Meta Platforms shares rose nearly 3% on Monday after 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…
