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Meta To Freeze Hiring, Reduce Headcount

During the meeting, Zuckerberg also mentioned budget cuts across most teams at Meta

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Meta CEO Mark Zuckerberg told employees that the company would be implementing a hiring freeze and warned on possible downsizing in a company-first development.

The news of hiring freeze was first reported by Bloomberg, which said that the Meta CEO spoke to company employees in an internal all-hands-in meeting. 

During the meeting, Zuckerberg mentioned budget cuts across most teams at Meta which could mean job cuts and shifting employees to other teams.

The restructuring and budget cuts could be in anticipation of the looming recession and unstable economy. 

Meta’s shares have fallen by more than 50 per cent this year. 

Zuckerberg had previously hinted at leaner times in July but the latest development is being seen as a direct reaction to one of the worst downturns in recent history. The company had already slowed down hiring but the pause and reduction of headcount is a company-first for Instagram, WhatsApp and Facebook’s parent company.

Much like Meta, Twitter too had announced a hiring freeze in May. On the other hand, Google has said that it would slow hiring during second half of 2022. 

Tags assigned to this article:
Meta Platforms job cuts hiring freeze mark zuckerberg