Meta Platforms Inc will let go of 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.
The broad job cuts, the first in Meta’s 18-year history, follow thousands of layoffs at other major tech companies including Elon Musk-owned Twitter and Microsoft Corp.
Meta, whose shares have lost more than two-thirds of their value, said it also plans to cut discretionary spending and extend its hiring freeze through the first quarter.
After Elon Musk’s appointment as CEO of Twitter, about half of the company’s 7,500 workforce were let go last week as part of a reorganization. While Musk didn’t disclose specifics regarding the losses, he tweeted that there had “no choice but to terminate the employees when the company is losing over $4M/day.”