Meta is reportedly weighing layoffs that could impact at least 20% of its workforce as the tech giant looks to offset rising artificial intelligence costs.

The cuts come as the technology company aims to offset the cost of artificial intelligence infrastructure and prepare for greater efficiency brought about by AI-assisted workers, three sources familiar with the matter told Reuters.

The outlet added that the timing and size of the potential layoffs have not been finalized.

When reached for comment, a Meta spokesperson told FOX Business, “This is a speculative report about theoretical approaches.”

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According to Reuters, top Meta executives recently shared plans for the proposed layoffs with other senior leaders at the company.

If the company were to slash 20% of its employees, the layoffs would amount to Meta’s largest restructuring since 2022 and early 2023, the outlet said.

Meta laid off 11,000 workers in November 2022 — around 13% of its workforce at the time, Reuters reported.

The company cut another 10,000 jobs months later.

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Meta employed nearly 79,000 people as of Dec. 31, according to its latest filing.

Other major companies, including Amazon, have recently announced large-scale layoffs tied to AI developments.

In January, Amazon cut around 16,000 jobs and signaled at the time that more reductions could follow.

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The company previously announced a first round of cuts totaling about 14,000 white-collar layoffs in October, bringing its corporate reductions to roughly 30,000 roles.

In making the cuts, which represented nearly 10% of its white-collar workforce, Amazon cited efficiency gains from artificial intelligence and broader cultural changes.

FOX Business’ Bradford Betz contributed to this report.

Sadanand Date assumed charge as Executive Director at Sebi on March 4 to head the investigations department, the markets regulator said on Friday.

Date is a 2007-batch IPS officer of the Uttarakhand cadre.

Prior to joining Sebi, he was on central deputation to the Central Bureau of Investigation (CBI), where he served in several key roles, including Superintendent of Police in the Anti-Corruption Branch (ACB) and Bank Securities and Fraud Cell (BSFC), the regulator said in a statement.

He also headed multiple branches in Mumbai, including the Economic Offences Branch, Special Crime Branch, Special Task Branch and Anti-Corruption Branch.

During his tenure with Uttarakhand Police, Date held several leadership positions and served as Superintendent of Police or Senior Superintendent of Police in various districts, such as Uttarkashi, Nainital, Haridwar, Udham Singh Nagar and Dehradun.

He also briefly served as Inspector General (Headquarters) and Director (Traffic) before moving to Sebi.
Date is a medical graduate and holds an MBBS degree from Grant Medical College & Sir JJ Group of Hospitals, Mumbai. He also holds a Master’s degree in Police Management from Osmania University, along with MA (Economics), LLB and LLM degrees from the University of Mumbai.

In addition, he is a Certified Fraud Examiner (CFE). He is also a recipient of the President’s Police Medal for Meritorious Service.

Stock exchanges BSE and NSE are conducting mock trading sessions for equity, commodity and currency derivatives on Saturday from the primary site (PR) and Disaster Recovery Site (DR). The mock trading is merely for the purpose of testing and familiarisation. The trades resulting from such mock trading will not attract any margin obligation or pay-in and pay-out obligation, and they will not create any rights and liabilities.

Trading members using third-party trading platforms can also use this opportunity to test their respective trading applications during the mock trading session for various functionalities (including exceptional market conditions), viz., various types of call auction sessions, risk-reduction mode, trading halt, block deals, etc.

Here’s the schedule of trading sessions:

– Log-in – 09:15 am to 09:45 am
– Morning Block Deal Window (PR): 09:45 am to 10:00 am
– Continuous Trading T+1 (PR): 10:15 am to 01:00 pm
– Continuous Trading T+0 (PR): 10:15 am to 12:30 pm

– Closing: 04:00 pm to 04:10 pm
– Post-closing: 04:10 pm to 04:20 pm
– Trade Modification T+1: 04:30 pm
– Trade Modification T+0: 03:45 pmThe exchanges have urged market participants to participate actively in the mock trading sessions.

Exchanges routinely conduct mock trading sessions to test their systems to be able to provide their members with a robust & efficient system for trading with better features.

They also seek feedback from all members. The members can give their feedback for the mock trading session to exchanges by 5:00 pm.

Indian benchmark indices fell sharply on Friday, recording their third successive decline as the Iran-Israel/US war continued to dent market sentiments. The biggest drags were metals, auto, and financial stocks. In a volatile session, the broader Nifty plunged 488.05 points, or 2.06%, to close at 23,151.10, while the 30-share Sensex declined 1470.50 points, or 1.93%, to settle at 74,563.92.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)