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News: Mark Zuckerberg Testifies
Facebook parent Meta is laying off 13% of its employees as it contends with faltering revenue and broader tech industry woes.
The move that comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers.
But as the lockdowns ended and people started going outside again, revenue growth began to falter. An economic slowdown and a grim outlook for online advertising have contributed to Meta’s woes.
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