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00:02Meta plans to begin a first wave of layoffs on May 20th,
00:06cutting about 10% of its global workforce or nearly 8,000 employees, according to Reuters.
00:12The company is preparing additional layoffs in the second half of the year,
00:15although timing and size remain undecided. Executives may adjust plans based on developments
00:21in artificial intelligence capabilities. Reuters previously reported potential cuts of 20% or more.
00:27Meta declined to comment to Reuters.
00:30CEO Mark Zuckerberg is investing heavily in AI to reshape operations.
00:35The tech giant reorganized Reality Labs, moved engineers into a new applied AI unit
00:40to develop autonomous AI agents, and shifted some staff into its recently created
00:44small business division as part of restructuring.
00:46For all things money, visit Benzinga.com.
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