The company that used to be known as Facebook is planning to downsize. The CEO of Meta announced plans to freeze hiring and restructure some groups in an internal call Thursday, according to a report.
Meta plans to cut budgets across the board, including to teams that it recently invested in, according to the report. Meta has thrown a lot of weight behind the creation of its own metaverse and is trying to build out short form video products that can compete with TikTok.
Meta is not the only tech company downsizing, but a hiring freeze still signals dire times for the parent company of Facebook. Meta is facing new threats to its advertising business, most notably from Apple's privacy changes implemented last year, at a time when many companies in tech are laying off workers.
In an internal meeting in July, the company was warned that it was about to be one of the worst downturns in recent history and would slow hiring. Meta has paused hiring in certain organizations, but the hiring freeze marks a new era.
"I think some of you might decide that this place isn't for you, and that self-selection is okay with me." There are a lot of people at the company who shouldn't be here.
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