Meta Cuts 11k Jobs

Meta Platforms Inc ($META@US) announced that it would cut more than 11,000 workers, or 13 percent of its workforce as it grapples with a drop in digital ads and falling stock price. The parent company of Facebook, Instagram, and WhatsApp said that it was making the cuts across all its businesses. The layoffs are the first of its size in the company’s 18-year history and come at a time when the company faces increasing competition, regulatory challenges, rising inflation, and slacking in demand.