Meta to slash 11,000 jobs to cut expenses, transform its business model

Washington (US), November 9: Facebook parent Meta announced on Wednesday that it will lay off approximately 11,000 employees as part of a mass layoff to cut expenses and transform its business model.

Meta, like the rest of the tech industry, has announced layoffs.  

"We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1," said Meta CEO Mark Zuckerberg.

The layoffs, according to Zuckerberg, are some of the most difficult changes the company has made in its history, and everyone in the company will soon receive an email "letting you know what this layoff means for you."

Notably, thousands of employees are expected to be laid off, and an announcement is expected as soon as Wednesday, according to people familiar with the situation.

At the end of September, Meta reported having over 87,000 employees.

The planned layoffs would be the first significant reductions in headcount in the company's 18-year history.

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