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Facebook owner Meta to sack 11,000 workers after revenue collapse

Mark Zuckerberg says firm overinvested at start of Covid, adding ‘I got this wrong’

  • Business live updates: Meta to cut 11,000 jobs

Mark Zuckerberg’s Meta is cutting 11,000 jobs, more than one in eight staff, after a disastrous collapse in revenue has left the company behind Facebook overstaffed and “inefficient”, the chief executive said in a note to staff.

However, Zuckerberg indicated he planned to continue backing the company’s controversial multibillion-dollar bet on virtual reality, saying the metaverse project was a “high-priority growth area”.

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