Summary:
- Meta, the parent company of Facebook, Instagram, and WhatsApp, announced plans to lay off 11,000 employees, representing approximately 13% of its global workforce.
- The layoffs are part of a broader restructuring effort by Meta to become a "leaner and more efficient" company, focusing on high-priority growth areas like its AI discovery engine, ads, and the metaverse.
- Meta CEO Mark Zuckerberg cited increased costs, reduced revenue, and a need to become a "leaner and more efficient" company as the main drivers behind the layoffs, which are the first major round of job cuts in the company's 18-year history.