Meta is cutting 11,000 jobs

Meta, the parent company of Facebook, has announced that as part of a company-wide restructuring, 11,000 people will be losing their jobs at the technology company. This accounts for a reduction in Meta size equalling 13%, and this is also the first of a few steps being taken by CEO Mark Zuckerberg to turn Meta into a "leaner and more efficient company".

The reason for the mass job cuts is down in part to the massive expansion that technology companies saw during the pandemic, which ultimately plateaued and did not continue as the world returned to normal. Zuckerberg has said in his statement that he "want to take accountability for these decisions and for how we got here".

Those who are out of a job will be receiving a variety of support depending on their time at Meta, including 16 weeks of continued salary as well as an extra two weeks for every prior year at the company.

Some of the other moves Meta is making will see the company reducing its real estate footprint, by having shared desks, there will be a hiring freeze until Q2 2023, and there will be other cost-cutting changes in the future as well.