Meta (NASDAQ:META) is scaling back its plans for a big office in New York City’s Hudson Yards. This is because the company is trying to save money after laying off workers.
On the strength of the news, Meta stock (NASDAQ:META) soared to a session high and is now up 2.2% for the day.
The article says that Meta has two leases at 30 and 55 Hudson Yards that add up to more than 250,000 square feet, but the company is not going to use its option to extend the contract, which is good until 2024.
When the lease expires, it will give the landlord, Related Companies, that area back.
That is a component of a real estate evaluation that follows the company’s earlier, in November, stated the decision to reduce its employment by around 13%. The latest analysis of technology headcounts by Bernstein indicates that Meta has already “bitten the bullet” with its relocation but that it has suffered in revenue per employee as a result of adding more people in non-revenue areas.
META Stock, Twitter, and TikTok Issues Could Favor
In terms of how much time US adults spend on the platform, TikTok has been a fierce rival to Meta Platforms, Inc. (NASDAQ:META). According to eMarketer, TikTok and YouTube are the most popular, with users spending an average of 45 minutes per day, ahead of Facebook and Instagram, where users spend an average of 60 minutes per day. Over the past four years, the amount of time people spend on TikTok every day in the US has gone from 0 to 45 minutes, which is not a big surprise. But recently, the company has been hurt by regulatory uncertainty in the country, and it may soon have to deal with big problems.
CFIUS is talking with TikTok to find out if it can operate in the US as a separate company now that its Chinese parent company, ByteDance, has sold it off. CFIUS is an interagency group that evaluates foreign corporations’ agreements from the point of view of national security. The business was placed under regulatory scrutiny after many reports claimed that user data on the platform was unsafe because it was kept outside of China.
Featured Image: Pixabay @ Artapixel
Author Jowi Kwasu 
