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- Meta informs staff of layoffs affecting 8,000 employees amid AI push
Meta has informed its staff that it will let go of roughly 8,000 employees — approximately 10% of its workforce — as it looks to bolster its presence in the artificial intelligence space. The employees were told about the sweeping cuts in a memo as the company prepares to make heavy investments in AI. The layoffs are expected to begin May 20."I know this is unwelcome news and confirming this puts everyone in an uneasy state, but we feel this is the best path forward, given the circumstances," Chief People Officer Janelle Gale wrote in the memo obtained by Bloomberg News.META'S BAY AREA LAYOFFS AFFECT ROUGHLY 200 WORKERS AS COMPANY POURS BILLIONS INTO AI INFRASTRUCTUREA Meta spokesperson declined to comment on the job cuts but confirmed the memo and its contents with FOX Business. Other tech companies are making staff reductions amid a boom in AI spending; on Thursday, Microsoft Corp. offered voluntary retirement to around 8,750 people, or 7% of its U.S. workforce, according to Bloomberg.In her memo, Gale wrote that the layoffs are "part of our continued effort to run the company more efficiently and to allow us to offset the other investments we’re making."META VOWS APPEAL OF 'LANDMARK' SOCIAL MEDIA VERDICTS, WARNS OF FREE SPEECH EROSION"This is not an easy tradeoff, and it will mean letting go of people who have made meaningful contributions to Meta during their time here," she said.Laid-off employees will receive a generous severance package, as well as career support services to help find other jobs and immigration support for those who need it.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe company previously laid off 11,000 workers in November 2022—about 13% of its workforce—and cut another 10,000 jobs months later. Meta employed nearly 79,000 people as of Dec. 31, according to its latest filing. [TheTopNews] Read More.24 mins ago - Nike to Cut 1,400 Jobs as Part of Its Turnaround Plan
Most of the layoffs will affect tech workers as the athletic giant tries to reverse a yearslong sales slump. It’s the second round of cuts this year. [TheTopNews] Read More.1 hour ago - LARRY KUDLOW: American economic success — we have oilThe United States Navy’s blockade of Iranian ports is working to perfection, and is basically stopping Iran from selling any oil or getting any money. Losing $400 or $500 million a day means you’re in a business that has no future. You won’t meet payroll. No retirement accounts. No health benefits either. And your employees and their families and friends are getting very, very angry. They didn’t sign on to this insane radical Islamism, which is leading to the destruction of their country. Just think about this, it’s how revolutions begin.And besides President Trump’s steel backbone in maintaining the blockade, hats off to Treasury Secretary Scott Bessent for his own maximum pressure campaign through Economic Fury. My sources tell me the Treasury has been freezing all those Islamic Revolutionary Guard Corps offshore bank accounts in places like Turkey, Qatar, the United Arab Emirates, and Oman. These are the generals who have looted and stolen from Iran for decades and decades so they and their kids can live the high life outside of Iran. It’s what dictators and totalitarians always do. Yet many, if not most, of these Iranian offshore bank accounts have been frozen by Mr. Bessent.So no dollars are available to Iran. Very important: no dollars are getting into Iran. This is the banking freeze. It’s also the export-import freeze. And sources tell me the secretary is poised to sanction any country that facilitates any trade or finance flows on behalf of Iran. If they do, they will be thrown out of the American economic system. Knocked off the Swift accounting ledger and the New York Fed’s transactions wire. So hats off to Mr. Bessent for keeping the financial heat on as part of the war effort.Now, as bad as it’s gotten in Iran, the other side of the coin is that Trump-Bessent economic policies are keeping the American economy in pretty good shape. Four-dollar-a-gallon gasoline has not stopped significant consumer spending. Manufacturing has come alive. Take a look at the ISMs and the S&P Global PMIs. Private sector employment has beaten all expectations. The unemployment rate is at a low 4.3 percent.Looking through the temporary energy price spike, the inflation rate is probably close to 2.5 percent, and you can bet Kevin Warsh will bring it lower when he takes over. Weekly and monthly unemployment claims remain rock bottom. And profits, which are the mother's milk of stocks… [TheTopNews] Read More.2 hours ago
- United Airlines raising ticket prices up to 20% as fuel costs surge amid Iran wa...United Airlines warned Wednesday that the company is raising ticket prices by as much as 20% as it grapples with surging jet fuel costs driven by the war in Iran.The alarming notice came during the company’s quarterly earnings call, where CEO Scott Kirby said the airline is aiming to "recover 100% of the increase in jet fuel prices as quickly as possible." "Sell-in yields for all future travel are now up 20% year-over-year," Executive Vice President and Chief Commercial Officer Andrew Nocella said, indicating that customers are already booking future flights at prices roughly 20% higher than last year’s levels.Kirby added that yields likely need to remain near that range to achieve long-term profit margins.AMERICAN AIRLINES CEO SAYS MERGER WITH UNITED WOULD BE 'BAD FOR CUSTOME"Yields need to increase by about 15% to 20%, and we are assuming that fuel may remain higher for longer," he said.The CEO added that higher prices are expected to dampen overall demand, but noted there have been no signs of decline yet following earlier fare and baggage fee increases implemented since the war began."We believe we have the ability to pass on the increase in fuel due in large part to our brand loyal customers, continued demand strength and preference to fly United even at higher fares," Executive Vice President and Chief Financial Officer Michael Leskinen said. MAJOR AIRLINE AXES 20,000 'UNPROFITABLE' FLIGHTS AS JET FUEL COSTS SOAR"At this point, we can tell you that the price increases are going well and demand is hanging in there really strong," Nocella added. The airline has already implemented five broad price increases since January mostly to offset higher fuel costs, according to the call. While ticket yields were up just 4% year over year in January and February, they reportedly climbed to 12% in early March, 18% later that month, and have now reached 20% for all future travel. United further attributed its "robust" demand to a strong base of brand-loyal customers and continued strength in premium and business travel.Kirby also suggested that if demand does soften, the carrier may respond by supplying fewer seats to the market. Management noted that the longer fuel prices remain elevated, the more likely higher ticket prices are to become permanent across the industry.UNITED AIRLINES CHECKED BAG FEES CLIMB $10–$50 AS FUEL PRICES NEARLY DOUBLE SINCE IRAN WARFuel costs have surged to multi-year highs following the outbreak of the U.S.–Israel conflict with Iran on Feb.… [TheTopNews] Read More.2 hours ago
- Fanatics, NFL announce multi-year partnership for on-site retail at marquee even...As the 2026 NFL Draft is set to kick off, Fanatics and the NFL announced an exclusive, multi-year partnership where the global sports platform will be the league’s official on-site retail partner at marquee events like the one set for Thursday night in Pittsburgh. Fanatics will be bringing its on-site retail expertise to marquee global events, including the Super Bowl, NFL Kickoff, NFL International Games, NFL Flag Championships, NFL Scouting Combine and the Pro Bowl Games. This marks the first time both sides have come together to impact on-location retail at the Super Bowl and NFL Draft, the latter of which seeing a fun activation for all fans watching their favorite teams draft the future over the next three days. CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COMFanatics will be operating more than 10 retail locations throughout the draft footprint in Pittsburgh, headlined by a massive, 13,000-square-foot NFL Shop flagship tent. The footprint will also include satellite trailers, stadium concourse locations and more all conveniently located throughout the North Shore of Pittsburgh, which includes Acrisure Stadium and Point State Park. There will be more than 250 products from brands like Nike, New Era, Mitchell & ness, Topps, ’47, Homage, Yeti and many more as part of Fanatics’ on-location retail system with the league. ‘NFL REDZONE’ HOST SCOTT HANSON PREDICTS WILD FIRST ROUND OF THE NFL DRAFTAnd even better, for the first time ever, fans at the draft will be able to order a special jersey for any first-round pick moments after that player is selected, with jerseys produced entirely on-site. The jerseys will feature a 2026 NFL Draft patch, the player’s name and the number one on the back – just like the ones they will receive on stage. "As the NFL has grown into a year-round, global event leader, Fanatics has established itself as the perfect partner to meet consumer demand for the best merchandise possible," Casey Collins, NFL Senior Vice President of Consumer Products and Licensing, said in a statement. "We look forward to working in lockstep with Fanatics to deliver every fan a world-class retail experience during the League’s biggest moments." Fanatics’ expanded partnership with the NFL taps into the global sports platform’s merchandising and operational capabilities, while also showcasing its creativity with the retail footprint at these key events each year. For example, exclusive and unique collabrations and capsule collections were created for the NFL Draft, focusing on the rich history of Pittsburgh. The… [TheTopNews] Read More.2 hours ago
- Oscar De La Hoya joins the battle on Capitol Hill to reinvent boxingBoxing’s future as both a sport and a business was front and center on Capitol Hill this week, where lawmakers and industry leaders alike discussed whether a fragmented system that has governed the sport for decades can still compete in today’s media landscape.At issue is a proposed overhaul that would allow for the creation of a "new, centralized, alternative professional boxing system called Unified Boxing Organizations (UBO)." The entities would be capable of controlling promotion, rankings and championships under one structure. Senate Commerce Committee Chairman Ted Cruz, R-Texas, framed the moment as a turning point for the sport’s business model.DANA WHITE'S BOXING ORGANIZATION MAKES SPLASH CONOR BENN SIGNING IN LAS VEGAS AMID WRESTLEMANIA WEEK"Thirty, forty years ago, boxing was a dominant sport in America," Cruz said in an interview with FOX Business. "Now there’s chaos and division: fractured belts, disputed titles."He added that the goal of the proposed reforms is "to make boxing great again" by increasing compensation, improving safety and rebuilding the sport’s pipeline of talent.The legislation under consideration, dubbed the Muhammad Ali American Boxing Revival Act of 2026, and already passed by the House of Representatives, would not eliminate the current system outright. TED CRUZ SLAMS TRUMP'S PROPOSED SPIRIT AIRLINES GOVERNMENT BAILOUT PLANInstead, it would create what Cruz described as "a second alternative path," allowing fighters to choose between the existing structure and the more centralized model designed to generate larger media deals and new revenue streams.That dual-track approach has done little to resolve a deeper divide within the sport, however.Former champion and Olympic Gold Medalist Oscar De La Hoya, who testified before the committee, argued that the current framework remains essential to protecting fighters, particularly those early in their careers."We’re here to make sure we protect the fighters’ rights," De La Hoya said in an interview with FOX Business after the hearing. Drawing on his own experience, he pointed to a famous 1998 fight against Félix Trinidad, when he signed a lucrative deal with promoter Bob Arum, but was unaware of the full financial windfall from the event.At the time, De La Hoya said, fighters were not given clear disclosures about how much revenue their bouts generated, leaving them at a disadvantage in negotiations. De La Hoya also argued that boxing’s decentralized system helps protect fighters by preventing too much power from being controlled by a single group."The fighters are making the majority of the money," he added. "We don’t have… [TheTopNews] Read More.2 hours ago
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