Investors like pink slips. Meta Platforms’ stock price bounced 6.5% today on news of impending mass layoffs at the social media giant. The rally likely reflects how cheap Meta stock has gotten—the low it hit last Thursday of $88.91 was 74% below where it started the year. Investors may also think layoffs mean Meta is listening to their concerns about its rising expenses, after the company’s commentary at the time of last month’s third-quarter earnings implied the opposite attitude. If that’s the case, it’s wishful thinking.