Meta Platforms shares rise with big layoffs expected this week
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Meta Platforms (NASDAQ:META) shares started the week on an upbeat note, and rose almost 4% Monday following a report that massive layoffs are coming to the social-media giant this week.
The Facebook parent company is preparing to cut "many thousands" of jobs in the wake of a disappointing earnings report that included rising costs associated with Meta's (META) moves into metaverse platforms. The Wall Street Journal first reported of the potential layoffs late Sunday.

Meta (META) currently has approximately 87,000 employees.
Layoffs in the social-media sector have been in the spotlight since Elon Musk completed his $44B acquisition of Twitter in late October, promptly fired several top executives, and then slashed about 3,700 jobs, or roughly half of Twitter's employee base on Friday. A handful of current and former Twitter workers sued the company for violation of California state law regarding the timeline for notifications of large-scale corporate layoffs.