Meta is planning to cut 10% of its workforce, amounting to 8,000 employees, according to a report from Bloomberg. Meta also will not hire for 6,000 roles that are currently open.

According to an internal memo sent to employees Thursday and viewed by Bloomberg, Meta told staff that the cuts will begin on May 20. Reuters had earlier reported on Meta’s plans for sweeping layoffs.

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TechCrunch has reached out to Meta for comment.

“We’re doing this as part of our continued effort to run the company more efficiently and to allow us to offset the other investments we’re making,” chief people office Janelle Gale told employees, according to the memo. “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.”

Meta spent tens of billions on its metaverse efforts, which largely failed. The company has also had to make major investments in its AI efforts in order to keep up with competitors in the space — earlier this month, it debuted a completely overhauled AI product called Muse Spark.