Curated and analyzed by the JobGoneToAI team. Original reporting by hrkatha.com.
Meta Cuts Staff Stock Awards and Lays Off 10% of Reality Labs Amid AI Focus
— hrkatha.com
Key Takeaway
Meta has reduced the value of stock awards for employees while also laying off about 10% of its Reality Labs division. These changes are part of a broader strategy to redirect resources towards artificial intelligence projects amidst significant financial losses.
From the Original Report
Share LinkedIn Twitter Facebook WhatsApp Meta has cut the value of annual stock awards for most employees by about five per cent, according to the Financial Times. This is the second year in a row the company has reduced equity-based compensation. Last year, the cut was around 10 per cent, which had surprised many staff at the time.
The decision comes as CEO Mark Zuckerberg directs billions of dollars toward artificial intelligence projects. Meta, like other big tech firms, is racing to build massive data centres to gain an edge in the AI competition. Employees are feeling the impact as resources are shifted away from traditional benefits and into new technology investments.
The company has also resorted to job cuts. Last month, Meta laid off about 10 per cent of staff in its Reality Labs division, which had around 15,000 workers. Reality Labs has been responsible for Meta’s metaverse ambitions but has accumulated more than $70 billion in losses since 2021.
This is an excerpt. Read the full article at hrkatha.com.
Original Source
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