Meta CEO Mark Zuckerberg told staffers that the company has put a freeze on hiring and plans to reduce its number of employees, kickstarting the media conglomerate’s first restructuring since 2004, Bloomberg reported Thursday.
These cost-cutting measures were Announcement during a weekly Q&A meeting with staffers, according to Bloomberg, in which the Meta boss noted that the company will reorganize teams to both cut expenses and prioritize company goals. He said that Meta will shrink its current size to 2023.
Two months after the CEO’s resignation, news of the hiring freeze is released That was what the company intended to “steadily reduce headcount growth over the next year”During an earnings call, and warned “Many teams are going to shrink.”
“Our plan is to steadily reduce headcount growth over the next year,”Zuckerberg stated this during the June conference call. “Many teams are going to shrink so we can shift energy to other areas, and I wanted to give our leaders the ability to decide within their teams where to double down, where to backfill attrition, and where to restructure teams while minimizing thrash to the long term initiatives.”
Bloomberg reported that Meta’s teams will see budget cuts. Individual teams will make decisions about how to reduce staffing.
Meta’s restructuring mirrors similar moves from Tech competitors like Google parent Alphabet, which has SlowingSnap laid off 20% of its employees August 2012, and Snap has been hiring since June.
A spokesperson for Meta did not not comment on the news and instead referred to Zuckerberg’s June announcement.
“This is a period that demands more intensity, and I expect us to get more done with fewer resources,”He stated that at the time. “We’re currently going through the process of increasing the goals for many of our efforts. … I expect we’ll find a way to keep investing in our top priority areas, and I think we’re going to come through this period as a stronger and more disciplined organization.”