Meta is cutting roughly 10% of its global workforce, a move the company framed as a way to fund its growing AI investments. The layoffs mark one of the largest headcount reductions at Meta since the 2022 cuts that eliminated about 11,000 jobs. The company has been pouring money into AI infrastructure, data centers, and model development. Rather than raise external capital or slow that spending, Meta chose to reduce its payroll costs instead. The logic is straightforward: cutting staff frees up billions that can be redirected toward compute and research budgets. Meta's stock fell on the news, suggesting investors are uncertain whether the cost savings will offset the execution risk of running a leaner team through a major technology buildout. Losing 10% of staff while scaling AI systems simultaneously puts pressure on the teams that remain. Watch for: how quickly Meta completes the cuts, which divisions are hit hardest, and whether the AI spending targets it is protecting actually deliver measurable results in future earnings.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
