Stanford University will lay off at least 363 employees this fall as part of $140 million in budget cuts due to rising costs and changes in federal funding, including a sharp increase in the endowment tax.

Stanford University plans to axe hundreds of staff due to funding cuts for higher education under Trump, the latest mass layoff at an elite US college.

In a letter, Stanford University cited “ongoing economic uncertainty,” looming federal cuts and rising operational costs as the reasons for the staffing cuts.