Facebook's parent company Meta is set to cut 10% of its workforce, amounting to around 8,000 employees. The cuts come as part of an effort to streamline operations and offset investments in the metaverse, which have largely failed so far.

The layoffs will begin on May 20th, according to a memo sent to staff by chief people officer Janelle Gale, who explained that these tough measures are necessary for efficiency. She said, 'This is not an easy tradeoff and it will mean letting go of people who have made meaningful contributions to Meta during their time here.'

Despite the failure of its metaverse initiatives, Meta has poured billions into AI research to stay competitive in this space. This includes launching a new product called Muse Spark earlier this month.

In light of these cuts, Meta will also not be filling 6,000 vacant positions at present. The company's decision comes amid broader industry trends towards cost-saving measures as the tech sector faces economic uncertainty.