Meta Stock

Meta shares jump after Reuters report on plans for layoffs of 20% or more

Meta Platforms shares rose 3% on Monday following a Reuters report that the social media giant plans to lay off 20% or more of its workforce to offset heavy spending ‌on artificial intelligence and bet on productivity gains from the technology. If Meta settles on the 20% ‌figure, the cuts will be the biggest since a late 2022 and early 2023 restructuring it dubbed the "year of efficiency", which eliminated around 21,000 ​jobs. After falling behind in the AI race, Meta has spent heavily in recent years to catch up by building data centers and waging a talent war.