Meta to Reduce Headcount to First Timers, Slash budgets across teams.
Zuckerberg has said that the social giant will close 2023 an "somewhat smaller" company.
Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg outlined sweeping plans to streamline teams and cut headcounts for the first time ever.
He also announced the end to a period of explosive growth for the giant of social media.
In what could be the first budget cut since the inception of Facebook in 2004 Zuckerberg declared that the company will reduce hiring,
And also restructure certain teams to reduce costs and re-align the priorities. Meta is likely to be less than it was in the year before Zuckerberg said.
The announcement was made in a weekly Q&A with employees, as per an employee who was present. He said the company will reduce budgets for all teams,
Including those growing, and that teams will have to figure out the best way to deal with headcount changes. This might mean not being able to fill the roles that are vacant,
Zuckerberg declared on that his company will have become "somewhat smaller" at 2023's end. "For the initial two decades of our business the company grew each year,
And in recent years, our revenues have been stagnant to somewhat lower at first in a while," Zuckerberg told his staff.