Technology behemoth Meta Platforms (META) is reportedly leaning on staff reduction to cut costs by 10% in the coming months, a WSJ report stated. Notably, the company is expected to undertake cost-cutting initiatives by curbing overheads. However, a major portion of the savings is expected to come from reducing headcount. Following the news, META stock hit a new 52-week low of $142 on September 21. The company is undertaking a reorganization of staff and has granted certain employees a limited time frame to reapply for other jobs in the company.
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