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The breakup of a fluid jet into droplets has long fascinated natural scientists, with early research dating back to the 19th century. Infinitesimal perturbations to a jet grow because of surface tension, which eventually leads to breakup of the jet into droplets (Rayleigh-Plateau instability). Although this classical phenomenon has long been studied, it is not clear how it is modified when the fluid is replaced by an active fluid. In this study, we investigate instabilities of a jet of an active fluid. The active fluid is modelled by a suspension of microswimmers that propel themselves by generating surface tangential velocities, i.e. squirmers. The squirmers are assumed to be bottom-heavy and heavier than the surrounding fluid, so that a downward jet of the active fluid self-assembles under gravity. Hydrodynamic interactions between squirmers are computed using the Stokesian dynamics method, in which near-field hydrodynamics are accurately calculated. We find that jets of active fluids are unstable, with different unstable modes between pullers and pushers. For an active fluid of pullers, the jet breaks up into droplets in a varicose manner reminiscent of a Newtonian fluid. For pushers, on the other hand, the jet buckles and undergoes a waving (sinuous) instability. The physical mechanisms for these two instabilities can be understood by an inspection of the stress fields in the jets and parametric study reveals the importance of hydrodynamic interactions in the instabilities. Although both gravity and bottom-heaviness play an essential role in realizing the downward jet, their influence on the instability is found to be limited. Our findings help reveal new features of the collective properties of active fluids.