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Meta announces the layoffs of more than 11,000 employees who will be fired

Meta, the social network company, has announced that it will cut 11,000 jobs, letting go of 13% of the employees in its workforce amidst a “cultural shift” in the company.

Mark Zuckerberg, CEO of the company, explained this decision was made due to a need to become more “capital efficient,” and described the next steps the company will take moving forward.

The market reacted in a positive way to the announcement, with the price of Meta’s stock gaining almost 5% in the premarket, at the time of writing. Meta’s stock price has been pummeled this year, going from $331 in January to $96 this week, in part thanks to the lukewarm reaction that investors have had regarding the pivot the company is making to the metaverse and to the losses that the Reality Labs division, responsible for metaverse developments, has registered thus far.

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