Mar 14, 2023 | Politics

Meta Lays Off THOUSANDS In The Wake Of SVB Collapse

Meta Lays Off THOUSANDS In The Wake Of SVB Collapse

Meta has announced that it plans to lay off an additional 10,000 workers, in addition to the initially planned cuts of 11,000 jobs.

In response to the announcement, shares saw upward price action:

The company claims that the layoffs are due to increasing efficiency at the company, as Meta moves to drastically overhaul its focus and revenue models.

Tech Estate provided details on the first round of cuts:

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