Meta to cut more than 11,000 jobs

STORY: Meta is to cut more than 11,000 employees - or about 13% of its workforce.

The company's announcement Wednesday (November 9) is one of the biggest layoffs in the U.S. this year.

It comes as Facebook's parent company battles soaring costs and a weak advertising market.

The mass layoffs are the first in Meta's 18-year history.

The company also plans to cut spending and extend its hiring freeze through the first quarter.

It follows thousands of job cuts at other major tech companies, including Elon Musk-owned Twitter and Microsoft.

The tech industry has faced a tough year.

A health crisis-led boom boosted tech company valuations, but it has turned into a bust this year.

The sector has faced high inflation and rising interest rates.

Some of Meta's troubles have been self-inflicted, though.

Mark Zuckerberg has put an expensive bet on the metaverse - a shared virtual world.

His company forecast as much as $100 billion in expenses next year.

Investors have grown frustrated with the investments, which Zuckerberg says could take a decade to pay off.

The company is also fighting strong competition from TikTok.

Meta's shares have lost more than two-thirds of their value so far this year.