Meta to cut about 8,000 jobs to boost AI investment
Business
Meta is laying off about 8,000 employees (10% of its workforce) on May 20.
The company says this tough call is all about streamlining and putting more resources into artificial intelligence projects.
They are also freezing hiring for 6,000 open roles as part of the shake-up.
US employees receive 18 months COBRA
Laid-off employees will get US employees will receive 18 months of COBRA health coverage, plus career services; packages outside the US will vary by country.
Meta's team will find out via email on layoff day.
According to leadership, these changes are intended to make the company more efficient and offset other investments, including heavy AI spending.