Meta shares jump 3% after report on plan for 20% layoffs

Meta shares rose around 3% on Monday after Reuters reported it was planning to lay off around 20% of its ‌workforce to balance its heavy AI spending. These cuts, if implemented, could be biggest since a late 2022 and early 2023 restructuring which ended 21,000 jobs. This comes amid Meta's plan of $600 billion investment in data centres ‌by 2028.