Meta Laying Off More Than 11,000 Employees

Facebook parent Meta is laying off 11,000 employees, or about 13 percent of its workforce.

CEO Mark Zuckerberg made the announcement in a letter to employees today.

The job cuts come just a week after widespread layoffs at Twitter under its new owner, Elon Musk.

Zuckerberg previously said that he made the decision to hire aggressively, anticipating rapid growth after the pandemic ended.

Today, he said, “Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”

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