Meta, Microsoft Plan Cuts, Buyouts That May Affect 23,000 Jobs

Meta Platforms Inc. and Microsoft Corp. are planning cuts or announcing buyouts that could affect as many as 23,000 jobs, part of an effort to streamline operations and offset heavy spending on artificial intelligence.

Meta told personnel in an internal memo on Thursday that it planned to cut 10% of workers, or roughly 8,000 employees, starting on May 20. The social-media company also said it wouldn’t fill 6,000 open roles.