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Mark Zuckerberg, the CEO of META, announced that the US tech giant will be laying off 13 percent of its workforce. 11,000 of Meta's staff will be cut in "the most difficult changes we've made in Meta's history," said Zuckerberg on Wednesday.

The layoffs will include teams from the metaverse research labs along with teams working on apps including Facebook, Whatsapp, and Instagram.

Earlier in September, people with knowledge of the company's plans claim that Meta Platforms Inc. is aiming to reduce expenses by at least 10% in the upcoming months, including through laying off employees, as the social media titan deals with stagnant growth and competitive pressures.

Those familiar with the company's plans also noted the cutbacks are believed to be a precursor to bigger cuts. While some savings are projected through cutbacks to overhead and consultancy budgets, the majority is likely to come from decreased employment.

Read more: Meta CEO reveals FBI ordered Facebook to censor Biden's laptop story

Addressing his staff, Zuckerberg stated, "I want to take accountability for these decisions and for how we got here."

"I know this is tough for everyone, and I'm especially sorry to those impacted,"  added the head of Meta.

As the global economy is facing massive inflation and rising interest rates, platforms that make most of their revenue through ads such as Facebook and Google have been deeply impacted, as advertisers are cutting promotional budgets to address the rising cost of business.

Zuckerberg claims responsibility

Meta's CEO claimed responsibility for his wrong anticipation that the e-commerce business and online activity will continue post-pandemic at the same rate as during the Covid lockdowns.

"I got this wrong, and I take responsibility for that."    

The profits of the US giant decreased by 52% last quarter to $4.4 billion compared to the same period last year.

Staff cutbacks are noticeable in Silicon Valley after the largest firms engaged in hiring practices at a breakneck pace during the pandemic. Tom Allison, the head of the Facebook app, issued a document titled "Why is Hiring So Hard Right Now?" in May 2021.

Read more: US: Unemployment benefits applications generally indicate layoffs

Allison expressed concern about a "major supply and demand imbalance between our hiring needs and talent availability."

As the global economy is facing a deep recession and skyrocketing inflation rates, the digital-ad market is in disarray, and the tone of several major IT leaders has shifted dramatically.