Facebook parent firm Meta cuts 11,000 jobs

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 on Wednesday. The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk.

There have been numerous job cuts at other tech companies that hired rapidly during the pandemic.