The bloodletting in big tech continues after a year of slowing sales and profits along with de facto valuation resets at the hands of an aggressive Federal Reserve.
Meta said Wednesday it will slash 13% of its workforce as it looks to redirect resources to Mark Zuckerberg’s metaverse project and appease angry shareholders.
Meta stock popped 8% on the news, paring the year-to-date decline to 69%.
Meta was the top trending ticker on the Yahoo Finance platform through early afternoon.
Meanwhile, a…
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