From Meta Platforms Inc. to Twitter, big names in the tech sector have announced major layoffs in October and November. Facebook parent Meta (META) is cutting 11,000 employees, or about 13% of its workforce, in the first layoffs in the company’s 18-year history. Chief Executive Mark Zuckerberg has taken responsibility for the cuts, admitting to expanding the company too quickly amid a pandemic-fueled surge in revenue. Read More...
Motley Fool
Why QuantumScape Plunged Today
Shares of solid-state electric battery-maker QuantumScape (NYSE: QS) were in freefall today, down 14% as of 3:21 p.m EST. The company reported third-quarter earnings at the end of October, but today’s move was likely caused by a big analyst downgrade, sending the stock even lower than many other EV stocks, which also generally had a bad day today. This morning, Morgan Stanley analyst Adam Jonas issued a note on QuantumScape, downgrading his rating to the equivalent of a “sell,” while lowering his price target on the stock from $12 to just $4.
