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Facebook parent company Meta lays off 11,000 employees

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Meta has spent billions trying to build the Metaverse, a reimagined version of the internet that has yet to catch on with the masses as the company had hoped.

Meta, Facebook's parent company, said Wednesday it is laying off 11,000 employees, the first major workforce reduction in the tech giant's history.

'It's gonna get a lot worse': What Musk misinfo means for Twitter's future Elon Musk epitomized social media experts' concerns with one tweet in the aftermath of the attack on Paul Pelosi This shift in focus also means that most teams within the company would either be reduced or stay the same in size, meaning that the company would end the new year"as either roughly the same size, or even a slightly smaller organization than we are today," said Zuckerberg.

Meta's third quarter results showed rising costs, reduced ad income and slower growth in key markets. The company also spent billions trying to build the Metaverse, a reimagined version of the internet that has yet to catch on with the masses as the company had hoped.

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