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Published by Capital Client Group, Inc. Good morning from the Financial Times.
Today is Friday, April 24th, and this is your FT News briefing.
Big tech jobs took a hit yesterday, and BP ruffled some feathers at its annual meeting.
Plus, the Trump family is now in a legal spat with a crypto tycoon.
We'll take a look at how the relationship fell apart.
I'm Mark Filippino, and here's the news you need to start your day.
Meta announced yesterday it's cutting 10% of its workforce next month.
That's about 8,000 jobs, and it's to offset a huge spending spree on AI.
CEO Mark Zuckerberg has spent billions on the technology.
The company said in a memo to staff yesterday that the layoffs are also meant to,
quote, run the company more efficiently.
Along the same lines, Microsoft announced that it's offering voluntary redundancy to 7% of its U.S. Staff.
And like Meta, it's also on the back of a big AI bet.
Microsoft cut more than 15,000 jobs last year.
BP didn't get a ton of love at the oil major's annual meeting yesterday.
Management put forward two special resolutions for shareholders to vote on.
They both failed by a long shot.