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.

The university has had to cut $140 million from its general funds budget this year, a move largely attributed to Trump administration policies, including the increase of the university's endowment tax from 1.