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Meta freezes hiring as Zuckerberg blames economy: report

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Meta CEO Mark Zuckerberg reportedly announced a hiring freeze on Thursday — and blamed the economy as he warned of downsizing and restructuring to come back.

Zuckerberg broke the news to employees during a weekly Q&A on Thursday afternoon, in keeping with Bloomberg. 

“I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet look like it has, so we would like to plan somewhat conservatively,” Zuckerberg reportedly said.

Zuckerberg reportedly added that budgets will likely be slashed across most teams at Meta, which owns Facebook, Instagram and WhatsApp. 

Some teams will “manage out individuals who aren’t succeeding” while others won’t replace employees who leave the corporate, Zuckerberg reportedly said.

“For the primary 18 years of the corporate, we mainly grew quickly mainly every 12 months, after which more recently our revenue has been flat to barely down for the primary time,” Zuckerberg reportedly added. 

While the Federal Reserve’s rate of interest hikes have pummeled virtually all tech stocks, Meta has been hit particularly hard resulting from privacy changes by Apple have cost Zuckerberg’s company billions. 

“For the primary 18 years of the corporate, we mainly grew quickly mainly every 12 months, after which more recently our revenue has been flat to barely down for the primary time,” Zuckerberg reportedly added. 

While the Federal Reserve’s rate of interest hikes have pummeled virtually all tech stocks, Meta has been hit particularly hard resulting from privacy changes by Apple have cost Zuckerberg’s company billions. 

Meta’s shares were down 4%, at $135.98, in Thursday afternoon trades and have plunged about 60% for the 12 months.

Zuckerberg broke the news to employees on Thursday afternoon, in keeping with Bloomberg.NurPhoto via Getty Images

Zuckerberg has also sought to shift resources away from Meta’s social media projects, that are answerable for the overwhelming majority of its revenue, and into his metaverse pet project. The corporate’s metaverse division, Reality Labs, lost a whopping $10 billion through the 2021 fiscal 12 months. 

The strategy shift and belt-tightening have made 2022 a troublesome 12 months for Meta employees — and for Zuckerberg himself, whose estimated net value has plunged from greater than $100 billion to lower than $50 billion due to the corporate’s tumbling shares.

In July, Zuckerberg had warned that Meta teams would “shrink” and that he expects the corporate to “get more done with fewer resources.” 

The corporate also began implementing an ominous “30 day list,” the Wall Street Journal reported earlier in September. Employees who find yourself placed on the list are required to quickly discover a latest job or be ” “subject to termination, in keeping with the report.

In July, Zuckerberg had warned that Meta teams would “shrink” and that he expects the corporate to “get more done with fewer resources.” 

Meta spokesperson Tracy Clayton declined to comment.

Meta isn’t the one tech company to halt this week. Lyft has decided to freeze all hiring through the top of 2022, The Post exclusively reported on Tuesday. 

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