The report says Meta will cut 10% of jobs, or 8,000 employees

Meta plans to cut 10% of its workforce, which amounts to 8,000 employees, according to a report from Bloomberg. Meta will also not hire for 6,000 currently open positions.

According to an internal memo sent to employees on Thursday and seen by Bloomberg, Meta informed employees that the cuts would begin on May 20. I mentioned earlier On Meta’s plans for comprehensive layoffs.

TechCrunch has reached out to Meta for comment.

“We are doing this as part of our ongoing efforts to run the company more efficiently and to allow us to offset other investments we are making,” Janelle Gill, chief of staff, told employees, according to the memo. “This is not an easy trade-off and will mean cutting people who have made meaningful contributions to Meta during their time here.”

Meta has spent tens of billions on its Metaverse efforts, which have been largely… to fail. The company has also had to make significant investments in its AI efforts in order to keep up with competitors in this space. Earlier this month, it debuted a completely overhauled AI product called Moses Spark.