Meta To Lay Off 10% Of Workforce

Meta Platforms is planning to reduce its total workforce by 10 percent as part of a strategic pivot toward artificial intelligence development. This move follows recent volatility in tech stocks and aims to streamline operations for AI integration. The layoffs represent a significant restructuring for the social media giant. The company's people officer stated that the organization will continue to evolve teams as needed and attempt to redeploy talent. Meta is currently investing in its applied AI organization. Leaders noted during a meeting that AI token usage will not be a factor in the layoffs. Meta shares fell more than 8% in regular trading, marking the largest single-day decline in six months. The drop follows investor concerns that the company's investments in artificial intelligence may not yield returns. Investors have placed approximately $96 billion in orders for Meta's upcoming bond sale. Meta is laying off 10% of its workforce this year, with an additional round of layoffs scheduled for later. The company is shifting focus toward training AI agents and using automation to reduce hiring needs. The move is described as part of a transition toward an AI-powered future.