Meta to cut 10% of jobs, or 8,000 employees, report says

Meta plans to cut 10% of its workforce, approximately 8,000 employees, starting May 20, which may lead to a short-term negative impact on the company's stock price. This move could also affect the broader tech sector, potentially influencing investor sentiment. The layoffs may be seen as a cost-cutting measure to improve profitability, which could have a positive long-term effect on the stock.