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Zuckerberg Confirms Meta Is Downsizing, Cutting Team Budgets

Meta will downsize as it freezes hiring and reorganizes its teams, CEO Mark Zuckerberg confirmed to employees in a weekly Q&A session held on Thursday. 

Meta will end the year as a “somewhat smaller” organization, the CEO said, according to a Bloombergreport based on a source who attended the event.

“For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time,” Zuckerberg reportedly told staff. “I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively.”

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