After a decade of rapid expansion, the company formerly known as Facebook intends to scale back. According to Bloomberg, Meta CEO Mark Zuckerberg announced plans to freeze hiring and restructure some groups within the company during an internal all-hands call on Thursday.
According to Bloomberg, Meta intends to cut budgets across the board, including teams in which it has recently invested. In recent months, Meta has thrown a lot of weight behind VR and creating its own metaverse, while also scrambling to build out short-form video products like Reels that can compete with TikTok. Meta is far from the only tech company downsizing at the moment, but a hiring freeze still indicates that the parent company of Facebook, Instagram, and WhatsApp is in trouble.