In one of the largest tech layoffs this year, Meta Platforms Inc. announced on Wednesday that it will fire 13% of its workforce, or more than 11,000 workers, as the Facebook parent company confronts rising costs and a sluggish advertising market.
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There have been thousands of layoffs at other significant digital firms, including Twitter, owned by Elon Musk, and Microsoft. Meta’s layoffs are the first in its 18-year history.
In the face of decades-high inflation and swiftly rising interest rates, the economic boom that increased the value of tech businesses this year has collapsed. More than two-thirds of the value of Meta’s shares have been lost, and the company stated it also intends to reduce discretionary expenditure and continue its hiring freeze through the first quarter.