Meta’s reported cost cutting could save $5 billion, according to Morgan Stanley

With user growth slowing due to intense competition from TikTok and a more focused Mark Zuckerberg, the layoff axe may be about to swing at Meta as it looks to jump-start its sagging stock price.

The social media giant is planning to slash expenses by at least 10% in the coming months, according to a new report from The Wall Street Journal. Meta has already begun the process, WSJ reports, by pushing out staffers during departmental re-shufflings.

Meta didn’t return Yahoo Finance’s request for…

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