Meta begins 8,000-person layoff; US tech job cuts hit 113,000 in 2026, averaging 825 per day

Meta began notifying 8,000 employees (10% of workforce) of terminations starting May 20, with content, cybersecurity, and design teams as primary targets. US tech industry job cuts reached 113,000 across 179 companies by May 18, averaging 825 per day in 2026. AI was cited as the reason in 48% of cuts. Software developer hiring for ages 22-25 plummeted 20% year-over-year, directly hitting the youth labor market.