Meta, the parent company of Facebook, Instagram and WhatsApp, today announced it plans to lay off 11,000 employees, an estimated 13% of its global workforce, ABC News reported. “We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint,” Meta CEO and founder Mark Zuckerberg said. “We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.”