This is exactly what they are doing with one improvement: instead of firing, they are allowing attrition to happen naturally. That’s better than layoffs
Making everybody suffer until some people leave because it’s intolerable to them… that doesn’t sound better to me.
Layoffs are always awful, they take jobs away from people without them having a say. They should always be a last resort.
I don’t really see this as an extinction level downturn for fb. Time will tell, but I’d be shocked if this seriously threatened the company in any way except its share price.