Meta will lay off approximately 8,000 employees starting May 20 and halt hiring for 6,000 open positions.
8:31 PM
Meta will lay off 10% of its workforce, equating to about 8,000 employees, as the company continues investing heavily into artificial intelligence, the company confirmed Thursday.
The social media giant will initiate the job cuts on May 20, according to a memo to employees that Bloomberg News first reported. Meta is also scrapping plans to hire people for 6,000 open roles as part of the restructuring.
Meta shares declined about 2.4% in midday trading to $658.40 following the announcement.
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