A contact of mine who works for Meta says that this has been coming for a long time and no-one is surprised. They're also rescinding internship offers (now THAT'S shitty) and freezing hiring.

Absurdly, I'm told that the company is still planning on going ahead with booked job interviews, even when they won't be able to make an offer due to the hiring freeze. If you have an interview scheduled with FB I suggest not wasting your time.