11:17 AM EST, 01/14/2025 (MT Newswires) -- (Updates with recent share movement in the first paragraph, additional details in the third, fourth and fifth paragraphs.)

Meta Platforms ( META ) shares were down over 2% Tuesday after Bloomberg reported, citing a memo sent to employees by Chief Executive Mark Zuckerberg, that the social media company plans to eliminate roughly 5% of its lowest performers with the goal of backfilling the positions in 2025.

"I've decided to raise the bar on performance management and move out low-performers faster," Zuckerberg reportedly said. "We typically manage out people who aren't meeting expectations over the course of a year, but now we're going to do more extensive performance-based cuts during this cycle."

The Facebook and Instagram parent expects to hit 10% of "non-regrettable" attrition by the end of the ongoing performance cycle, including about 5% of such attrition from last year, Bloomberg said, citing the memo.

"This means we are aiming to exit approximately another 5% of our current employees who have been with the company long enough to receive a performance rating," the company reportedly said.

Meta would offer a "generous severance," Bloomberg quoted Zuckerberg as saying.

The company didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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