Meta says it will cut 8,000 jobs as AI spending grows
Summary
Meta announced it will cut about 8,000 jobs, which is about 10% of its workforce, while increasing spending on artificial intelligence (AI). The company plans to spend $135 billion on AI in 2024, roughly the same as its total AI spending over the past three years.Key Facts
- Meta will lay off around 8,000 employees next month.
- The layoffs represent about 10% of Meta’s total workforce.
- Meta will also stop hiring for thousands of open positions.
- Meta plans to spend $135 billion on AI projects this year, a large increase from previous years.
- CEO Mark Zuckerberg said AI tools are making workers much more productive, allowing smaller teams to do more work.
- Meta has already cut around 2,000 workers earlier this year in smaller layoffs.
- The company will start tracking employee computer use to help improve its AI models.
- These upcoming layoffs will be Meta’s largest since 2023.
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