Meta commences layoffs, pays $725m settlement

Facebook's parent company Meta has initiated a new wave of massive layoffs. The company laid off 4,000 employees on Wednesday, with more expected in May, according to Vox.com.

In March, CEO Mark Zuckerberg announced that Meta planned to cut 11,000 jobs in the coming months. Meta's investment in the Metaverse has resulted in declining revenue and a decrease in user engagement. Additionally, the company must pay a $725 million settlement this year.