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Mark Zuckerberg admits mistakes in leaked memo after Meta layoffs

June 17, 2026 MMN Editor Filed Under: Uncategorized

Meta CEO Mark Zuckerberg is admitting to missteps in a newly leaked memo, following the company’s significant workforce changes over the past year as it pours billions of dollars into developing artificial intelligence infrastructure. These changes include Meta’s decision last year to axe roughly 3,600 jobs after Zuckerberg warned employees in a memo that he had decided to “raise the bar on performance.”Meta continued to cut jobs this year as it doubled down on its artificial intelligence investments. In January, the company laid off about 1,000 employees in its Reality Labs division after the department incurred $73 billion in losses since 2021. By March, it had pink-slipped several hundred employees across multiple departments, including sales, recruiting, global operations, Facebook, and again, Reality Labs. The following month, it even began tracking employees’ computer activity to help build its AI agents, according to a Reuters report.  Mark Zuckerberg acknowledges Meta has “made mistakes”Most recently, in May, Meta laid off 8,000 employees, which is 10% of its workforce, and pulled the plug on 6,000 open job positions to offset its massive AI investments. Additionally, over 7,000 employees were internally reassigned to roles that focus on AI initiatives.When these layoffs were first announced in April, Zuckerberg said in a memo that the job cuts were necessary because “success isn’t a given” amid the rapid growth of AI in the tech industry.Now, in a new leaked memo shared by Reuters, Zuckerberg has admitted to employees that the company has “made mistakes” as it implements operational changes. “Given ⁠the complexity of these changes, we’ve made mistakes and will almost certainly make more,” ​said Zuckerberg.Related: Meta makes drastic workforce decision after $73 billion in lossesHe said that going forward, he is “focused on providing as much stability as possible” when making organizational changes. He also stated that he doesn’t expect Meta to conduct additional companywide layoffs this year. “I don’t want to overpromise because the world is changing in ways that are out of our control,” he said.Zuckerberg also revealed that Meta will work to find new roles for employees who were reassigned to train ​AI models.More Labor:T-Mobile’s hiring efforts take an unexpected turn after layoffsMeta makes drastic workforce decision after $73 billion in lossesHome Depot cuts back key employee benefit amid customer struggles”By creating important new roles for people, this also allowed us to shrink the size of teams knowing that if we make mistakes in some places, then we could transfer some people back,” ​he said.He also said that Meta will be pulling back on increasing manager oversight responsibilities amid recent concerns. It will also ramp up its investment in team-building initiatives, such as allocating higher budgets for off-sites and corporate events. It is also planning a large hackathon in July to promote cross-team collaboration and development of its latest models.

Mark Zuckerberg is reflecting on Meta’s recent rounds of job cuts. Bloomberg / Getty Images

Meta mirrors a growing tech industry trend that’s raising concernsThe move from Meta comes after it revealed in its first-quarter earnings report for 2026 that it expects capital expenditures (company spend on assets) of $125 billion to $145 billion this year, up from the roughly $72 billion it spent in 2025, as it scales its AI infrastructure.Meta isn’t the only company ramping up AI investments while cutting jobs. T-Mobile has laid off hundreds of employees in recent months as it focuses on becoming a digital-first company. Amazon announced in January that it would be cutting 16,000 corporate jobs globally as it removes bureaucracy from its workplace culture and focuses on developing AI models. Oracle also recently laid off a whopping 30,000 employees, roughly 18% of its global workforce, as it invests billions in developing AI infrastructure, according to a report from Forbes.As companies in the tech industry shrink their workforces, many Americans are growing concerned that their jobs will be replaced by AI, according to a survey from Quinnipiac University.How Americans view the rise of AI in the workplace: Roughly 71% of white-collar workers and 73% of blue-collar workers believe AI advancements are likely to reduce the number of available jobs.About 30% of employed Americans are either very or somewhat concerned that AI could eventually make their current job obsolete.Additionally, 51% said that AI technology is evolving fasterthan expected. Also, 76% think businesses are not being transparent enough about their AI use, and 74% believe the government is not doing enough to regulate AI.
Source: Quinnipiac University
“Americans are not rejecting AI outright, but they are sending a warning,” said Tamilla Triantoro, an associate professor at Quinnipiac University School of Business, in the survey release. “Too much uncertainty, too little trust, too little regulation, and too much fear about jobs.”These growing concerns among Americans are valid, as a recent report from Challenger, Gray & Christmas found that U.S. employers announced 97,006 layoffs in May, of which 38,579 were due to AI.The technology industry announced 38,242 job cuts in May, the highest monthly total for the sector since August 2024. In the report, Andy Challenger, workplace expert and chief revenue officer at Challenger, Gray & Christmas, said that “companies are restructuring aggressively as they reposition for an AI-driven economy.”“AI is now the leading reason companies give for cutting jobs and the primary industry citing it is Technology,” said Challenger.Related: Leaked Meta memo reveals company’s bizarre plan after layoffs

Target brings back iconic partnership after 17-year shutdown

June 17, 2026 MMN Editor Filed Under: Uncategorized

Target was once widely considered one of America’s leading destinations for affordable style at scale, helping popularize designer collaborations in mass retail and making trend-driven products more accessible to mainstream shoppers.By combining affordability with exclusive partnerships, the retailer built a distinct identity and strengthened long-term customer loyalty.But in recent years, Target’s position in fashion and discretionary retail has come under pressure as softer sales, declining store traffic, and shifting consumer behavior challenged its ability to stand out in an increasingly competitive market. Company leadership has acknowledged that the retailer is still working to rebuild momentum.During a late-2025 earnings call, Target CEO Michael Fiddelke said the company was operating with renewed “urgency” and remained “far from satisfied” with recent performance, adding that leadership would continue investing until Target reaches its full potential.Now, the retailer is returning to a familiar playbook, leaning again on the design partnership that once helped define its brand and fueled its growth.Target brings back Isaac Mizrahi partnershipTarget (TGT) is bringing back designer Isaac Mizrahi by appointing him as the company’s first-ever Creative Director at Large, reviving a partnership that began more than two decades ago.In the newly created position, Mizrahi will serve as a creative advisor to Target’s internal design teams, mentor emerging talent, and help guide future product concepts through design innovation, trend forecasting, and merchandise strategy.”Isaac has always believed, as we do, that great design should be accessible to everyone,” said Target Executive VP & Chief Merchandising Officer Cara Sylvester in the company announcement. “What excites me most is the opportunity to pair his creativity and perspective with the incredible talent we already have inside Target as we shape the next chapter of style and design for our guests.”Mizrahi first partnered with Target in 2003 through the launch of the Isaac Mizrahi for Target collection, one of the retailer’s earliest and most influential designer collaborations. The relationship ended in 2008 after Mizrahi became creative director at Liz Claiborne, The New York Times reported. The move reflects a broader effort to strengthen brand differentiation through design and exclusive products, as retailers compete more aggressively for consumer attention.Fashion collaborations helped define Target’s brandTarget’s early collaborations helped establish a model that later became common across mass retail.After the success of the Mizrahi collection, the company expanded into limited-edition releases and partnerships with major fashion names, including Diane von Furstenberg, Missoni, Jason Wu, Zac Posen, Lilly Pulitzer, and Altuzarra.At the same time, Target invested heavily in owned and exclusive brands, which have become an increasingly important contributor to performance. According to the company, its portfolio of more than 40 owned brands generates over $30 billion in annual sales and represents nearly one-third of total revenue.Leadership has emphasized returning to Target’s core identity by combining style, affordability, convenience, and a consistent customer experience across stores and digital channels.That strategy now extends beyond merchandising.Target’s merchandise teams have traveled globally for inspiration while integrating AI-powered tools, including Target Trend Brain, to accelerate product development and identify emerging consumer trends more quickly, according to comments by Fiddelke in a CNBC interview.

Target brings back Isaac Mizrahi as the company’s first-ever Creative Director at Large.QualityHD/Shutterstock.com

Early performance suggests the strategy is gaining tractionTarget’s renewed focus on merchandising and customer experience has shown early signs of traction.During the first quarter of fiscal 2026, the company reported:Net sales increased 6.7% year over yearComparable sales rose 5.6%Growth across all six core merchandising categoriesApparel & Accessories ranking as the third-fastest-growing categoryComparable traffic climbed 4.4% across stores and digital channelsIn the company’s latest earnings call, Fiddelke said Target is focused on building sustainable growth rather than pursuing short-term performance gains.”We’re writing a new chapter for Target, defined by disciplined choices and a clear articulation of our unique role in retail,” said Fiddelke.Fashion and other discretionary categories typically carry stronger margins than many essential goods, making product differentiation increasingly important as retailers seek to improve profitability while maintaining customer loyalty.Even so, management is still cautious. Consumer sentiment remains uneven amid broader economic uncertainty, and Target has emphasized maintaining operational flexibility rather than accelerating expansion too quickly despite signs of improvement.Competitors have expanded their own fashion strategies Target was among the retailers that helped popularize designer collaborations and exclusive collections across mass retail.Walmart (WMT), one of Target’s biggest rivals, appointed designer Brandon Maxwell as creative director for two of its in-house brands in 2021 and later debuted its first ready-to-wear collection during New York Fashion Week for spring 2025.The company has also expanded its fashion assortment with nationally recognized labels and private brands across men’s, women’s, and children’s categories.In retail, exclusive products and design differentiation are becoming increasingly important as companies compete for customer attention and higher-value discretionary spending.Why designer partnerships still matter in retailTarget’s latest move reflects broader changes happening across the global fashion industry.According to McKinsey & Company’s State of Fashion 2026 report, industry growth is expected to remain in the low single digits as brands navigate macroeconomic volatility, tariff pressures, and more cautious consumer spending.In this environment, brand recognition alone is no longer enough to sustain growth. Retailers are increasingly using partnerships and exclusive collaborations to create cultural relevance, generate consumer excitement, attract new audiences, and strengthen differentiation in crowded categories.Here’s some of my previous coverage on fashion collaborations:Nordstrom brings back fashion brand after 25-year U.S. shutdownAritzia brings back iconic fashion brand after shutdownH&M brings back popular designer collab after 20 years Higher-income consumers remain an especially valuable audience because they tend to maintain discretionary spending during periods of economic uncertainty and often contribute disproportionately to margin growth.Still, the strategy requires balance. Expanding further into premium fashion categories may strengthen Target’s style credentials, but the company must avoid weakening the value proposition that has historically defined its relationship with shoppers.Whether Isaac Mizrahi’s return becomes a turning point remains to be seen, but the move represents one of Target’s clearest signals that design, exclusivity, and brand identity are once again becoming central to its long-term growth strategy.Related: One of the world’s largest fashion retailers closes 106 stores

SpaceX’s $2.6 trillion market cap nearly double that of bitcoin

June 17, 2026 MMN Editor Filed Under: Uncategorized

Eight days after its IPO, SpaceX has surged past $2.5 trillion to become the world’s sixth-largest company. And market watchers say it is pulling the risk capital crypto wants.

A woman bought coasters at my garage sale for $2 — and emailed me that she’s reselling them for $29. Was I ripped off?

June 17, 2026 MMN Editor Filed Under: Uncategorized

“They were a birthday gift from a friend about six years ago.”

High gas prices soak up more retail-sales dollars — and restaurants are paying the bill

June 17, 2026 MMN Editor Filed Under: Uncategorized

Americans are spending more on gas and eating out less, a sign of stress on the economy tied to the conflict with Iran that’s forced consumers to shift more dollars to needs instead of wants.

Kevin Warsh’s Federal Reserve Likely Holding Rates Steady—And May Hike Rates This Year

June 17, 2026 MMN Editor Filed Under: Uncategorized

Trump signaled he would allow his new Federal Reserve chair “do what he wants to do.”

Dodgers’ World Series Champ Offers 2-Word Response On Reaching Career Best With Cardinals

June 17, 2026 MMN Editor Filed Under: Uncategorized

The Los Angeles Dodgers’ former standout rookie has reached “the best” form of his career after joining the St. Louis Cardinals.

Fewer dollars and fuzzier standards: inside the push to weaken Washington’s toughest financial watchdog

June 17, 2026 MMN Editor Filed Under: Uncategorized

The SEC used to intimidate corporate wrongdoers. Now its own commissioners are gutting its leverage.

Goodbye Allbirds, hello ‘Smartbird’: Bizarre transformation into an AI company is now official

June 17, 2026 MMN Editor Filed Under: Uncategorized

Smartbird finalized the divestiture of its sneaker assets as the company eyes greener pastures in the AI-computing business.

What is Amazon’s free cash flow in 2026?

June 17, 2026 MMN Editor Filed Under: Uncategorized

Amazon’s growth over the past three decades has been phenomenal. The company initially started out selling books online at the start of the internet boom in the mid-1990s, but its online marketplace now offers millions of goods, from clothing to electronics to groceries and household essentials. The world’s biggest online retailer has also expanded into other businesses, namely in cloud computing and artificial intelligence — the latest trend in tech.Growing its massive everyday relevance in retail and media while maintaining its dominance in cloud computing requires major investment and cash outlays. Here’s how much free cash flow Amazon has in 2026 and how it spends its money. What is Amazon’s free cash flow in 2026? Amazon has generated billions of dollars in cash in recent years. Free cash flow — the amount of cash that remains after covering operating expenses and capital expenditures — is a major indicator of how much Amazon generates and how it spends that cash. In 2025, Amazon generated $139.5 billion in cash from its operating activities. From that, the company spent $128 billion on purchases of property and equipment, net of proceeds from sales and incentives. That left Amazon with $11.19 billion in free cash flow.Related: Amazon’s stock buybacks explainedFree cash flow has fluctuated over the years, peaking at $38.2 billion in 2024, which was on top of the $36.8 billion in 2023. Still, in some years, Amazon spent more than it generated. In 2022, the company had negative cash flow amounting to $11.5 billion and $9 billion in 2021.YearNet cash provided by (used in) operating activities (in millions)Purchases of property and equipment, net of proceeds from sales and incentivesFree Cash Flow2025$139,514-$128,320$11,1942024$115,877-$77,658$38,2192023$84,946-$48,133$36,8132022$46,752-$58,321-$11,5692021$46,327-$55,396-$9,0692020$66,064-$35,044$31,0202019$38,514-$12,689$25,8252018$30,723-$11,323$19,4002017$18,434-$10,058$8,3762016$17,272-$6,737$10,5352015$12,039-$4,589$7,450Source: AmazonHow much cash does Amazon have in 2026? Cash and cash equivalents are a measure of how liquid a company is — that is, how much cash it has on hand to make immediate payments. Amazon’s cash has climbed steadily each year, just as its revenue has. In 2025, Amazon posted record cash and cash equivalents of $86.8 billion, on all-time sales of $717 billion and net income of $77.7 billion.  YearCash and Cash Equivalents (in millions)SalesNet Income2025$86,810$716,924$77,6702024$78,779$637,959$59,2482023$73,387$574,785$30,4252022$53,888$513,983-$2,7222021$36,220$469,822$33,3642020$42,122$386,064$21,3312019$36,092$280,522$11,5882018$31,750$232,887$10,0732017$20,522$177,866$3,0332016$19,334$135,987$2,3712015$15,890$107,006$596Source: AmazonHow does Amazon spend its cash?Most of the cash Amazon generates is reinvested in what the company says are its “rapidly evolving and intensely competitive” businesses. Its free cash flow fell to $11 billion at the end of 2025 from $38 billion in 2024, driven primarily by a year-over-year increase of $50.7 billion in purchases of property and equipment, net of proceeds from sales and incentives, the company said in its 2025 annual report. That spending focused on its AI business. Amazon has a generative AI platform geared mainly toward commercial businesses.Spending was also likely for logistics and data centers. By one measure, the total footage on property it leased and owned — which covers office space, physical stores, fulfillment centers, and data centers — jumped by almost 75% to 819,676 square footage in 2025 from 474,516 square footage in 2020.More on Amazon:Is Amazon a good long-term investment? Its buy-and-hold prospects explainedAmazon’s dividends and stock splits: What you need to knowWhere are Amazon’s headquarters? Seattle and beyondWho owns Amazon? Top executives and institutional investorsHow many employees does Amazon have in 2026? Its workforce explainedWhy doesn’t Amazon conserve its cash?At the moment, Amazon is in competition with many companies in building AI as well as expanding its cloud computing operations. Amazon believes that advancements in AI are moving quickly, and the company has been making significant investments. In Amazon’s annual report, CEO Andy Jassy said, “Amazon is smack in the middle of this land rush, and companies are choosing AWS for AI.” He wrote that AWS had a revenue run rate — projected revenue based on current revenue — of $58 million in 2009 and that run rate had multiplied significantly to over $15 billion in the first quarter of 2026. As AWS grows, the company will have to spend more on capital expenditure in the short term, which is why its free cash flow was low in 2025, and that means spending for land, power, buildings, chips, servers, and networking gear.How much debt does Amazon have?Not unlike other corporations, Amazon carries more debt than cash. It may be better for the company to borrow to finance its operations at a favorable interest rate than it would be to issue stock. In 2025, its net debt — total debt minus cash and cash equivalents — was $320 billion, which was nine times the amount in 2015. Total debt included current liabilities and long-term liabilities.YearTotal Debt (in millions)Cash and Cash EquivalentsNet Debt2025$406,977$86,810$320,1672024$338,924$78,779$260,1452023$325,979$73,387$252,5922022$316,632$53,888$262,7442021$282,304$36,220$246,0842020$227,791$42,122$185,6692019$163,188$36,092$127,0962018$119,099$31,750$87,3492017$103,601$20,522$83,0792016$64,117$19,334$44,7832015$51,363$15,890$35,473Source: AmazonRelated: History of Amazon: From garage startup to tech titan

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