Meta on Wednesday said it planned to cut more than 11,000 employees, or about 13% of its workforce, with CEO Mark Zuckerberg acknowledging he'd mistimed big investments in the company.Zuckerberg said that Meta was reducing headcount across the company — including Reality Labs, the division housing its metaverse projects — but that some teams, including its recruiting team, would be affected more than others.A reorganization was underway before the layoffs announcement Wednesday, with certain divisons being slashed and managers being asked to try to find other jobs in the company or leave — changes employees termed "quiet layoffs" — Insider reported.Meta has shed more than 70% of its market value since Zuckerberg announced in 2021 that Facebook was rebranding as Meta in a risky pivot toward the metaverse — a world where people connect in a digital universe using virtual- and augmented-reality devices.Still, Zuckerberg doubled down, projecting that losses from Reality Labs, the division responsible for everything metaverse, would continue to lose even more money over the next year."