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Meta, the parent company of Facebook, is preparing to notify employees of large-scale layoffs this week, people familiar with the matter have told The Wall Street Journal.

The news follows the axing of a large proportion of the staff at Twitter, after its takeover by Tesla and SpaceX founder Elon Musk, The Independent reports.

There appears to be a wider trend in tech job cuts forming after the industry enjoyed significant growth during the Covid-19 pandemic.

Meta is thought to be considering making thousands of employees redundant with an announcement planned as soon as Wednesday, the Journal reports.

Sources told the outlet that employees had been instructed to cancel all nonessential travel beginning this week.

At the end of September, Meta reported that it had a total of 87,000 employees.

In late October, the company suffered a dramatic fall in the price of its shares after reporting weak results, losing almost 25 per cent of its value. At present, Meta’s share price sits at less than a third of what it was at the start of the year.