Facebook CEO Mark Zuckerberg ‘warns’ employees of hiring freeze, more job cuts coming – Times of India

Facebook parent Meta CEO Mark Zuckerberg has reportedly announced that the company is freezing hiring and will “steadily reduce headcount growth over the next year.” According to a report in Bloomberg, the move comes as the social media giant looks to cut costs amid global economic slump. Facebook is said to be planning to bring down cost by at least 10% in the coming months. Zuckerberg reportedly made these comments during an internal call to employees.
Citing sources, Bloomberg reports that Zuckerberg outlined sweeping plans to “restructure some teams to trim expenses and realign priorities” as well as “reduce headcount for the first time ever.” This is probably the first time that Facebook has announced this big cost cutting plan.

30-day list to find new role within Meta or leave
Recently, a report by Wall Street Journal claimed that Meta has put out more employees whose jobs are being eliminated on its traditional “30-day list”. The 30 to 60 days “lists” have employees that are being told to find a new role within the company or leave. The company had 83,553 employees at the end of the second quarter this year.
Zuckerberg, in fact, announced in May a hiring freeze at certain segments of Meta and said that he couldn’t make promises about possible job cuts. He later warned employees, “Realistically, there are probably a bunch of people at the company who shouldn’t be here… And part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might just say that this place isn’t for you. And that self-selection is okay with me.”
Meta’s existential threats
Meta-owned apps, Facebook and Instagram, have faced strong competition from TikTok. Both apps were restructured to better compete with the Chinese short video-making app. Apple’s iOS privacy policy will also reportedly cost Facebook $10 billion in 2022. Its ad business also took a hit due to the pandemic, and the company is investing billions on building metaverse with virtually no profit.