Meta Platforms, Inc. (META) plans to cut approximately 8,000 jobs, equivalent to 10% of its workforce, starting May 20, according to an internal memo reported on Friday. This decision follows a decline in shares of over 2% the previous day, but they have since rebounded, trading at $663.18 with a 0.61% increase. The tech giant will also refrain from filling thousands of open positions as it reallocates resources to its artificial intelligence projects, anticipating a $135 billion investment in AI this year.
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