Facebook Meta platform said it will let go of 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as part of a plan to reduce costs at the social-media platform following disappointing earnings, soaring costs, and a weak advertising market.
The broad job cuts, the first in Meta's 18-year history, follow thousands of layoffs at other major tech firms, including Elon Musk-owned Twitter, and Microsoft Corp.
Employees who are affected will be told starting Wednesday morning, and Chief Executive Officer Mark Zuckerberg spoke to executives on Tuesday to prepare them for the cuts, said the people, who asked not to be identified discussing private information. On the executive call, Zuckerberg said he was accountable for the company’s missteps, according to the Wall Street Journal.