Nov 9 (Reuters) – Meta Platforms Inc (META.O) said on Wednesday it would cut more than 11,000 jobs, or 13% of its workforce, as Facebook parent doubled down on its metaverse risky bet amid a crumbling ad market and decades-high inflation.

The mass layoffs, among the biggest this year and the first in Meta’s 18-year history, follow thousands of job cuts at other tech companies, including Elon Musk-owned Twitter Inc, Microsoft Corp (MSFT.O ) and Snap Inc.

Like its peers, Meta hired aggressively during the pandemic to cope with a surge in social media use by consumers stuck at home. But business has suffered this year as advertisers and consumers cut spending in the face of skyrocketing costs and rapidly rising interest rates.

“It’s not just online commerce that’s back to before…