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Meta: Mark Zuckerberg announces austerity course at Facebook mother

2022-09-22T12:57:54.072Z

Meta boss Mark Zuckerberg sees hard times ahead for the Facebook mother and prescribes a strict austerity program for his company. The costs should drop by at least ten percent.



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Meta logo: "A significant number of employees are to leave quietly"

Photo: ARND WIEGMANN / REUTERS

Even the tech giants in Silicon Valley are not immune to the ailing economic situation.

The Wall Street Journal reports that Facebook parent Meta has started to cut staff and restructure teams to save costs.

The company is preparing for major cuts by quietly laying off a significant number of employees.

Managers were asked to identify "underperforming" employees who should be fired.

In addition, the company canceled some projects from its Reality Labs division, which lost around $10 billion in 2021.

The need to save had been indicated for some time.

Meta has been struggling with declining revenue during what Mark Zuckerberg has described as an "economic downturn."

The CEO informed in the company's most recent earnings announcement that Meta will slow hiring and needs to "do more with fewer resources."

The »WSJ« report does not reveal how many Meta employees are affected by the savings.

Meta allows employees to apply for new positions within the company within 30 days.

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Source: spiegel

All business articles on 2022-09-22

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