As Facebook’s parent company investigated its metaverse longshot amid a collapsing ad market and decades-high inflation, Meta Platforms Inc (META.O) announced on Wednesday it was cutting more than 11,000 jobs, or the 13 % of your staff.

The mass layoffs, among the largest this year and the first in Meta’s 18-year history, come after thousands of job losses at other major firms including Snap Inc., Twitter Inc., Microsoft Corp. .(MSFT.O) and Twitter Inc., all controlled by Elon Musk.

Like its competitors, Meta actively recruited during the outbreak to handle a spike in social media usage by customers who were stranded at home. However, as a result of advertising and consumers reducing their purchases due to skyrocketing prices and…