the company's first large-scale layoffs in its 18-year history.

Meta's stock has fallen more than 70% this year.

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