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Meta, the parent company of Facebook, dismisses roughly 11K workers.

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CEO Mark Zuckerberg revealed on Wednesday that Facebook’s parent company Meta has fired more than 11,000 workers, cutting its employment by 13 percent.

In a statement to staff members on Wednesday, Facebook founder Mark Zuckerberg said, “I want to take accountability for these actions and for how we got here.

“I know this is difficult for everyone, and I’m sorry to those impacted in particular,”

Meta joined other digital companies that let go of staff due to concerns about inflation and the economy, like Snap and Twitter.

In addition, Zuckerberg remarked, “We are reducing discretionary expenditure and extending our hiring freeze through Q1 in an effort to make a leaner and more effective firm.”

When asked how the business reached this point, he said that during the pandemic, the world migrated online quickly and that many believed this acceleration would continue long after the outbreak was over.

“I decided to dramatically raise our investments since I felt the same way. Sadly, things did not turn out the way I had anticipated. Online sales have not only resumed their previous patterns, but our revenue has also fallen far short of what I had anticipated due to the financial slump, increasing competition, and loss of ad signal. I acknowledge that I made a mistake and accept responsibility, “said he.

Futures for Meta stock increased by more than 4.5 percent after the announcement.

Its price dropped 71.24 percent in the previous year.

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