Facebook parent company Meta laying off 11,000 employees, Zuckerberg announces; 3 offices closing

Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.

The office closing in Austin is half a million square-feet of office space, the equivalent to half of Salesforce Tower. The lease in New York is expiring and Meta is not renewing, according to CushmanThe move comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk.

Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended and people started going outside again, revenue growth began to falter.An economic slowdown and a grim outlook for online advertising -- by far Meta's biggest revenue source -- have contributed to Meta's woes.

Some of the pain is company-specific, while some is tied to broader economic and technological forces.

CRE go boom

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