Meta plans 10% job cuts, 8,000 employees affected

Meta Platforms is reportedly planning significant workforce reductions, aiming to cut 10% of its staff, which equates to approximately 8,000 employees. This move is part of a broader strategy to enhance operational efficiency and reallocate resources towards substantial investments in artificial intelligence initiatives. The company is also freezing hiring for 6,000 open positions. These layoffs, expected to begin on May 20, come as Meta navigates the high costs associated with its AI development and the less successful metaverse ventures. The company aims to streamline operations to better support its strategic priorities in the competitive tech landscape.