Meta Platforms (NASDAQ:META) will reportedly start its first round of mass layoffs on May 20, cutting about 8,000 employees, or roughly 10% of its global workforce, with further reductions expected later this year, as CEO Mark Zuckerberg accelerates an AI-focused restructuring.
The specifics of the cuts have not yet been finalized, Reuters reported on Friday, citing sources familiar with the plans. The sources disclosed that the company’s executives may adjust their plans as they observe developments in artificial intelligence capabilities.
Meta did not immediately respond to Benzinga‘s request for comment.
Zuckerberg Bets Big On AI Amid Leaner Operations
Zuckerberg is investing heavily in AI to transform the company’s operations, aligning with a broader trend among major U.S. companies, particularly in the tech sector.
Despite Meta’s significant layoffs in 2022 and 2023, the company’s stock was struggling at the time. However, it is currently in a more stable financial position. Meta’s shares have risen by 5.86% since the beginning of the year.
The impending layoffs …
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