11/7/2022, 4:49 PM (Source: TeleTrader)
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Meta shares climb 6% as company plans massive layoffs

Meta Platforms Inc.'s shares rose on Monday by more than 6% as investors and market participants expect the firm could start mass layoffs as of Wednesday.

Over the weekend, the Wall Street Journal reported that the company was planning to inform its employees of extensive layoffs this week. The intended layoffs would mark the first large-scale trimming of employees in Meta's 18-year history and one of the largest in the technology sector so far.

At 10:47 am ET, Meta's shares increased by 6.01% to sell for $96.24.

Baha Breaking News (BBN) / JG