Meta to lay off 11,000 employees

Meta to lay off 11,000 employees
In brief

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.

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