Low level employees misunderstood the effort to reduce middle managers.
If they had thought for a few seconds, they'd have realized that it makes no sense for the company to get rid of people who have proven to be above average contributors over a long period of time.
What LBT said was that he wanted to flatten the org, and so many lower-to-middle managers have had direct reports moved elsewhere, and they go back to being individual contributors.
Many of them were likely contributing more as IC than as managers, but the company pushes people to show grade progression and that has usually meant having an increasing number of direct reports.
Some of them will choose to leave, because they want to be a people manager and not be an IC, but all the tech companies are removing middle manager positions so attrition is likely to be light.
So now the remaining managers look at an org with a lot of senior, experienced people who should be retained, and that results in even more low level employees being pushed out.
Good for the company but clearly not what has been propagandized to a ridiculous level on this site.