Facebook parent company Meta announced plans to cut over 11,000 jobs, or 13 percent of the company, as the social media giant seeks to cut back on expenses and transform its business model in a more competitive digital advertising market.
“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,” Meta CEO Mark Zuckerberg said in a Wednesday statement, adding that the layoffs were “some of the most difficult changes we’ve made in Meta’s history.”