Meta to lay off over 11K employees

Meta, the parent company of Facebook, announced Tuesday that it would lay off more than 11,000 employees. 

"I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go," CEO Mark Zuckerberg said in a letter to staff. "We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1."

"I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted," he said.

The billionaire wrote that, at the start of the pandemic, he and "many people" predicted that the surge of e-commerce would be a "permanent acceleration." 

That led to the decision to significantly increased investments for Meta.