JOHANNESBURG - Investors are punishing Facebook’s parent company, Meta. This as shares in the company have plunged by more than 11%.
There’s concern over Meta’s spending on AI.
READ| Meta to cut 600 jobs in artificial intelligence: reports
The slide began after the social media company said it would spend even more money aggressively to stay in the AI race.
It’s third quarter profits were also well below expectations, and its income fell due to a tax hit.
Earlier investors were cheering the AI spending plans of Alphabet that owns Google.