The daily business briefing: March 7, 2023

Meta reportedly plans a second round of layoffs, JetBlue expects DOJ to sue to block Spirit merger, and more

Illustration of Meta logo and Facebook logo
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1. Report: Meta plans more layoffs

Meta plans to cut thousands more jobs as soon as this week in its second round of layoffs, Bloomberg reported late Monday, citing people familiar with the matter. Meta cut 13 percent of its staff, or 11,000 people, in November to increase efficiency. It was the first-ever major layoffs for Meta, which owns Facebook and Instagram and is the world's biggest social-media company. Meta shares rose 1.7 percent in pre-market trading Tuesday. The stock has gained 54 percent this year. The November layoffs came as a surprise, but analysts and workers braced for more cuts after CEO Mark Zuckerberg declared 2023 Meta's "year of efficiency." The company is adjusting to falling advertising revenue. A Meta spokesperson declined to comment to Bloomberg.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.