Morning NewsFacebook Parent Meta Announces Layoffs of 11,000 Staff
Meta Platforms Inc. said it would cut more than 11,000 workers, or 13% of staff, embarking on the company’s first broad restructuring as it copes with a slumping digital-ad market and plunging stock price. The layoffs add to a wave of job cuts that are roiling Silicon Valley, where tech giants that added employees by the tens of thousands through the pandemic are now retrenching. In a message to staff on Wednesday morning, Chief Executive Mark Zuckerberg said the company, the parent of Facebook and Instagram, would cut staff across all of its businesses, with its recruiting and business teams disproportionately affected.