Facebook’s parent company is planning a large-scale downsizing as early as Wednesday that could affect thousands of employees, The Wall Street Journal reported, citing people familiar with the matter. The company’s stock closed up more than six per cent Monday. (The Logic, The Wall Street Journal)

Talking point: These would be the first broad layoffs in the social-media giant’s 18-year history. Facebook went on a hiring spree during the pandemic, growing the company from 45,000 at the end of 2019 to 87,000 by September 2022. It could also be the largest round in a series of tech job reductions that have recently hit the industry. Meta did not directly respond to The Logic’s questions on the report. Last week, Twitter slashed its headcount under new owner Elon Musk, reportedly affecting about half of its employees. However, the company is said to be asking dozens of staff to return, either because they were fired by mistake or management realized that their skills were needed.