Facebook Parent Meta Slashes Workforce By 11,000

The Associated Press reports:

Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.

The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic.

Zuckerberg as well said that he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic ended. “Unfortunately, this did not play out the way I expected,” Zuckerberg said in a prepared statement.

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BREAKING: Facebook’s parent company Meta said it would lay off more than 11,000 people, or about 13% of its workforce. https://t.co/d7zeeZ1vin

— CBS News (@CBSNews) November 9, 2022