CEO Mark Zuckerberg of Meta has issued a firm warning to the company’s employees as tech stocks fall amid a wider market crisis. It’s starting to resemble the current state of affairs in many American businesses, where everyone is concerned about the impending economic downturn.
In an effort to offset worldwide price hikes that have reached record levels, the Federal Reserve and other central banks have implemented tough monetary policies that many analysts believe will cause a significant slowdown in the economy. Conflict in Ukraine has compounded supply chain challenges caused by the covid-19 epidemic.
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Mark Zuckerberg Gives A Stern Warning To The Staff
Meta As the overall market continues to suffer, Facebook CEO Mark Zuckerberg has issued a dire warning to the company’s employees, telling them they must either improve their performance or find other employment.
In a question-and-answer session with employees, Facebook founder Mark Zuckerberg had on Thursday hinted that challenging times are likely ahead. Mr. Zuckerberg added this during the conference: “If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history.”
The CEO of Meta, Mark Zuckerberg, now appears to share this dismal outlook. At the weekly Q&A session with staff on June 30th, he termed the current situation as “one of the biggest downturns that we’ve experienced in recent history,” according to Reuters.
As a result, Meta intends to amplify its cost-cutting strategy. According to Reuters, the company only expects to hire 6,000 to 7,000 additional engineers by 2022, down from an early projection of 10,000. As a result, a 30% to 40% adjustment is required.
Earlier this year, a source told The Street that the social media behemoth planned to freeze or at least restrict recruiting for most mid-to senior-level roles in the company. In order to better match recruiting objectives with market estimations and pacing, the source stated that the goal was to change and modify priorities.
Russia Is Causing Problems For Zuckerberg
It had been made aware that the Russian conflict in Ukraine would have an impact on sales. Facebook was banned in Russia because it took considerable measures to curb Kremlin’s misinformation on its services, openly voicing its opposition to Russian interference.
On March 31, Meta had 77,805 employees, which is an increase of 28.3 percent from March 31, 2021, when the business had a workforce of 60,654. A few weeks before this decision, the company had taken another cost-cutting measure, the suspension of employing young engineers.
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