On Nov 9, Meta Platforms Inc (META.O) said that it would cut more than 11,000 jobs or 13% of its workforce. The announcement came as the Facebook parent doubled down on its risky metaverse bet. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” Chief Executive Officer Mark Zuckerberg said in a message to employees.
