(KRON) -- Rumors that Meta, Inc. plans to cut 10% of its workforce appear to be true. That's according to multiple reports Thursday that the Facebook parent company plans to lay off 8,000 people next month. The Wall Street Journal, citing an internal memo, reports that the layoffs are part of an ef fort to streamline operations and "pay for massive investments in artificial intelligence." Mahan, backed by tech billionaires, addresses CA voters’ concerns about AI Meta Chief People Officer Janelle Gale reportedly told employees the layoffs were necessary to improve efficiency and offset AI investments. "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," Gale reportedly said. According to Bloomberg, which also reported the news, Meta also plans to not hire for 6,000 roles that are currently open. The layoffs will reportedly begin on May 20. In somewhat of a bucking of the trend that's seen tech company stocks rise on the news of AI-driven layoffs, Meta's stock fell 3% on the news Thursday. ...read more read less