Meta (META) expected to carry out first wave of company-wide layoffs on May 20th; expected to impact ~10% of total workforce

Meta's upcoming layoffs, impacting around 10% of its workforce, signal significant cost-cutting measures in response to ongoing pressures in the tech sector. This first wave not only reflects the company's strategic shift towards greater efficiency but also raises concerns about overall morale and future growth prospects, potentially influencing investor sentiment in the tech space and broader market indices.