Facebook Parent Meta Announces Layoffs

(AP) – Facebook parent Meta is laying off 13% of its employees as it contends with faltering revenue and broader tech industry woes. The move that comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lock-downs ended and people started going outside again, revenue growth began to falter. An economic slowdown and a grim outlook for online advertising have contributed to Meta’s woes.