Meta Announces Plan , to Lay Off 11,000 Employees.<br />CNN reports that Facebook's parent company, Meta, <br />is getting ready to lay off 11,000 employees, the <br />largest job cut in the social media giant's history.<br />The news comes amid Meta's<br />costly shift to the metaverse.<br />Recent months have seen other major tech firms <br />announcing layoffs as the sector feels the impact of rising <br />inflation, interest rates and fears of a possible recession.<br />Today I’m sharing some of the most <br />difficult changes we’ve made in Meta’s <br />history. I’ve decided to reduce the size <br />of our team by about 13% and let more <br />than 11,000 of our talented employees go, Mark Zuckerberg, Meta CEO, via CNN.<br />Zuckerberg reportedly added <br />that the company's hiring freeze <br />would be extended into 2023. .<br />CNN reports that Meta has been spending billions on building the metaverse, a future version of the <br />internet still years away from being fully developed.<br />In October, Meta announced its second <br />quarterly decline in revenue and profits that <br />were half of what they were in the prior year.<br />CNN reports that Meta's value <br />dropped from over $1 trillion in 2021 <br />to around $250 billion today.<br />I want to take accountability for these <br />decisions and for how we got here. <br />I know this is tough for everyone, <br />and I’m especially sorry to those impacted, Mark Zuckerberg, Meta CEO, via CNN.<br />I want to take accountability for these <br />decisions and for how we got here. <br />I know this is tough for everyone, <br />and I’m especially sorry to those impacted, Mark Zuckerberg, Meta CEO, via CNN.<br />Other top tech companies made similar announcements in<br />recent months, with Lyft announcing it would lay off 13% of its <br />employees and Amazon implementing a corporate hiring pause. .<br />Other top tech companies made similar announcements in<br />recent months, with Lyft announcing it would lay off 13% of its <br />employees and Amazon implementing a corporate hiring pause.
