Meta Platforms Inc. is planning sweeping layoffs that could affect 20% or more of the company, as the world's largest social media company looks to cut AI costs and prepare for greater efficiency brought on by AI-assisted workers.
No date has been set for the layoffs and the magnitude has not been finalised yet, according to three people familiar with the matter.
Top executives have signalled the plans to other senior leaders and told them to begin planning on how to pare back, two of the people said.
The company has been focusing on Generative AI, with CEO Mark Zuckerberg pushing Meta to compete more forcefully in the field.
Meta has offered huge pay packages to court top AI researchers and plans to invest $600 billion to build data centres by 2028.
The planned layoffs reflect a broader pattern among major US companies, particularly in tech, this year, with executives pointing to recent improvements in AI systems as one reason for the changes.
