Bloomberg: Mark Zuckerberg has suspended hiring of new employees and began to cut costs

Bloomberg: Mark Zuckerberg has suspended hiring of new employees and began to cut costs



Mark Zuckerberg announced to employees of Meta Corporation (recognized as extremist and banned in the Russian Federation) at an internal meeting about plans to reduce costs. This was announced on Thursday, September 29 Bloomberg with reference to sources. In particular, the company will freeze the hiring of new employees in most divisions: team leaders were asked to either not fill the vacancies now, or to reduce employees. To reduce staff, it is also planned to reorganize some teams.

According to Bloomberg sources, Mr. Zuckerberg said that by the end of 2023 the company will most likely be smaller than it is now, and that he had to resort to such measures due to reduced revenue. Meta has been going through tough times lately, facing intensifying competition and slowing revenue growth. Company finished second quarter with the first ever decline in revenue. The previous few quarters were also not very successful for her. Meta shares are down 56% year-to-date.

Earlier, the American media wrote about Meta's plans to cut costs by 10%, about the layoffs of the company's employees and the termination of its contracts with some contractors. According to Bloomberg sources, the heads of some departments of the company have already begun the selection of employees who are worse than others in coping with their duties.

Yana Rozhdestvenskaya



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