Meta plans to lay off roughly 8,000 employees, or 10% of its workforce, in a move to slash costs as the technology company pushes deeper into artificial intelligence.
In an internal memo sent to workers, Meta said the job cuts are intended to make the company more efficient and to offset its other investments. The layoffs will start on May 20, the company confirmed.
More U.S. employers are pointing to AI for recent decisions to eliminate staff, including companies such as Pinterest and chemical maker Dow. Meanwhile, tech giants are engaged in an arms race to build out their AI capabilities, including building hundreds of data centers or buying AI startups.
More layoffs at Meta could be in the works later this year as the company seeks to reduce costs and further develop its AI capabilities, Wedbush Securities analyst Dan Ives said in a report on Thursday.
“We believe that this is part of
...Keep reading this article on CBSNews.
