Meta, the parent company of social media platform Facebook, will cut more than 11,000 jobs, or about 13% of its workforce, CEO Mark Zuckerburg revealed on Wednesday.

Zuckerburg said the move was one of the “most difficult” in the company’s history, which will see Meta take further steps “to become a more agile and efficient company.”

This includes cutting the Silicon Valley giant’s discretionary spending and extending its hiring freeze through the first quarter of 2023, Zuckerburg said in a message to employees.

“I want to take responsibility for these decisions and how we got here,” Zuckerberg said in the statement. “I know this is difficult for everyone, and I am especially sorry to those affected.”

The CEO blamed the job cuts on a reversal of online commerce…