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| Facebook-owner Meta to cut 13% of its workforce | Facebook-owner Meta to cut 13% of its workforce |
| (30 minutes later) | |
| Meta, which owns Facebook, Instagram and WhatsApp, has announced that it will cut 13% of its workforce. | Meta, which owns Facebook, Instagram and WhatsApp, has announced that it will cut 13% of its workforce. |
| In total 11,000 employees are to be laid off from its worldwide headcount of 87,000 people. | In total 11,000 employees are to be laid off from its worldwide headcount of 87,000 people. |
| In a statement, Meta chief executive Mark Zuckerberg said the cuts were "some of the most difficult changes we've made in Meta's history". | In a statement, Meta chief executive Mark Zuckerberg said the cuts were "some of the most difficult changes we've made in Meta's history". |
| The news follows major lay-offs at Twitter, which cut about half its staff, and other tech firms. | The news follows major lay-offs at Twitter, which cut about half its staff, and other tech firms. |
| "I know this is tough for everyone, and I'm especially sorry to those impacted," he wrote in the statement. | |
| Mr Zuckerberg blamed massive long-term expectations for growth based on the firm's rise in revenue during the pandemic. | |
| "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 "macroeconomic downturn" and "increased competition" caused revenue to be much lower than expected | |
| "I got this wrong, and I take responsibility for that," he said. |