Mark Zuckerberg tells workers Meta will freeze hiring and ‘steadily reduce headcount growth’
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Mark Zuckerberg tells Meta employees he will freeze hiring and warns the company will “steadily reduce workforce growth” over the next year
- Facebook and Instagram owner Meta announced a halt in hiring new staff
- Mark Zuckerberg said it would ‘restructure’ after falling 60 percent in the past year
- The company aims to reduce costs by 10% due to the problems with its advertising activities
- Zuckerberg’s personal fortune has fallen to £44bn, a third from last year
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Facebook owner Meta has announced that the hiring of new staff will be halted, amid plans to cut costs by at least 10 percent in the coming months.
Mark Zuckerberg, the social media giant’s founder, said the group would “restructure further” due to its struggling advertising business.
Meta, which also owns WhatsApp and Instagram, has lost nearly 60 percent of its value in the past year.
Zuckerberg’s personal fortune has fallen to £44bn – just a third of what it was a year ago
Zuckerberg’s personal fortune has fallen to £44 billion, just a third of what it was a year ago.
He said Meta will “steadily reduce workforce growth over the coming year.” Plans to hire engineers face cuts of 30 percent.
The announcement comes as Meta is taking a risky gamble on the ‘Metaverse’ – or virtual empire – which it predicts will generate billions of pounds in revenue.
Facebook owner Meta has announced that the hiring of new staff has been halted, amid plans to cut costs by at least 10 percent in the coming months.
But in the short term, the company faces a global downturn and an increasingly likely recession.
And many analysts remain highly skeptical about the point of Metaverse itself.
Zuckerberg said at a company-wide staff meeting, “I’d hoped the economy would have stabilized more clearly by now, but from what we’re seeing it doesn’t seem like it yet — so we want to do some conservative planning.
Other tech giants have also scaled back as Silicon Valley grapples with the prospect of a recession
‘Our plan is to gradually reduce the growth of the workforce in the coming year. Many teams are going to downsize so that we can shift energy to other areas.’
Other tech giants have also scaled back as Silicon Valley grapples with the prospect of a recession.
Last month, Google announced it would freeze hiring and cut back on perks.
Apple and Microsoft have also announced a staff freeze.