BREAKING: Facebook's parent company Meta said it would lay off more than 11,000 people, or about 13% of its workforce.
under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic.
Meta shares have tumbled more than 70% this year, compared with 32% for the tech-heavy Nasdaq Composite index. As of late October, Meta had lost roughly Last week, Twitter laid off about half of its 7,500 employees, part of a chaotic overhaul as Musk took the helm. He tweeted that there was no choice but to cut the jobs"when the company is losing over $4M/day," though did not provide details about the losses.
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