First in Meta's history: Mark Zuckerberg's to fire over 11,000 employees this year: Report
The substantial job cuts, the first in Meta's 18-year history, come in the wake of thousands of layoffs at other significant digital firms, including Twitter, owned by Elon Musk, and Microsoft Corp.
In one of the largest tech layoffs this year, Meta Platforms Inc. announced on Wednesday that it will fire 13% of its workforce, or more than 11,000 workers, as the Facebook parent company confronts rising costs and a sluggish advertising market.
The substantial job cuts, the first in Meta's 18-year history, come in the wake of thousands of layoffs at other significant digital firms, including Twitter, owned by Elon Musk, and Microsoft Corp.
In the face of decades-high inflation and swiftly rising interest rates, the economic boom that increased the value of tech businesses this year has collapsed. More than two-thirds of the value of Meta's shares have been lost, and the company stated it also intends to reduce discretionary expenditure and continue its hiring freeze through the first period.
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