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Meta Platforms Slashes Over 11,000 Jobs, 13% of Its Workforce

The job cuts come from across its businesses, including its apps and metaverse divisions.

Updated May 9, 2023, 4:01 a.m. Published Nov 9, 2022, 11:54 a.m.

Facebook parent Meta Platforms (META) announced on Wednesday that it is laying off more than 11,000 employees, or about 13% of its workforce.

The social-media giant said the job cuts were across its apps and Reality Labs segments. In addition to Facebook, Meta owns Instagram, Messenger and WhatsApp, and Reality Labs houses its augmented- and virtual-reality operations.

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Meta also said that Reality Labs' operating losses in 2023 will continue to grow significantly year-over-year.

The company has been trying to make inroads into Web3 after halting its stablecoin efforts. Facebook even rebranded to Meta to reiterate its focus on building the metaverse.

In a message to employees, CEO Mark Zuckerberg confirmed his continued commitment to his metaverse plans, saying, "We’ve shifted more of our resources onto a smaller number of high priority growth areas – like our AI (artificial intelligence) discovery engine, our ads and business platforms, and our long-term vision for the metaverse."

The company recently announced that Instagram users will be able to mint and sell non-fungible tokens (NFTs).

Meta's shares were up over 3% at $99.8 during premarket trading.

Facebook Meta Layoffs Web3

Parikshit Mishra

Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.