Some Meta Platforms Inc. (NASDAQ:META) employees were directed to work remotely on Wednesday as the company prepares for layoffs.

Employees in the wearables and ads divisions received a short HR email on Tuesday night saying leadership would provide more details, according to a Business Insider report.

The news comes after it was reported that a fifth or more of Meta’s nearly 79,000 employees could be let go, which would amount to roughly 16,000 job cuts. If implemented, it would be the company’s largest workforce reduction since its 2022–2023 restructuring, when Meta eliminated more than 21,000 positions.

Executives Receive Stock Options

The remote work announcement comes as Meta granted equity to seven senior executives on March 20, according to Securities and Exchange Commission filings submitted on Tuesday.

Six executives — Chief Operating Officer Javier Olivan, Chief Technology Officer Andrew Bosworth, Chief Product Officer Christopher Cox, Chief Financial Officer Susan Li, Chief Legal Officer Curtis Mahoney and President Dina Powell McCormick — received stock options across seven strike-price tranches ranging from $1,116.08 to $3,727.12 per share, expiring March 2031.

The options vest if META’s share price meets each tranche’s exercise price by Feb. 14, 2028.

RSUs Also Granted

According to the SEC filings, Olivan, Bosworth and Cox each also received 79,324 restricted stock units, while Li received 43,267.

Chief Accounting Officer Aaron Anderson received only 5,364 restricted stock units, with no options granted.

All RSUs vest quarterly beginning May 2026.

In January, Meta cut 10% to 15% of its Reality Labs staff as part of a strategic shift toward AI, with plans to spend up to $135 billion on AI initiatives this year.

Trading Metrics

With a market capitalization of $1.50 trillion, Meta has a 52-week high of $796.25 and a 52-week low of $479.80.

Over the past 12 months, the stock of the technology has dropped 5.33%.

Price Action: According to Benzinga Pro data, META closed on Tuesday at $592.92, down 1.90%.

With momentum in the 20th percentile, Benzinga’s Edge Stock Rankings show that META is exhibiting a negative price trend across all time frames.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.