Meta to cut 10% of its staff

(CNN)– The parent company of Facebook and Instagram announced plans to cut 10% of its workforce Thursday, April 24.

The move would equate to about 8,000 Meta employees losing their jobs.

The tech giant will also close around 6,000 open positions.

The layoffs go into effect May 20th.

Meta’s chief people officer in a memo said the cuts will help the company run more efficiently, and offset investments being made.