News Summary

• Meta Platforms shares rose nearly 3 per cent on Monday after a Reuters report that the social media giant plans to lay off 20 per cent or more of its workforce.
• The cuts will be the biggest since a late 2022 and early 2023 restructuring it dubbed the "year of efficiency", which eliminated around 21,000 jobs.
• Meta has spent heavily in recent years to catch up by building data centers and waging a talent war.
• It expects a capital outlay of up to $135 billion in 2026, roughly double of last year's spending.