UBS financial advisor Ryan Lynch and Laffer Tengler Investments CEO and CIO Nancy Tengler discuss Meta’s decision with Google and analyze the oil markets on ‘Mornings with Maria.’
Meta has informed its staff that it will be laying off around 8,000 staff – around 10% of its workforce – as it looks to strengthen its presence in the intelligence space.
Employees were told of the big cuts in the memo as the company prepares to invest heavily in AI. The layoffs are expected to begin on May 20.
“I know this is unwelcome news and sure to make everyone uncomfortable, but we feel this is the best way forward, given the circumstances,” Chief People Officer Janelle Gale wrote in a memo obtained by Bloomberg News.
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Mark Zuckerberg, CEO of Meta Platforms Inc., appears during the Meta Connect event in Menlo Park, Calif. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
A Meta spokesperson declined to comment on the job cuts but confirmed the memo and its contents with FOX Business.
Some tech companies are making layoffs amid a boom in AI use. On Thursday, Microsoft Corp. has offered voluntary retirement to about 8,750 workers, or 7% of its US workforce, according to Bloomberg.
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 659.15 | -15.57 |
-2.31% |
In his autobiography, Gale wrote that the layoffs are “part of our ongoing efforts to manage the company more effectively and to allow us to divest some of our existing investments.”
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Meta will lay off about 8,000 workers, the company said in a memo to employees. (Arda Kucukkaya/Anadolu via Getty Images / Getty Images)
“This is not an easy trade, and it will mean letting go of people who have made a meaningful contribution to Meta while they are here,” he said.
Laid-off workers will receive a severance package and job support services to help find other jobs and immigration support for those who need it.
Meta is weighing significant staff cuts as the tech giant ramps up its use of AI infrastructure. (Getty Images / Getty Images)
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The company previously laid off 11,000 jobs in November 2022 – about 13% of its workforce – and cut another 10,000 jobs months later. Meta employed nearly 79,000 people as of Dec. 31, according to its most recent filing.
