Facebook CEO Mark Zuckerberg testifies before the U.S. House Financial Services Committee during An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors hearing on Capitol Hill in Washington D.C., the United States, on Oct. 23, 2019.
Meta CEO Mark Zuckerberg.Photo by Liu Jie/Xinhua via Getty
  • Mark said he was turning up the heat on performance goals.

  • Some employees were hoping that this would cause them to leave, according to the report.

  • The company has instituted a hiring freeze and cutbacks to prepare for a downturn.

According to an audio recording of the Q&A session, the Meta CEO said he would turn up the heat on performance goals as the company's growth slows.

"If I had to bet, I would say that this is one of the worst downturns that we've seen in recent history," he said.

The purse strings are being tightened. Facebook told employees in a memo in May that it was pausing hiring because of lower revenue growth than anticipated.

The company will bring in more aggressive targets in order to lose employees who can't meet them, according to reports.

There are probably a lot of people who shouldn't be at the company.

Some of you might decide that this place isn't for you if I raise expectations and have more aggressive goals.

The company had reduced its hiring goal for engineers to 6,000 or 7,000 from 10,000, according to a report.

Chris Cox, Meta's chief product officer, said in a memo that the company would have to "prioritize more brutally" and "operate leaner, meaner, better executing teams," according to a report.

Meta is not the only company bracing itself for an economic downturn.

In a memo leaked in May, Amazon said it would cut hiring targets.

An internal June email shows that Microsoft is cutting hiring targets.

In June, Musk said that the company would cut 3% of its workforce.

Business Insider has an article on it.