Facebook parent company Meta announces the largest job cuts in its history.

Meta

LINCOLN, Neb. (KLKN) – Expect to see some people change their employment status on Facebook.

Meta the social media giant’s parent company announced plans to layoff 11,000 of its workers.

That is the largest job cut in the company’s history.

Meta CEO Mark Zuckerberg addressed the issue in a blog post where he apologized for the reduction in employees.

Meta ad sales have been affected by various issues including privacy changes and competition from rivals like TikTok.

Last month, Meta posted its second quarterly revenue decline and said its profit is about 50% of what it was last year.

In 2021, Meta was worth more than a trillion dollars.

It’s now worth 250-billion.

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