Facebook parent Meta cutting 13 percent of its workforce

Facebook parent company Meta is laying off 11,000 employees, about 13 percent of its corporate workforce. “At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” Meta CEO Mark Zuckerberg wrote in a blog post to employees. “Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.”