Meta announced on Wednesday that it had laid off 11,000 workers, or just over a tenth of its global workforce. This marks the second significant announcement of job cuts by a global social media company.
Mark Zuckerberg, co-founder and CEO of Meta, announced to the company’s staff that moving forward, the company would reduce discretionary spending even more and extend the hiring freeze until March 2023. According to Zuckerberg’s note, Meta increased its investments as more people continued to use the internet during the Covid19 pandemic in the hopes that the trend would continue after the pandemic as well.
