10:41 AM EDT, 04/29/2024 (MT Newswires) -- (Updates with details throughout.)

Meta Platforms' ( META ) Oversight Board informed some employees last week that their jobs were at risk of being eliminated, The Washington Post reported Monday, citing people familiar with the matter.

The potential job eliminations are expected to mainly impact staffers supporting board members who issue opinions on the Facebook parent's content moderation decisions, the unnamed sources told the news outlet. The board also has weighed avenues that would increase its scope and funding sources beyond the social media company, the people reportedly said.

The targeted job cuts will allow the Oversight Board "to further optimize our operations by prioritizing the most impactful aspects of our work," The Washington Post reported, citing a statement by Stephen Neal, the chairperson of the Oversight Board Trust.

Meta is committed to the Oversight Board and "continues to strongly support its work," the news outlet reported, citing company spokesman Andy Stone. "We value the board's perspective, have implemented all their binding content decisions to date and will continue to update our policies and practices in response to their feedback," Stone reportedly said.

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

The company's shares were down 1.6% in recent trading.

(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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