Until now, Facebook was synonymous with growth. However, the social network’s parent company, Meta Platforms, will freeze hiring and continue to restructure amid uncertain macroeconomic conditions, Bloomberg News reported Thursday, citing a statement from Chief Executive Officer Mark Zuckerberg to employees.
A ‘smaller organization’
“I was hoping the economy would have stabilized more clearly by now, but from what we’re seeing it doesn’t look like it has yet, so we want to plan somewhat conservatively,” Zuckerberg told employees during a weekly Q&A session. responses, reported Bloomberg News.
The social media company had cut its engineering hiring plans by at least 30% this year, Reuters reported in June, and now Meta plans to cut budgets at the company, including some equipment it had recently invested in.
What will happen after the budget reduction in Meta?
In this regard, Zuckerberg also said that affected teams will have to figure out how to handle personnel changes, the report added. It is worth mentioning that the technology is currently betting heavily on the construction of its metaverse, in addition to the competition with other platforms, such as TikTok.
Meta declined to comment on the Bloomberg report. The company had confirmed the hiring freeze in general terms in May, but had not given exact figures.
Several tech companies have been forced to cut staff in recent months as advertisers cut spending to prepare for a looming recession.
But in Meta the situation is too hard. In July, the businessman told an internal meeting that one of the “worst recessions we have seen in recent history” was approaching, which would delay the hiring of personnel.
“I think some of you might decide that this place is not for you and that self-selection is fine for me,” Zuckerberg said on the internal call this summer. “Realistically, there are probably a lot of people in the company who shouldn’t be here.”
(With information from Reuters)
