Meta begins 8,000 layoffs; 6,000 hires cancelled nets 14,000 reduction

Meta commenced 10% headcount cut on May 20 across timezones; cancelled 6,000 planned hires. Net 14,000 reduction including AI team redeployment. Q1 US tech layoffs 78,000; 47.9% attributed to AI automation. Software developer hires (22-25yo) collapsed 20% YoY; youth unemployment 5.7% post-financial-crisis worst.