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.
The company also cuts discretionary spending and extends hiring freeze through Q1.
"I want to take accountability for these decisions and for how we got here,"
says CEO Mark Zuckerberg.
Meta cites macroeconomic downturn, increased competition, and ads signal loss for the layoffs.
The social media giant aims to becomes more capital efficient by reducing its headcount.