Meta Shares Climb Amid Reports of 20 Percent Staff Cuts
Meta shares rose 3% today on reports of plans to cut 20% of its workforce. The move aims to offset high AI costs and leverage productivity gains from technology.
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Shares of Meta Platforms, Inc. rose 3% on Monday following a report that the social media giant is planning to reduce its workforce by 20% or more. This potential move aims to offset heavy spending on artificial intelligence and capitalize on productivity gains expected from the technology. If Meta settles on the 20% figure, these cuts would be the largest since its restructuring in late 2022 and early 2023, which eliminated approximately 21,000 jobs.
