Posted BY: Billy | NwoReport
To add to Meta’s down spiral, CEO Mark Zuckerberg reportedly announced a hiring freeze on Thursday.
The Facebook founder blamed the economy in his remarks, and warned of upcoming downsizing and restructuring at the company.
“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 said according to the New York Post.
Zuckerberg also stated that Meta – which owns big tech platforms Facebook, Instagram, and WhatsApp – will be slashing budgets across most teams.
He warned that teams would “shrink” back in July so the company could “get more done with fewer resources.”
“For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time,” Zuckerberg added.
Critics of Meta have been noticing the change in company structure and its policies as Facebook’s stock plummets down 60%. On top of that, Mark Zuckerberg is at a $71 billion loss personally.
These are two key reasons many speculate the platform is considering reinstating former President Donald Trump’s account. They view the move as a way for Facebook to boost its users.