The CEO of Meta, Mark Zuckerberg says 13% of its staff or more than 11,000 employees will be laid off.
In a letter on Wednesday, Zuckerberg told employees it was the most difficult changes made in Meta’s history.
”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”, the letter reads.
He explained that the layoffs became necessary because Facebook’s parent company Meta was facing difficult times, which had spooked investors and caused its shares to drop by about 20%.
Zuckerberg said Meta is making reductions in every organization and that the company plans to hire fewer people in 2023.
He noted that the decision was a tough but apologized for the impact it would have on those affected.
Reports say shares of Meta went up about 7.7% on Wednesday morning.