Meta plans to lay off roughly 8,000 employees, or 10% of its workforce, in a move to slash costs as the technology company pushes deeper into artificial intelligence. 

In an internal memo sent to workers, Meta said the job cuts are intended to make the company more efficient and to offset its other investments. The layoffs will start on May 20, the company confirmed.

— This is a developing story and will be updated. CBS News' Kelly O'Grady contributed to this story.