11,000 laid off today at Meta, the company formerly known as Facebook

Rumored for weeks and coinciding with Twitter's own downsizing, Meta is expected to lay off thousands of workers today. The company, which has lost nearly three quarters of its market capitalization in recent months, is among those hardest-hit by the tech downturn—a malaise seemingly compounded by its expensive pivot to VR.

Zuckerberg appeared downcast in Tuesday's meeting and said he was accountable for the company's missteps and his overoptimism about growth had led to overstaffing, the report added, citing people familiar with the matter. He described broad cuts and specifically mentioned the recruiting and business teams as among those facing layoffs, the report said, adding an internal announcement of the company's layoff plans is expected around 6 a.m. Eastern time on Wednesday.

Update: 11,000 pink slips, about one eighth of the workforce.