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00:02Meta Platforms began notifying thousands of employees worldwide of layoffs on Wednesday
00:07as part of a previously announced restructuring, according to Bloomberg.
00:11The company is cutting roughly 8,000 roles globally, with engineering and product teams
00:16hit hardest. Meta is also planning to eliminate about 20% of its Irish workforce, or up to 350
00:23jobs, in Dublin, its European headquarters. The company had just under 80,000 employees
00:29at the end of March. Meta separately reassigned about 7,000 workers to new AI-focused teams.
00:36CEO Mark Zuckerberg has committed more than $100 billion to AI capital expenditures this year,
00:43with total projected spending potentially reaching $145 billion.
00:48Analysts at Evercore estimate the cuts will generate about $3 billion in savings.
00:53For all things money, visit Benzinga.com.
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