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

Amid a $140 million budget shortfall, the University has begun widespread layoffs, with 363 staff affected so far.

Stanford University said on Tuesday it has laid off over 360 employees, citing budget constraints that it attributed to the federal funding policies of U.S. President Donald Trump.