Facebook’s parent company Meta is preparing to notify staff members of significant layoffs. The CEO, Mark Zuckerberg also blamed the economic environment for his latest decision.
Zuckerberg also confirmed that the company will be extending the hiring freeze through the first quarter of 2023 with a small number of exceptions. It will first keep a watch on the business performance, operational efficiency, and other macroeconomic factors to determine whether and how much they should resume hiring at that point.
This will give us the ability to control our cost structure in the event of a continued economic downturn.
Mark Zuckerberg – CEO of META
In one year, Meta has lost nearly $600 billion in market capitalization.
CEO Mark Zuckerberg has been under pressure from investors to reduce the firm’s investments in the metaverse. Investors are hesitant to make significant investments in disappointing metaverse offers that could take years to become lucrative, as evidenced by the company’s share price decline of more than 70% this year.
