On Thursday, Meta CEO Mark Zuckerberg informed staff that the business is implementing a company-wide hiring freeze and cautioned them that additional reduction is imminent.
The statements made during an internal all-hands call, first reported by Bloomberg’s Kurt Wagner, illustrate how Meta is reacting to a decrease in income caused by the weakening global economy and Apple’s ad tracking adjustments. This year, Meta’s stock price has dropped by more than half.
In May, Zuckerberg announced a hiring freeze impacting particular areas of Meta and said that he couldn’t make any assurances regarding potential layoffs, but by the end of June, his tone had shifted. “Realistically, there are probably a number of individuals at the firm that shouldn’t be here,” he stated during a Q&A session, according to The Verge. And part of my intention is that by increasing expectations, having more aggressive objectives, and just turning up the heat a little bit, some of you will just declare that this location isn’t for you. And I’m OK with self-selection.”
When asked about today’s meeting, Meta spokesman Dave Arnold refused to comment, but linked to statements made by Zuckerberg during the company’s most recent earnings conference, in which he said, “Our aim is to progressively limit personnel growth over the next year.” Many teams will be reduced in size so that we may focus our efforts elsewhere.”
