Mark Zuckeberg will carry out massive layoffs at his company Meta. Bloomberg and the Financial Times write about this, citing informed sources.

According to them, layoffs began on Wednesday, November 9th. They will affect “thousands of employees” of the company and will be the largest reduction in its history, writes the FT. Altogether, Meta (NASDAQ:META) employs more than 87,000 people.

According to Business Insider, 10% of employees will be laid off, and in some departments, the share of those laid off may be higher.

On Tuesday, Zuckerberg held a call with top management to prepare him for cuts, Bloomberg’s interlocutors told. During it, the founder of Meta took responsibility for the “miscalculations” and excessive optimism that led to an overabundance of staff and forced the company to layoffs, writes The Wall Street Journal.