Facebook parent company Meta to lay off more than 11,000 employees

Facebook parent company Meta will lay off more than 11,000 employees, about 13% of its workforce, CEO Mark Zuckerberg announced Wednesday.

Zuckerberg said the company plans to take additional steps along with the layoffs to become a leaner and more efficient company.

Zuckerberg said Meta significantly increased investments, believing surges in e-commerce and people shifting online during the pandemic would remain high.

Zuckerberg said Meta also would put in place other cost-cutting measures, including shrinking the company's real estate footprint and maintaining a hiring freeze through the first quarter of 2023.

In a third-quarter earnings call last month, Zuckerberg had said he expected Meta to enter 2023

Meta is among several tech companies rolling out layoffs, hiring freezes or other measures amid fears of a potential economic recession.

Mass layoffs were instituted at Twitter a week after billionaire Elon Musk completed his deal to acquire the social media company.

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