Meta, the parent company of Facebook and Instagram, is set to begin a major round of layoffs on May 20, with further job cuts expected later in 2026, according to three sources familiar with the plans. The initial wave will affect approximately 10% of the company's global workforce, amounting to nearly 8,000 employees. The move adds to a broader wave of tech industry reductions; tracking site Layoffs.fyi has recorded over 73,000 tech job losses globally so far this year.