As with many other industries, the tech sector has been feeling the squeeze of the global economic slowdown this year. Meta isn’t immune to that. Reports in May suggested that the company would slow down the rate of new hires this year. Now, Bloomberg reports that Meta has put all hiring on hold.
CEO Mark Zuckerberg is also said to have told staff that there’s likely more restructuring and downsizing on the way. “I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,” Zuckerberg reportedly told employees.
The company is planning to reduce budgets for most of its teams, according to Bloomberg. Zuckerberg is said to be leaving headcount decisions in the hands of team leaders. Measures may include moving people to other teams and not hiring replacements for folks who leave.
R&I~Smit
LivinInTheUSA
Article URL : https://news.crunchbase.com/layoffs/softbank-cut-vision-fund-staff/