Meta is planning to cut 10% of its workforce, amounting to 8,000 employees, according to a report from Bloomberg.
The cuts will begin on May 20, with the company also not hiring for 6,000 roles that are currently open, an internal memo viewed by Bloomberg revealed.
Meta's chief people officer Janelle Gale told employees that the move is part of the company's effort to run more efficiently and offset investments in other areas.
The news comes as Meta has faced challenges in its metaverse efforts, which have largely failed, and major investments in AI to keep up with competitors. Earlier this month, the company debuted a new AI product called Muse Spark.