Facebook-parent Meta Platforms said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.

In the last couple of months, tsunamis of layoffs have hit the tech ecosystem. From Twitter to Meta, and then Amazon, the once glittering ecosystem where most young people desire to work is now facing a new threat.

Meta Platforms was accused in a lawsuit filed in Kenya on Wednesday of letting violent and hateful posts from Ethiopia flourish on Facebook, inflaming the Ethiopian civil war.

The EU's competition watchdog has accused tech giant Meta, which owns Facebook and Instagram, of breaching antitrust rules. An early analysis says the firm distorted competition in the online classified ads business.

Smart algorithms can bundle and evaluate information at lightning speed, which helps determine what content is shown to users. This benefits apps like Shein and TikTok enormously.

Meta, which owns Facebook, Instagram and WhatsApp, among others, is facing several economic constraints. Mark Zuckerberg said he will "get more done with fewer resources."

The European Commission and the UK's Market Authority each launched an investigation to see if a 2018 deal between Google and Meta aimed at distorting competition in the digital ad business.

Facebook owner Meta's historic plunge after disappointing results shook markets on Thursday. What are its specific problems at the moment?

Frances Haugen said her former boss, Mark Zuckerberg, should step down and allow change instead of devoting resources to build the so-called "metaverse."

Facebook has changed its name to "Meta" in a shift away from social media and towards developing "the metaverse," a digital world that could be the next generation of the internet. Here's what they have planned.