Facebook parent Meta is cutting staff for the first time in its history, according to multiple media reports.
CEO Mark Zuckerberg told employees Thursday that the 18-year-old company would freeze hiring and reduce budgets for most teams, with Meta expecting to end the year with fewer employees, Bloomberg. As part of the shift, Meta will no longer automatically replace employees who leave, will pause internal transfers and will"manage out" low performers, according to the news service. The company also said its budget next year would be"very tight," the Wall Street Journal reported.
Zuckerberg also noted that Meta would delay some projects until next year and said it planned to"get more done with fewer resources." A number of major tech companies have laid off workers this year, including Netflix, Snap, Twilio, Taboola and Twitter, but Meta is by far the largest to do so. In recent years, the company had dramatically boosted headcount as it doubled down on content moderation. It had roughly 83,000 workers at the end of June.
Meta's stock has plunged this year in the face of a series of headwinds typical of maturing companies seeking to remain on the cutting edge:and dramatically higher spending to build out its corner of the emerging Metaverse, which Zuckerberg believes is set to be the next stage in the evolution of the internet.
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