Layoffs in the tech industry continued on Wednesday, as Facebook parent company Meta announced it was laying off more than 11,000 employees, about 13 percent of the brand’s workforce.

In a letter announcing the decision, Meta CEO Mark Zuckerberg blamed the decision on a rise in e-commerce during the COVID-19 pandemic that caused the company to make strategic mistakes in investments. “Unfortunately, this didn’t turn out the way I hoped it would,” Zuckerberg said. “Not only has online trading returned to previous trends, but the macroeconomic downturn… [has] made our income much lower than I expected.

Beyond the layoffs, Zuckerberg also said Meta would take additional steps to “become more efficient and more…