As the company begins restructuring, the company has decided to lay off 13% of the staff as Meta’s stock price tumbles. 

On Wednesday, the Chief Executive of Meta Mark Zuckerberg sent out a message to staff telling them that both Facebook and Instagram would be cutting stuff across all of its businesses.

“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go”, Zuckerberg wrote.

The company has also extended its hiring freeze through the first quarter of 2023. 

“We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1”, he added.

Zuckerberg said about the firings that “Everyone will get an email soon letting you know what this layoff means for you. After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions.”

For security purposes, Meta “made the decision to remove access to most Meta systems for people leaving today given the amount of access to sensitive information.”