Meta, a tech company that is reportedly laying off 8,000 employees, or around 10% of its global workforce, and closing around 6,000 open roles in an internal memo. The layoffs are part of a larger effort to streamline operations and reduce costs while maintaining productivity. The company's CEO, Mark Zuckerberg, had previously warned investors that expenses would increase due to the increasing salaries offered to AI experts and other costs associated with the AI push. The first round of layoffs is set to occur on May 20 and further layoffs are expected to occur in the second half of the year. Microsoft is also considering similar cuts, with plans to offer voluntary buyouts and early retirements to around 8,750 employees in the US.