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Mark Zuckerberg posted a message revealing that more than 11,000 "talented employees," representing 13% of the company's total workforce, are fired.
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Facebook founder Mark Zuckerberg said he is accountable and was "especially sorry" for those affected.
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The mass layoffs were also caused by misjudgments in investments and the weakness of the ad market.
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According to the executive, predictions of the internet after COVID didn't come out as planned.
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The company faced increased competition and ad loss, leading to lower revenue.
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The United States will pay severance and paid PTO to terminated employees.
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They will also receive health insurance for six months. Third-party vendors will provide career support and assistance.
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The letter states that support will be the same outside the US, considering local employment laws.
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