Announcing lay off of about 13% workforce, Meta CEO Mark Zuckerberg said the move has been taken to become a leaner and more efficient company.
In a blogpost on company's website, Zuckerberg held himself accountable for the decision giving a step-by-step break up of what lies ahead.
Zuckerberg cited investments in e-commerce as one of the major factors for company's downsized growth.
He said over 11,000 affected employees of the company will be given the maximum possible support including cost of health insurance, 16 weeks of base pay to make the process feasible for them.
Among the other cost-cutting measures, the company will be transitioning to desk sharing for people to bring in a meaningful cultural shift in the way Facebook operates.
All the changes, in Zuckberge's words, have been made to accelerate revenue which was lower than expected at the beginning of this year.
Zuckerberg said he wants to ensure that the company operates efficiently across Family of Apps and Reality Labs.
Calling it a sad moment, Zuckerberg said Meta is being deeply underestimated but that he is confident that it will work more efficiently.
Also watch: In one of biggest layoffs this year, Meta fires 11,000 employees