Meta Platforms (META) to Freeze Hiring and Restructure Teams - Bloomberg

September 29, 2022 3:21 PM EDT

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Meta Platforms (NASDAQ: META) announced it will freeze hiring and restructure some teams to cut costs and shift priorities, Bloomberg said Thursday.

The company's CEO, Mark Zuckerberg, was said to have told employees of the move in a weekly Q&A session, Bloomberg said, citing a person in attendance.

The source told them that Meta will reduce budgets across most teams. In addition, they stated that individual teams will have to handle headcount changes, such as not filling the roles of departing employees or moving people to other departments. Furthermore, it was revealed that Zuckerberg explained that individual teams may work to "manage out people who aren't succeeding."

Zuckerberg reportedly cited economic instability as the reason for the company to "plan somewhat conservatively."

Earlier this year, Meta said it would slow hiring in some roles as the company braced for an economic downturn. In July, Meta said it would steadily reduce headcount and shrink some teams so it can shift energy to other areas.

The company has been facing ever-growing competition for user attention from other social media apps, primarily TikTok.

By Sam Boughedda

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