FACEBOOK_ Meta to Slash 11,000 Jobs, One of 2022's Biggest Layoffs

NEWSMAX

Meta to Slash 11,000 Jobs, One of 2022's Biggest Layoffs

Facebook CEO Mark Zuckerberg testifies remotely during a Senate Judiciary Committee hearing on censorship and the 2020 election on Capitol Hill, Nov. 17, 2020 in Washington, D.C. (Getty Images)

Wednesday, 09 November 2022 06:23 AM EST


Meta Platforms Inc said on Wednesday it will let go of 13% of its workforce, or more than 11,000 employees, in one of the biggest layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.

The mass layoffs, first in Meta's 18-year history, follow thousands of job cuts at other major tech companies including Elon Musk-owned Twitter and Microsoft Corp.

The pandemic-led boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation and rapidly rising interest rates.

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READ MORE: https://www.newsmax.com/finance/streettalk/meta-layoffs-facebook-zuckerberg/2022/11/09/id/1095536/

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