04:33 AM EDT, 10/17/2024 (MT Newswires) -- Meta Platforms ( META ) is laying off employees across several divisions, including Instagram, WhatsApp and Reality Labs, The Verge reported Wednesday, citing people familiar with the matter.

The company is moving some teams to different locations and reallocating employees, with efforts made to find new opportunities for those affected, a Meta spokesperson told The Verge.

The report did not specify the exact number of job cuts.

Separately, the Financial Times reported that Meta terminated about two dozen employees in Los Angeles for allegedly misusing their $25 daily meal credits to purchase household items.

Meta did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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