Business Standard

Meta to cut headcount for first time, slash budgets across teams

Meta will likely be smaller in 2023 than it was this year, he said.

Photo: Bloomberg
Premium

Photo: Bloomberg

Kurt Wagner | Bloomberg
Meta Platforms CEO, Mark Zuckerberg outlined sweeping plans to reorganise teams and reduce headcount for the first time ever, calling an end to an era of rapid growth at the social media giant.
 
In what would be the first major budget cut since the founding of Facebook in 2004, Zuckerberg said the company will freeze hiring and restructure some teams to trim expenses and realign priorities. Meta will likely be smaller in 2023 than it was this year, he said.
 
He announced the freeze during a weekly Q&A session with employees, according to a person in attendance. 
 
He added that

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 30 2022 | 10:46 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com