The Clap
Meta (NASDAQ: META) saw its stock jump by more than 6% following news that the company is set to make mass layoffs.
The Deets
The layoffs are expected to impact thousands of employees, with the company’s current headcount at 87,000 employees.
The company is looking to grow strategically by allocating its budget to growing departments working on high-priority projects.
So What
Meta’s stock had dropped nearly 72% during 2022 so far, sitting on a market cap under $260 billion.
Now What
The company expects to be around the same size or slightly smaller by the end of 2023, with some teams growing while others stay flat or potentially get downsized.
