The Facebook parent company Meta wants to save costs and to restructure some teams in the company.
As the Bloomberg news agency reported this week, the Facebook parent company Meta wants to cut costs in the coming months. As CEO Mark Zuckerberg explained in an internal conference call, a hiring freeze and restructuring in several teams are planned, according to Bloomberg. According to Zuckerberg, Meta will be a “slightly smaller” organization next year.
According to Bloomberg, the budget is to be cut for almost all Facebook projects. These include the short videos Reels, the Facebook metaverse and virtual reality products. Although many tech companies are struggling right now, a hiring freeze signals tough times for Meta, according to Bloomberg. The company owns the two social networks Facebook and Instagram as well as the messenger Whatsapp.
“Bad times” already hinted at in the summer
Back in July, Zuckerberg had hinted that difficult times were ahead for Meta. At the time, there was talk of the “worst downturn in recent history”. At that time, Meta wanted to counteract this by imposing a hiring freeze for certain areas of the company. Now follows a general hiring freeze as a tougher measure.
“I think some of you might decide that this place is not for you, and I’m fine with that self-selection”
Zuckerberg explained during an internal conference call in the summer.
“Realistically, there are probably a number of people at the company who shouldn’t be here.”