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Meta slashes workforce by 11,000 as it sinks more money into the metaverse

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Reuters UK

By Aditya Soni and Nivedita Balu (Reuters) -Meta Platforms Inc said on Wednesday it would cut more than 11,000 jobs, or 13% of its workforce, in one of the year’s biggest layoffs as the Facebook parent battles soaring costs from its push into the metaverse amid a weak advertising market. The mass layoffs, the first in Meta’s 18-year history, follow thousands of job cuts at other major tech companies including Elon Musk-owned Twitter and Microsoft Corp. The pandemic-led boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation a…

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