Meta, parent company to Facebook, is reportedly set to begin large-scale layoffs as soon as Wednesday, according to a new report in the Wall Street Journal.

The layoffs will be the first major downsizing in the history of the social media giant, and will impact thousands of employees according to the report. The company had reported it had more than 87,000 workers, as of the end of September.

A spokesperson for Meta declined to comment on the potential layoffs, and referred media to CEO Mark Zuckerberg’s comments on the company’s last earnings call last month.

In the call, Zuckerberg said, “In 2023, we’re going to focus our investments on a small number of high priority growth areas. That means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”

Meta’s stock price has plummeted 73% this year, hitting the lowest price it has seen since early 2016. The social media powerhouse is now the worst performer in the S&P 500 for 2022.