Meta aims to slash costs by at least 10% within MONTHS by nudging out staff

Facebook’s parent company Meta aims to cut costs by at least 10 percent in the coming months by cutting staff and reorganizing departments, days after it was announced, CEO Mark Zuckerberg has lost $71 billion dollars this year.

The California company has succeeded in pushing out some of its staffers by rearranging its departments and giving affected employees a 30-day period to apply for other positions in the company.

The process allows the company to reduce employee costs while avoiding the issuance of pink slips as it weighs options in the future.

Meta-executives recently discussed the need for “ruthless prioritization” within the company, saying that staff freezing is necessary, although they avoided the word “fired” at the time.

Meta spokesperson Tracy Clayton referred to Zuckerberg’s statement in July that the company would need to reallocate resources to cope with stalled growth.

“We are public about the need for our teams to shift to meet these challenges,” Clayton said.

Clayton declined to give a figure on how many workers will be affected by the reshuffle, but said the process will allow the company to retain useful employees.

Meta reported having 83,553 employees at the end of the second quarter, up 32% from a year ago.

Zuckerberg, the New York-born billionaire, has seen his fortunes steadily slipping since he founded Meta, the parent company of Facebook, in October 2021.

Nearly all of Zuckerberg’s wealth is tied up in Meta stock, and he owns more than 350 million shares, according to the company’s latest proxy statement.

In February, Meta revealed no growth in monthly Facebook users, leading to a historic stock price collapse and a US$31 billion fortune for Zuckerberg — one of the largest single-day wealth declines ever.

Meta is underperforming its competitors, Bloomberg reported — down 57 percent this year, compared to 14 percent for Apple, 26 percent for Amazon and 29 percent for Google’s parent company Alphabet.

At least his offspring are blooming! Meta Boss Mark Zuckerberg Announces His Wife Priscilla Chan Is Pregnant With Their Third Child – A Girl

Facebook founder Mark Zuckerberg has announced that he is expecting his third child.

The business mogul, 38, shared the exciting baby news via Instagram amid reports that he had lost billions of dollars after attempting to spin in the metaverse.

Zuckerberg and his wife, Priscilla Chan, already have two children together, two daughters, Maxima, six, born in December 2015 and August, five, born in August 2017.

‘Lots of love. Happy to share that Max and August are getting a new sister next year,” he wrote on social media, alongside a photo that showed the billionaire sitting next to his wife, Chan, as he placed his hand on her stomach.

Nearly all of Zuckerberg’s wealth is tied up in Meta stock, as he owns more than 350 million shares, according to the company’s latest proxy statement.

Zuckerberg launched Facebook in February 2004, during his sophomore year in college.

He later expanded by buying Instagram and WhatsApp, and last fall announced that the parent company would change its name from Facebook, Inc. in Meta Platforms, Inc. to “reflect his focus on building the metaverse” – something that has appeared to backfire on the computer scientist.

Zuckerberg and his wife, a philanthropist and former pediatrician, 37, met at a college party when they both attended Harvard University.

They started dating in 2003 and married nine years later – in May 2012 in an intimate ceremony in their backyard.

After the birth of their first daughter, the couple made a letter posted on Facebook that most of their money would be left to charities, rather than their descendants.

The pair previously co-founded the Chan Zuckerberg Initiative, an organization dedicated to “personalized learning, curing disease, connecting people and building strong communities,” revealing that “99 percent of their Facebook shares” would be given ‘to promote this. mission’ over the course of their lives.

“We know that this is a small contribution compared to all the resources and talents of those who are already working on these issues. But we want to do what we can, along with many others,” they wrote in a joint statement at the time.

During an interview in 2019 with Gayle KingZuckerberg opened up about loving his kids despite his large fortune.

“How do you raise children when you can really give them everything, materially, to be grounded?” King asked, to which the Facebook founder replied, “Well, I guess we’re not giving them everything in the first place.

“That’s an important part, but they also just have responsibilities.”

Chan added: “They have chores, they have responsibilities. We also take them to work. Mark and I take them both to the office to see what we do, how we contribute.’

He also revealed on Lex Fridman’s podcast that he sits down with his daughters every night before bed to discuss the things he believes are “most important in life,” including taking care of yourself and your health, appreciating your friends and family, and achieving your future goals.

While chatting with The timesChan revealed that she and her husband split parenting responsibilities — with her getting them ready in the morning and Zuckerberg handling the bedtime routine.

She also revealed that August has been “coding” with her father since she turned “three.”