The cause for Facebook’s quiet layoff is underperformance. In a media report, around 15% or 12,000 employees could be losing their jobs between now and the 2023 second quarter earnings call.<\/p>\n
Besides the hiring freeze across the board, Mark Zuckerberg, Meta’s CEO, says the company is facing its “worst downturns that we\u2019ve seen in recent history,” and that \u201cRealistically, there are probably a bunch of people at the company who shouldn\u2019t be here.\u201d<\/p>\n
The company is anticipating massive downsizing in the pipeline according to Bloomberg Reports<\/a>.<\/p>\n Meta’s stock price went up to about $380 per share, but went to a steep 60% nosedive in the last year.<\/p>\n “Our plan is to steadily reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas.”<\/strong><\/p>\n<\/blockquote>\n Apart from the self-selection, Meta’s staff trimming approach is to put underperforming employees on traditional 30 to 60 day ‘lists’ to find a new role within the company or leave altogether.<\/p>\n In late September, Zuckerberg also stated that Meta\u00a0will be reducing budgets and that teams will have to figure out how to operate with leaner staff.<\/p>\n Massive layoffs are happening<\/a> in technology companies, crypto exchanges and financial firms. Job cuts and hiring freezes rise as the world experiences an economic downturn due to high interest rates, severe inflation and an energy crisis in Europe. More than 42,000<\/span> workers in the U.S. tech sector have been laid off in mass job cuts so far in 2022, according to a Crunchbase News tally. As of 30-September, 2022:<\/p>\n\n
Layoffs in tech, crypto and financial firms<\/h2>\n