Earlier this month, widespread rumors suggested Meta, the parent company of Facebook and Instagram, was prepping to lay off thousands of workers.

Those rumors turned out to be correct: Meta has announced plans to cut 10,000 employees, which represents 13 percent of the company. “Over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Meta CEO Mark Zuckerberg announced in a lengthy Facebook posting. In addition to layoffs, the company will “lose around 5,000 additional open roles that we haven't yet hired.”

However, hiring will resume after the reorganization. “As I've talked about efficiency this year, I've said that part of our work will involve removing jobs—and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision,” Zuckerberg wrote.

As part of the reorganization, Zuckerberg plans on flattening Meta’s organizational structure, which will mean some managers will become “individual contributors.” These contributors will have the ability to report across multiple levels of the organization, which (at least in theory) will boost the data flowing to the upper levels of management. Remaining managers won’t have more than 10 reports.

But it’s likely that Meta won’t spring back to hyper-growth anytime soon. “I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” Zuckerberg added. “Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation. Given this outlook, we'll need to operate more efficiently than our previous headcount reduction to ensure success.”

Last November, Meta laid off 11,000 employees, or roughly 13 percent of the company’s workforce. However, it hasn’t been alone in unleashing massive layoffs: Amazon and Google laid off 18,000 and 12,000 workers, respectively, over the past two quarters, while Microsoft, Salesforce, Uber, Dell, IBM, Twitter, Cisco, and others have all announced plans to reduce headcount. Meanwhile, the current tech unemployment rate stood at 2.2 percent in February, up slightly from 1.5 percent in January.