Zuckerberg Freezes Meta Hiring, Blames Economy For Slashing Team Budgets
Bo Banks
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To add to Meta’s down spiral, CEO Mark Zuckerberg reportedly announced a hiring freeze on Thursday.
The Facebook founder blamed the economy in his remarks, and warned of upcoming downsizing and restructuring at the company.
“I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,” Zuckerberg reportedly said according to the New York Post.
Zuckerberg also stated that Meta – which owns big tech platforms Facebook, Instagram, and WhatsApp – will be slashing budgets across most teams.
He warned that teams would “shrink” back in July so the company could “get more done with fewer resources.”
“For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time,” Zuckerberg added.
Critics of Meta have been noticing the change in company structure and its policies as Facebook’s stock plummets down 60%. On top of that, Mark Zuckerberg is at a $71 billion loss personally.
These are two key reasons many speculate the platform is considering reinstating former President Donald Trump’s account. They view the move as a way for Facebook to boost its users.
People have started ditching the platform for alternative sites like Gab and Gettr because of concerns of censorship, its biased algorithm, and the company’s various social projects. All in addition to the company’s role in election interference.
Banning Trump back in 2021 was also a big factor for why users left the platform.
More from The Post:
Zuckerberg has also sought to shift resources away from Meta’s social media projects, which are responsible for the vast majority of its revenue, and into his metaverse pet project. The company’s metaverse division, Reality Labs, lost a whopping $10 billion during the 2021 fiscal year.
The strategy shift and belt-tightening have made 2022 a tough year for Meta employees — and for Zuckerberg himself, whose estimated net worth has plunged from more than $100 billion to less than $50 billion thanks to the company’s tumbling shares.
Meta has an ominous “30 day list” that singles out workers who are responsible for finding a new job or be “subject to termination.”
Lyft has also decided to freeze all hiring through the end of 2022, per The Post on Tuesday.
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