Meta to eliminate 8,000 jobs starting May 20 while doubling down on AI infrastructure investments to control costs

Meta plans to cut approximately 10% of its global workforce (roughly 8,000 roles) beginning May 20, with additional reductions expected later in 2024

The layoffs are driven by rising AI infrastructure costs as Meta seeks to manage and optimize its spending

The company will deploy AI tools to automate management and operational functions across the business

Meta's stock (META) is trading around $688.55 with recent gains of 9.3% over the past week and 16.0% year-to-date