In one of biggest layoffs this year, Meta fires 11,000 employees

In one of the biggest tech layoffs in the United States this year Meta Platforms will let go of 13% or more than 11,000 employees.

Meta has also extended its hiring freeze through the first quarter.

In a message to its employees, CEO Mark Zuckerberg said the company is taking steps towards cutting costs after recording a rise in overall costs of the company by a fifth in the past quarter.

Meta would pay 16 weeks of base pay plus two additional weeks for every year of service as a part of the severance package. Employees will get healthcare benefits for six months

The pandemic boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation and rapidly rising interest rates.

Also watch: Meta lays off 11,000 employees: Here's what Mark Zuckerberg said

The broad job cuts, the first in Meta’s 18-year history, follow thousands of layoffs at other major tech companies including Elon Musk-owned Twitter and Microsoft Corp.