Mark Zuckerberg has said that Meta is freezing hiring across the board and that more layoffs would happen in the future. "Our plan is to steadily reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas," Zuckerberg said during an internal conference call with the employees.
In July as well, Zuckerberg had warned that Meta, the holding company of social media giants like Facebook and Instagram, was facing one of the worst downturns in its history and that job losses are certain in the near future. The Meta CEO said in uncertain terms there will be a scaling back of operations and employee departures owing to the tight financial squeeze the behemoth is facing.
IANS reported that Meta is trimming staff strength to cut costs. The plan is to reduce costs by at least 10 percent in the next few months. The process involves helping employees whose jobs have become redundant to get new positions within the company but to terminate them if they can't do so within a time frame.
According to the latest count, Meta has as many as 83,553 employees.