Meta stock drops as Reality Labs layoffs and Wikipedia AI deal put costs in focus
Shares of Meta Platforms dropped 2.4% to $615.52 in early trading Thursday in New York, following a Wall Street Journal report that the Facebook parent cut about 1,500 jobs — roughly 10% — in its Reality Labs unit. Meta told the Journal the layoffs reflect a strategic shift, moving investment away from metaverse projects and focusing more on wearables and artificial intelligence.
