Meta, the parent company of Facebook, Instagram, and WhatsApp, is laying off 11,000 employees, equivalent to roughly 13% of its staff.
The tech company will also extend its hiring freeze through Q1 2023 and look into further cost-cutting measures.
Meta’s stock has declined over 70% year-to-date amid tighter competition from TikTok and a decline in digital adspend.
In a publicly shared letter to employees, CEO Mark Zuckerberg took accountability for the layoffs, explaining that he was over-optimistic in his rapid expansion of the company.
The news follows extensive layoffs at Twitter as tech companies seek to slim down amid challenging macroeconomic times.