Mark Zuckerberg’s tech firm Meta’s shares jump on report of plans to cut 20% or more of workforce

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.