**Meta Platforms Inc. (META)**, the parent company of social media behemoth Facebook, announced a sweeping round of layoffs that will result in the elimination of 11,000 jobs. The move, which represents approximately 13% of the company’s workforce, is a stark acknowledgment of the economic headwinds that have battered the tech industry in recent months..
**Economic Downturn and Advertising Slump Impact Tech Giants**.
The layoffs at Meta are part of a broader trend within the tech sector, which has been grappling with a slowdown in growth and a sharp decline in advertising revenue. As inflation and interest rates rise, businesses are tightening their belts and re-evaluating their marketing budgets. This has taken a toll on companies like Meta, which relies heavily on advertising for revenue..
**Meta’s Ambitious Bets and Soaring Costs**.
Meta’s job cuts come as the company continues to invest heavily in its metaverse ambitions. The company has poured billions of dollars into developing virtual reality (VR) and augmented reality (AR) technologies, but the metaverse is still in its early stages and has yet to gain widespread adoption..
In addition, Meta has faced rising costs associated with its core social media business. The company has been investing in data centers and other infrastructure to support its growing user base, and it has also been grappling with increased regulatory scrutiny..
**CEO Mark Zuckerberg Takes Responsibility**.
In a message to employees, Meta CEO Mark Zuckerberg took responsibility for the company’s decision to lay off workers. He acknowledged that the company had .
