Mark Zuckerberg accepted accountability for the current state of the company.

This week, Meta and Facebook CEO Mark Zuckerberg announced that, due to mounting costs, dropping stock values, and uncertain business direction, Meta will be enacting a wave of employee layoffs. Approximately 11,000 employees, around 13% of the company’s total workforce will be terminated, according to a letter released by Zuckerberg himself on Wednesdasy.

“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” Zuckerberg said in the letter. “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”

“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.” Zuckerberg said.

Those impacted by the layoffs will receive lasting severance pay for the next 16 weeks, plus two extra weeks’ worth of pay for every year that an employee has worked with the company. Meta will also continue to pay the impacted employees’ health benefits for the next six months.

“This is a sad moment, and there’s no way around that. To those who are leaving, I want to thank you again for everything you’ve put into this place,” Zuckerberg said.