Meta plans to cut 11,000 jobs.

Meta plans to cut 11,000 jobs, 13% of its workforce, and reduce other benefits.

In one of the biggest layoffs this year, Meta announced on Wednesday that it will fire 11,000 workers, or 13% of its workforce, as Facebook's parent corporation confronts rising costs and a sluggish ad market.

The enormous layoffs, the first in Meta's 18-year history, come in the wake of thousands of job cuts at other significant digital firms, including Elon Musk-owned Twitter and Microsoft.

In response to decades-high inflation and swiftly rising interest rates, the pandemic-fueled boom that lifted tech companies and their valuations has collapsed this year.

CEO Mark Zuckerberg wrote in a note to staff, "Not only has online trading returned to prior trends, but the financial slump, greater competition, and loss of advertising signs all led our income to be significantly lower than I expected."

Additionally, the business intends to reduce discretionary spending and keep its employment ban in place until the first quarter. However, it omitted to include the anticipated cost reductions from the relocations.

As part of the severance package, Meta will pay 16 weeks of basic pay plus two additional weeks for each year of employment, in addition to any unused paid time off, the company stated.

Several well-known Americans have raised the issue of an impending recession this year, including Mark Zuckerberg. At the end of September, Meta had 87,314 employees.