Facebook Parent Meta Cuts 11,000 Jobs, 13% of Workforce

Spooked investors have sent company shares tumbling more than 71% since the beginning of the year and the stock now trades at levels last seen in 2015.

Some of the pain is company-specific, while some is tied to broader economic and technological forces. Meta and its advertisers are bracing for a potential recession. There’s also the challenge of Apple's privacy tools, which make it more difficult for social media platforms like Facebook, Instagram and Snap to track people without their consent and target ads to them.

“We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint," Zuckerberg said. ”We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go."

Uhmmm not good!

It's probably about saving 💰💵💸 / Bad timing 4 layoffs

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