meta platforms inc’s latest job cuts are resonating with investors helping put the company on track to finish with a market capitalization above 500 billion for the first time since june shares of meta meta were up about 7 in afternoon trading tuesday after the company announced plans to cut 10000 more workers over several months in november meta announced more than 11000 layoffs see more meta to cut 10000 more jobs in latest round of layoffs for facebook parent meta’s afternoon move puts the company on pace to close out tuesday’s session with valuation upward of 500 billion for the first time since june 8 2022 according to dow jones market data the stock would need to close at or above 19285 to hit the mark it recently changed hands at 19352 the facebook parent company still has a way to go to recapture its former marketcap glory meta was worth as much as 1078 trillion at its september 2021 peak but meta has also made quite the climb from its recent lows as the company was worth just 236 billion at its lowest point in early november 2022 meta was the 25th most valuable us company at the end of several early november sessions but it’s worked it’s way up to no 8 currently meta sits comfortably ahead of visa inc v but trails apple inc aapl microsoft corp msft alphabet inc googl goog amazoncom inc amzn berkshire hathaway inc brk nvidia corp nvda and tesla inc tsla the company was the fifth largest us company by market cap as recently as december 2021 read mark zuckerberg warns that ‘new economic reality’ could continue for years as meta makes more layoffs what’s changed for meta recently chief executive mark zuckerberg and his team are listening to what wall street wants investors were jittery last fall when meta talked up big spending plans despite growth pressures but meta’s management got the message and instituted the first round of big job cuts followed by tuesday’s second wave of cuts they’re both part of zuckerberg’s broader vision for a “year of efficiency” a tagline meta first shared on its latest earnings call and repeated in tuesday’s jobcut announcement “as i’ve talked about efficiency this year i’ve said that part of our work will involve removing jobs and that will be in service of both building a leaner more technical company and improving our business performance to enable our long term vision” he said in a tuesday note to staffers that was also shared to the company’s newsroom during meta’s most recent quarterly earnings report in february meta posted a sharp drop in profits and reported its third straight quarterly decline in revenue in a conference call with analysts zuckerberg vowed that 2023 would be the “year of efficiency” after years of profligate spending and hiring as the company pursues its longterm version of the metaverse on the call zuckerberg warned more job cuts were coming he said meta would focus on “flattening” its organization and “removing some layers of middle management to make decisions faster” “as part of this we’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial but my main focus is on increasing the efficiency of how we execute our top priorities” zuckerberg said in february