Tech
Meta’s hiring freeze a result of economic slowdown
Meta’s hiring freeze is the latest indication that even tech giants are feeling the pinch of the struggling economy
META’S HIRING FREEZE | Meta’s CEO Mark Zuckerberg has told employees the company is going on a “hiring freeze.”
He says there might also be more layoffs in the future and pointed the blame at the global economy and Apple.
Meta’s revenue has been taking a hit because of the global economic slowdown, and Apple’s recent change to its ad tracking policies hasn’t helped matters either.
As a result, Meta’s stock price has plunged more than 50% this year.
In May, Zuckerberg warned that Meta might have to make some “tough choices” in the form of layoffs.
But by June, he sounded more optimistic, saying that Meta was “well-positioned” to weather the economic storm.
Now it looks like those tough choices are finally being made.