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A couple of months ago, Zuckerberg announced that the corporation was anticipating worse times ahead.
In an internal meeting held on Thursday, Meta Chief Executive Officer Mark Zuckerberg called for a temporary freeze on hiring processes across all departments as well as the restructuring of some select groups.
According to Bloomberg, the popular multinational conglomerate has plans to tone down the budget massively, along with its investments in other departments. Meta has emphasized Virtual Reality excessively and built its indigenous metaverse in the last couple of months. The company is also chasing the recent popularity of short, engaging videos like the ones on TikTok.
Meta, formerly known as Facebook, has already begun downsizing and restructuring various departments in the company and is chopping down budgets for the future. The announcement by Zuckerberg comes days after Wall Street Journal reported the termination of employment of some Meta employees who were earlier warned of downsizing. The corporation is facing the first major budget crackdown since its establishment in 2004 which indicates a rather subtle end to the period of unstoppable social media growth.
While Meta is not the only company laying off its employees due to budget issues, it still irks the public since Facebook has remained at the top of the charts for longer times than ever. Meta is also wrestling with the newest dangers to its advertising departments, especially from the iOS privacy modifications executed by Apple last year.
A couple of months ago, Zuckerberg had announced in a meeting that the corporation was anticipating worse times ahead, calling them ‘the worst downturns witnessed by the company in the recent past’. Meta has already put a halt on the hiring processes within some specific organizations, but the global hiring pause has never been seen before.
The company’s CEO reasoned it on the present economic circumstances for the freeze. In a Q&A session with its employees, Zuckerberg said that he was hoping for the global economy to find its standing by now, but since there’s still volatility in the market, the company has to take the more traditional route.
Previously, Meta acknowledged its first-ever drop in advertisement revenue. To a significant extent, this was due to Apple modifying the privacy regulations for its iOS to enable iPhone users to choose between having their information tracked across several Meta applications. Moreover, TikTok has gained more attention than Instagram and Facebook lately, drawing away users’ attention from these apps.