What Is Going On With Meta Stock Wednesday

Meta Platforms, Inc META stock is down Wednesday. The company begins its planned third round of layoffs targeting members of Meta’s business groups.
The latest downsizing follows a previous round of layoffs in April that affected employees in technical roles, CNBC reports.
Close to 10,000 workers will lose their jobs between April and May, following the company’s first round in November that affected 11,000 employees.
Meanwhile, Meta kept splurging on its metaverse ambitions.
Separately, Meta lost a three-year lawsuit against European Union regulators who ordered vast amounts of data to help build an antitrust case.
This week, the Irish Data Protection Commission slapped Meta with a record $1.3 billion penalty for user privacy invasion. Meta has a deadline of five months to “suspend any future transfer of personal data to the U.S.” and six months to stop “the unlawful processing, including storage, in the U.S.” of transferred personal EU data.
Meta stock surged 122% in the last half as investors lauded its cost-cut measures.
Price Action: META shares traded lower by 0.19% at $246.27 on the last check Wednesday.