Meta to slash thousands of jobs next month

(NBC, KYMA) - Meta, the owner of Facebook and Instagram, plans to cut thousands of jobs starting next month, according to published reports.

Sources tell Reuters the tech giant will lay-off nearly 8,000 employees, about one-tenth of its workforce, in the initial wave of job cuts.

The news service reports the cuts will begin May 20 and further cuts are expected in the second half of the year.

The company has not commented on the reports.

Meta has been investing billions of dollars into AI and has been working to retool the company's structure.

This is just the latest round of layoffs among tech giants as Amazon slashed 30,000 jobs in recent months, about 10% of its white collar workers.