The layoffs will remove 5 percent of Meta's workforce as an effort to 'move out low performers faster' in preparation for 'an intense year,' said CEO Mark Zuckerberg.

The company said in a memo sent to its employees on Tuesday that the layoffs would be based on performance ratings.

Meta Platforms will trim about 5% of its "lowest performers" and plans to hire for the impacted roles this year, a company spokesperson said on Tuesday.

The move comes just after Mark Zuckerberg announced Meta would eliminate fact-checking.

Meta will cut thousands of employees in the latest move for the controversial company that owns platforms like Facebook and Instagram, according to reports. An internal memo sent to Meta workers said five percent of low-performing employees will be terminated,

Meta, the owner of Facebook, Instagram and WhatsApp, is preparing to cut about 5% of its global workforce, as the company looks to drop "low performers faster". In a memo to staff, boss Mark Zuckerberg said he had made the decision to speed up the firm's regular performance-based cuts in anticipation of an "intense year".

Meta's recently announced cuts come after several restructuring efforts by the social media giant in recent years.