Meta Layoffs: Mark Zuckerberg fires 11,000 employees

Meta decided to reduce the size of its team by about 13% and let more than 11,000 of employees go.

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The company also cuts discretionary spending and extends hiring freeze through Q1.

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"I want to take accountability for these decisions and for how we got here," says CEO Mark Zuckerberg.

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Meta cites macroeconomic downturn, increased competition, and ads signal loss for the layoffs.

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The social media giant aims to becomes more capital efficient by reducing its headcount.

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