Mark Zuckerberg: Mark Zuckerberg, the owner of Facebook and Instagram, said for the first time that the company Meta Company will reduce the number of employees. Zuckerberg also said he would stop hiring new employees. Meta Company, formerly known as Facebook, is planning to lay off its workforce. Meta CEO Mark Zuckerberg announced plans to hire some of the company’s team and restructure.
Facebook’s first major budget overhaul since its inception
Asked what would be the first major budget overhaul since Facebook’s founding in 2004, Zuckerberg said the company would hire and restructure some teams to cut costs and refocus. Meta’s workforce is likely to be smaller in 2023 than this year, Zuckerberg said during a weekly Q&A session with employees announcing the employee freeze. That said, Meta Agency will cut most of the team’s budget.
Shares fell 60 percent
Zuckerberg said, “I expected the economy to be more stable, but it is still not what we are seeing, so we want to plan. Meta stock, which was already trading during the day, was trading at 3.7 per cent.” Shares are down 60 per cent so far this year since Wednesday’s close.
As of June 30, Meta had over 83,500 employees.
META’s biggest move is the future of layoffs and hiring freezes. Advertising revenue growth is slowing due to increased competition for users’ attention. As financial pressure mounts, Apple Inc. faces new privacy restrictions. Tiktok is attracting young users away from Instagram. Meta said earlier this year that it plans to cut staff for interns and suspend full-time hiring this year. Zuckerberg explained. After Zuckerberg warned in July that META would “gradually reduce headcount growth” and stop hiring new employees, META had more than 83,500 employees as of June 30 and 5,700 new employees in the second quarter. Add.
