Meta, the company that owns Facebook, Instagram and WhatsApp, announced that it will cut 13% of its staff.
In total, 11,000 employees will be laid off from its global payroll of 87,000 people.
In a statement, Meta CEO Mark Zuckerberg said the cuts were “some of the hardest changes we’ve made in Meta’s history.”
Zuckerberg attributed the layoffs to a slowing economy, increased competition and declining advertising revenue, though he took full responsibility for the situation.
The news follows major layoffs at Twitter, which cut nearly half its workforce, and at other tech companies like Microsoft.
Reuters indicated that Zuckerberg is one of many executives who have sounded the alarm about a possible recession in the US economy, but the news agency added that some of the company’s problems have been self-inflicted, such as the risky bet in the virtual world. or metaverse.