Meta CEO Mark Zuckerberg has announced a hiring freeze and has slashed the budget as the company faces a constant revenue slide. Meta, which runs Facebook, Instagram and WhatsApp, is also planning to restructure teams so that it doesn’t require any new engineering hires.
For Meta, the company that runs Facebook, Instagram and WhatsApp, the tough times are here. Or so says its CEO Mark Zuckerberg, who has seen his wealth go down by almost 50 per cent, in the last several months. In a recent all-hands meeting, Zuckerberg told Meta employees that he was freezing fresh hirings and initiating budget cuts. The company is reportedly taking these drastic steps because of its falling revenue.
The announced big budget cut and the hiring freeze is the company’s first such move since it started in 2004.
At the same time, Meta is also starting a process to restructure its teams, a process that may lead to layoffs.
Zuckerberg announced the sweeping plan in a recent internal all-hands meeting. The Meta CEO also warned employees about possible layoffs. At the meeting, Zuckerberg said that the era of rapid growth for the company was over, reported Bloomberg.
«For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time,» Zuckerberg told his employees.
