I'll also note that the 25% didn't include anyone VP or higher. So, the most expensive employees aren't being shown the exit, just the people doing the actual work.
It includes up to (and including) VPs, but not higher. If you read the comments (from former employees) on HN in the last couple of days, morale wasn't high/people weren't busy.
It absolutely included VP and higher. All levels up to 70.
I didn't realize that from the article I read (not this paywalled one). I guess there is more equality in how they are spreading around the slaps in the face.