Meta Lays Off More Than 11,000 Employees

The parent company of Facebook, Instagram, and WhatsApp cut 13 percent of its workforce and extended a hiring freeze until the first quarter of next year.

Since Mark Zuckerberg founded Facebook in 2004, the Silicon Valley firm has steadily increased its workforce.

By the end of September, it had reached a total of 87,314 workers, which represented a record-breaking high for the company.

However, on Wednesday the company, which has since been rebranded as Meta, started eliminating jobs on a large scale.

Meta announced the layoff of more than 11,000 employees, or roughly 13% of its workforce, in what the company described as its most significant job cuts.

The layoffs were spread across departments and regions, with recruiting and business teams being hit the hardest.

Two sources said engineers working on metaverse projects, Mr. Zuckerberg's immersive online world, were not cut as deeply.

Over the years, Meta lavishly spent, acquiring users, buying Instagram and WhatsApp, and lavishing its employees with enviable perks.

Meta was valued at $1 trillion at one point last year. However, the company has struggled financially this year as it attempts to enter a new business.