In order to deal with declining revenue and broader problems in the tech sector, Facebook parent company Meta is laying off 13% of its workforce.
CEO Mark Zuckerberg announced in a letter to staff on Wednesday that Facebook parent company Meta is eliminating 11,000 jobs
or about 13% of its workforce, as it struggles with declining revenue and broader tech industry problems.
The job cuts come just one week after Twitter's new owner, billionaire Elon Musk, implemented a large-scale layoff program.
Numerous positions have been eliminated at other tech firms that hired a lot during the pandemic.
According to Zuckerberg, he decided to hire aggressively because he expected rapid growth even after the pandemic lockdowns were lifted.
Zuckerberg said in a statement, "Unfortunately, this did not play out the way I expected.
"Online sales have not only resumed their previous patterns, but our revenue has also fallen far short of what I had anticipated due to the macroeconomic downturn
increased competition, and loss of ad signal. I acknowledge that I made a mistake in this.
"Because more people stayed at home and scrolled on their phones and computers during the pandemic lockdown period
Meta, like other social media companies, benefited financially.
Investors are particularly concerned about Meta's annual investment of over $10 billion in the "metaverse" as it moves away from social media.
According to Zuckerberg, smartphones will eventually be superseded by the metaverse, an immersive digital universe.