California-based eBay plans to cut 500 jobs in a move that will reduce 4% of its workforce, an SEC filing by the online e-commerce giant revealed.

According to reports, CEO Jamie Iannone wrote a letter to employees announcing that eBay is eliminating jobs in response to the global macroeconomic environment.

Impacted employees are expected to be notified by Wednesday.

“As a result of these considerations and our future-forward plans, I have some hard news to share. Over the next 24 hours, we’ll be letting approximately 500 employees globally know that their jobs will be eliminated. There is no easy way to communicate this — but I do want to share with you why we are making this decision,” Iannone wrote.

“This shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations, and key markets — and to continue to adapt and flex with the changing macro, e-commerce, and technology landscape,” Iannone continued.

The CEO said employees will be provided with transition packages, including severance and employee incentive payments.

eBay’s layoff notification happened on the same day that another tech company headquartered in San Jose, Zoom, announced it will cut 15% of its workforce. About 1,300 Zoom employees are on the chopping block, and company CEO Eric Yuan said he will take a 98% salary cut.

In January, Google revealed plans to lay off more than 12,000 workers, Microsoft disclosed plans to cut 10,000 employees and Salesforce announced plans to lay off 7,000 workers.