Facebook parent company Meta laying off 13% of employees

New York: Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday. The move that comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk.

Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers.