Meta will freeze hiring and cut costs, according to Mark Zuckerberg

, By Team SNFYI
Tech

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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.

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Meta will freeze hiring and cut costs, according to Mark Zuckerberg

, By Team SNFYI
Tech

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News
SoftBank Vision Fund is laying off 30% of its workforce, or at least 150 employees
Next News
Flipkart Commerce general counsel Saroj Panigrahi resigns
Team SNFYI

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