Rumors swirled this week, and now it’s confirmed: Meta, the owner of Facebook, WhatsApp, Instagram and Oculus VR, is laying off 13 percent of its workforce, a total of around 11,000 jobless employees. This occurs after the company has spent an extraordinary $15 billion in his so-called “metaverse” project.

Confirmed in a post on the Meta site today, Zuckerberg sent a message to his employees in a contrite tone. “Today I am sharing some of the most difficult changes we have made in the history of Meta,” the billionaire CEO began, continuing: “I have decided to reduce the size of our team by approximately 13% and let more than 11,000 of our talented employees go.”

By explaining why he believes this should happen, Zuckerberg lays out the…