UNITED STATES: Amid a crumbling ad industry and decades-high inflation, Facebook’s parent company, Meta Platforms Inc., declared Wednesday that it would cut more than 11,000 jobs, or 13% of its workforce.

The major job cuts, among the largest this year and the first in Meta’s 18-year history, follow thousands of job cuts at other digital companies including Twitter Inc., Microsoft Corp. and Snap Inc. ., owned by Elon Musk.

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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 publicity and consumers curtailing purchases due to skyrocketing prices and rapidly rising loan rates, the business has suffered…