Facebook owner Meta cuts 11,000 jobs — 13% of workforce – CBS News

Meta announces layoffs for 11,000 employees Meta announces layoffs for 11,000 employees 01:36 Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic. Zuckerberg said he had made a mistake in previously moving to hire aggressively, expecting rapid growth even after the pandemic ended.Meta’s value has plunged by $700 billion. Wall Street calls it a “train wreck.””Unfortunately, this did not play out the way I expected,” Zuckerberg said in a prepared statement. “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.” Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended
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