Facebook parent company Meta will cut more than 11000 jobs, one of the largest layoffs in the United States this year

Thanks to CTOnews.com netizens and soft media users for 1720885 clue delivery! CTOnews.com, Nov. 9 (Reuters)-Meta, the parent company of Facebook, announced on Wednesday that it would lay off 13% of its employees in response to soaring costs and a weak advertising market, resulting in more than 11000 employees leaving.

This is the first large-scale layoff in Meta's 18-year history and one of the largest layoffs in the United States this year. This follows thousands of layoffs at other major technology companies, including Microsoft and Twitter, owned by Elon musk.

"not only has online commerce returned to the previous trend, but our revenue has been much lower than expected as a result of the macroeconomic downturn, increased competition and advertising losses." Mark Zuckerberg, chief executive of Meta, said in a letter to employees, "I made a mistake and I am responsible for it."

CTOnews.com learned that Zuckerberg stressed the need to improve capital efficiency and said the company would shift resources to "high-priority growth areas", such as artificial intelligence engines, advertising and business platforms, and meta-cosmos projects.

Meta said that as part of the severance payment, the company would pay 16 weeks of base salary plus an additional two weeks of salary each year, as well as any remaining paid vacation time. In addition, employees will receive six months of medical expenses, and affected employees will be authorized on November 15.

It is understood that Meta also plans to cut discretionary spending and extend the hiring freeze until the first quarter. The company's share price is up about 3 per cent in pre-market trading, but its market capitalization has evaporated more than 2/3 from its peak.