Meta, formerly Facebook, prepares to deal with a market decline. According to reports Mark Zuckerberg is the CEO of Meta. He announced changes in his company’s hiring policies, which will lower the planned number of engineers being hired, from 10K to 6K. Zuckerberg previously warned of the potential metaverse pivot and the possibility that it would lead to the company losing money.
Meta Planning for a Difficult Next
Meta, the tech and social media company which pivoted to metaverse technology, announced that it will take a number of steps to combat a future market decline. According to media reports, Mark Zuckerberg (founder and CEO) stated that this year’s hiring plans would be affected by the economic environment.
Zuckerberg announced that Meta will hire between 6,000 to 7,000 engineers for this year. This decrease is from the original 10,000. According to this, the company’s hiring will be cut by between 30-40%. Zuckerberg stated that the company would change how employees perform and suggested higher standards.
Zuckerberg spoke out about this:
Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn’t for you.
Zuckerberg made a comment about Meta performing some layoffs, declaring:
Realistically, there are probably a bunch of people at the company who shouldn’t be here.
Metaverse Losses
Zuckerberg previously acknowledged that the company’s current focus on the metaverse would cause it to lose money in the future. Meta has greatly increased the number of funds dedicated to R&D for its metaverse hardware division, which is in charge of creating more immersive hardware for people to have a better alternate reality experience.
Zuckerberg remains a strong believer in the potential of the metaverse to bring value to his company. He has previously stated that he believes the metaverse will be able to attract billions of people to Meta’s platform, and that monetization services will be scaled then. Meta has recently opened a boutique of digital clothes for its social media avatars to help them monetize their digital products. Monetization for the metaverse is still an ongoing process.
What do you think about Meta’s reduced hiring estimates? Comment below.
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