Advertisement
Singapore markets open in 1 hour 45 minutes

  • Straits Times Index

    3,265.95
    +1.42 (+0.04%)
     

  • S&P 500

    5,214.08
    +26.41 (+0.51%)
     

  • Dow

    39,387.76
    +331.36 (+0.85%)
     

  • Nasdaq

    16,346.26
    +43.46 (+0.27%)
     

  • Bitcoin USD

    63,073.91
    +1,900.37 (+3.11%)
     

  • CMC Crypto 200

    1,359.93
    +59.83 (+4.60%)
     

  • FTSE 100

    8,381.35
    +27.30 (+0.33%)
     

  • Gold

    2,354.00
    +13.70 (+0.59%)
     

  • Crude Oil

    79.68
    +0.42 (+0.53%)
     

  • 10-Yr Bond

    4.4490
    -0.0430 (-0.96%)
     

  • Nikkei

    38,073.98
    -128.42 (-0.34%)
     

  • Hang Seng

    18,537.81
    +223.91 (+1.22%)
     

  • FTSE Bursa Malaysia

    1,601.22
    -3.53 (-0.22%)
     

  • Jakarta Composite Index

    7,088.79
    -34.81 (-0.49%)
     

  • PSE Index

    6,542.46
    -116.72 (-1.75%)
     

Meta gives up seven floors of office space in Singapore: BT

Bloomberg
·1-min read
A tower of the South Beach complex, left, developed by City Developments Ltd. in Singapore, on Tuesday, April 27, 2021. Photographer: Lauryn Ishak/Bloomberg
A tower of the South Beach complex, left, developed by City Developments Ltd. in Singapore, on Tuesday, April 27, 2021. Photographer: Lauryn Ishak/Bloomberg (Bloomberg)

By Ameya Karve

(Bloomberg) — Meta Platforms Inc. is giving up its lease for seven floors of office space in Singapore that’s set to expire at the end of September, The Business Times reported Thursday.

The Facebook parent had conveyed its decision to not renew its lease at South Beach Tower in June last year, the newspaper reported, citing Samantha Tan, general manager of developer South Beach Consortium Pte. That was just three months after a round of global layoffs by Meta in March.

Meta is among technology companies that began conducting rounds of layoffs since late 2022, that were deeper and broader than anything in recent memory. Still, the belt-tightening measures have allowed Meta to announce plans for an additional $50 billion in stock buybacks and its first quarterly dividend, giving investors a reason to stick around.

ADVERTISEMENT

Meta started moving staff out of its 115,000-square-feet South Beach Tower offices in the first half of last year, consolidating its teams at its office in Marina One in the financial district, the report said.

©2024 Bloomberg L.P.