Meta Shares Rise Amid Planned Job Cuts

Shares of Meta Platforms went up by nearly 3% on Monday after a report suggested that the company is planning major job cuts. According to Reuters, Meta may lay off 20% or more of its employees as it spends heavily on artificial intelligence (AI) and looks to improve productivity.

If the company goes ahead with this plan, it would be one of the biggest job cuts in its history. A 20% reduction would be even larger than the layoffs carried out in 2022 and 2023, when Meta removed about 21,000 jobs. That period was called the “year of efficiency” by the company.

The possible layoffs are part of Meta’s strategy to invest more in AI technology. The company believes that AI can help increase efficiency and reduce costs in the long run.

Investors reacted positively to the news, which is why the company’s shares went up. However, the reports have also raised concerns among employees about job security.

Meta has not officially confirmed the exact number of layoffs yet. More details are expected in the coming days as the company finalises its plans.