Facebook’s parent company Meta revealed on Wednesday it was laying off 11,000 workers, or about 13% of its workforce.

CEO Mark Zuckerburg took responsibility for the mass burnout and apologized in a note sent to the tech company’s staff.

“Today I am sharing some of the most difficult changes we have made in Meta history,” he said of the radical layoffs that will affect all departments.

He added that the recruiting team will suffer particularly hard as the company plans to hire fewer people in 2023. He said. Meta also takes additional steps such as cutting discretionary spending, real estate constraints, and restructuring teams.

“I want to take responsibility for these decisions and the way we got here,” he continued. “I know this is difficult for everyone, and I especially apologize to those concerned.”

Those affected by the layoffs will receive 16 weeks of pay plus two additional weeks for each year of employment, Zuckerberg said. The meta will also cover health insurance for six months.

The 38-year-old billionaire explained Meta overinvested after the coronavirus pandemic. He said he mistakenly believed that the spike in online activity caused by the health crisis would continue, even after the blockades were lifted and back to normal.

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“Many predicted it would be a sustained acceleration that would continue even after the pandemic ended,” wrote Zuckerberg. “I did that too, so I made the decision to significantly increase our investment. Unfortunately, it did not go as expected. “

However, instead of continued revenue growth, the company struggled with a macroeconomic slowdown, a loss of ad revenue, and increased competition, including from platforms like TikTok. In recent months, Gen Zers has opted to use the Instagram video-sharing platform, which is also owned by Meta.

Apple’s new privacy tools have also proven to be a challenge. They make it difficult for social media platforms such as Facebook, Instagram and Snap to track users without their consent and target them with advertisements.

“I was wrong and I take responsibility for it,” added Zuckerberg.

Since the beginning of the year, scared investors have sent the company’s shares by more than 71%, and the stock is now trading at levels not seen since 2015. The drastic decline came after the company, formerly Facebook, changed to Meta, which plans to move towards the metaverse – a new version of the internet with an emphasis on artificial intelligence that seems to exist for many years to come.

Massive layoffs – which mark the most significant layoffs the company has ever undertaken – are amid a wave of layoffs in other tech companies in recent months, highlighting financial pressures and fears of an impending recession. They’re coming on the heels of widespread Twitter layoffs under new owner Elon Musk.

Snap and Salesforce have also laid off huge numbers of employees recently.

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