Facebook parent Meta to slash 11,000 jobs to cut expenses, transform its business model

Facebook parent Meta announced on Wednesday to slash around 11,000 jobs as a part of mass layoffs to cut expenses and transform its business model.

As the tech industry is slashing jobs, Meta too announced layoffs.

"We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1," said Meta CEO Mark Zuckerberg in a statement on Wednesday.

Zuckerberg termed the layoffs as some of the most difficult changes the company has made in Meta's history and added that everyone in the company will soon get an email "letting you know what this layoff means for you."

Notably, the layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to people familiar with the matter.

Meta reported having more than 87,000 employees at the end of September.

The planned layoffs would be the first broad head-count reductions to occur in the company's 18-year history.