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Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Facebook parent Meta Platforms (META) announced on Wednesday that it is laying off more than 11,000 employees, or about 13% of its workforce.

The social-media giant said the job cuts were across its apps and Reality Labs segments. In addition to Facebook, Meta owns Instagram, Messenger and WhatsApp, and Reality Labs houses its augmented- and virtual-reality operations.

Meta also said that Reality Labs' operating losses in 2023 will continue to grow significantly year-over-year.

The company has been trying to make inroads into Web3 after halting its stablecoin efforts. Facebook even rebranded to Meta to reiterate its focus on building the metaverse.

In a message to employees, CEO Mark Zuckerberg confirmed his continued commitment to his metaverse plans, saying, "We’ve shifted more of our resources onto a smaller number of high priority growth areas – like our AI (artificial intelligence) discovery engine, our ads and business platforms, and our long-term vision for the metaverse."

The company recently announced that Instagram users will be able to mint and sell non-fungible tokens (NFTs).

Meta's shares were up over 3% at $99.8 during premarket trading.

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Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.


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Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.