Meta Platforms Almost Slashed 60% of Jobs in AI Push. What Comes Next for META Stock.
On August 26, Reuters revealed details of Meta Platforms CEO Mark Zuckerberg's plan to restructure the company around artificial intelligence (AI). The report indicated that Meta initially contemplated reducing some teams by up to 60%, but ultimately laid off only 10% of its workforce in May and canceled a second round of cuts. Elon Musk expressed concern about the company's future, stating, "We're 1000% going to go bankrupt without Al and robots."
However, Meta stock has fallen more than 10% year-to-date, with the latest report offering a mixed signal regarding the company's AI-driven restructuring effort, known as Project OT.
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