Meta Cuts 10% of Workforce. Zuckerberg Says No More Company-Wide Layoffs This Year
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Meta Platforms CEO Mark Zuckerberg announced a 10% workforce reduction and a shift of 7,000 employees to AI initiatives, affecting 20% of the workforce. He reassured employees that no further company-wide layoffs are expected this year, acknowledging the need for better communication. The restructuring aims to enhance AI integration in products and operations. Analysts maintain a Strong Buy consensus on META stock, with an average price target of $817.71, indicating a 35.2% upside potential.
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