Meta, the social media and tech company that pivoted to metaverse tech, has announced a series of actions designed to help it face the current market downturn.
Meta, the company formerly known as Facebook, is preparing to face a strong market downturn. According to reports, Mark Zuckerberg, CEO of Meta, announced a change in the hiring policies of the company, lowering the number of engineers planned to be hired from 10K to 6-7K. Previously, Zuckerberg had warned about the metaverse pivot of the company and how it could make it lose money in the near future.
, Mark Zuckerberg, founder and CEO of the organization, stated that the current economic situation would change the hiring plans of the company for this year.Zuckerberg stated that Meta will now only hire between 6,000 and 7,000 engineers this year, lowered from the estimated 10,000 planned before. This means that the company will effectively reduce hiring between 30% to 40%.
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