Meta is planning to lay off thousands of workers on May 20th as part of the first wave of layoffs.

In the first wave of cuts, Meta, which owns Facebook and Instagram, will slash about 10% of its global workforce, or close to 8,000 employees, according to Reuters, which cited three sources familiar with the matter.

Further layoffs are reportedly planned for the second half of the year, although there are no details about their size or exact date.

The sources added that the plans can be adjusted as executives monitor developments in artificial intelligence (AI).

The news follows March reporting that Meta was planning to cut 20% or more of its staff, as it looks to offset its costly AI efforts. This could be the biggest company restructuring since late 2022 and early 2023.

"This is speculative reporting about theoretical approaches," Meta spokesperson Andy Stone said when asked about the plans at the time.

Meta CEO Mark Zuckerberg is focusing on the company’s AI efforts, pumping billions of dollars into the development of AI agents and supporting his vision “to bring personal superintelligence to everyone”.

He also announced a variety of data centre projects, including new nuclear and renewable energy deals, to support Meta’s AI drive.

AI projects are costing tech giants billions, but a new research brief from Oxford Economics suggests that companies use AI adoption as an excuse to mask their business failures when trying to justify layoffs.

Unlock more exclusive Cybernews content on YouTube.