Facebook, Instagram, and WhatsApp owner Meta has announced that it will reduce its employees by 13%.

From a total of 87,000 employees worldwide, 11,000 will lose their employment as a result of the company’s first major layoffs.

The adjustments, according to Mark Zuckerberg, chief executive of Meta, were “the most challenging changes we’ve ever done.”

The revelation comes after significant layoffs at tech companies like Twitter, which reduced its workforce by roughly half.

He issued a statement saying, “I know this is tough for everyone, and I’m especially sorry to those impacted.”

Massive long-term growth expectations based on the company’s revenue increase during the pandemic, according to Mr. Zuckerberg, were to blame.

“Many people predicted this would be a permanent acceleration,” he wrote, “I did too, so I made the decision to significantly increase our investments.”

Instead, he said that “macroeconomic downturn” and “increased competition” caused revenue to be much lower than expected

“I got this wrong, and I take responsibility for that,” he admitted.

It was widely anticipated that job losses would be announced.

The ideas were disclosed by Mr. Zuckerberg to hundreds of Meta executives on Tuesday, according to the Wall Street Journal.

According to Mr. Zuckerberg, “the company would focus on high-priority growth areas, like artificial intelligence, advertising, and “our long-term vision for the metaverse”.

Additionally, Meta will reduce expenditure on office space and structures while promoting desk sharing.

He stated that affected Meta employees would shortly receive an email and will have the chance to ask questions.

Redundancy payments for US workers will equal 16 weeks’ pay plus one week for each year of service. Additionally, family health insurance will still be available for another six months.

Similar support will be provided outside of the US, however there will be a different redundancy procedure to accommodate for regional employment regulations.

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