{"id":1537115,"date":"2022-07-03T08:04:51","date_gmt":"2022-07-03T12:04:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1537115"},"modified":"2022-07-03T08:04:54","modified_gmt":"2022-07-03T12:04:54","slug":"meta-facebook-downsizing-hiring-plans-amid-warnings-of-layoffs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/meta-facebook-downsizing-hiring-plans-amid-warnings-of-layoffs\/","title":{"rendered":"Meta (Facebook) Downsizing Hiring Plans Amid Warnings of Layoffs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmeta-facebook-downsizing-hiring-plans-amid-warnings-of-layoffs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1537115&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Meta, the owner of Facebook, is planning to scale down its hiring activities, CEO <a href=\"https:\/\/www.theepochtimes.com\/t-mark-zuckerberg\">Mark Zuckerberg<\/a> revealed on June 30 while also indicating that some workers will lose their jobs.<\/p>\n<p>Speaking during a weekly employee Q&#038;A session, Zuckerberg expressed worries about the state of the economy, warning workers to brace for a deep economic downturn. \u201cThis might be one of the worst downturns that we\u2019ve seen in recent history,\u201d he said, according to <a href=\"https:\/\/www.reuters.com\/technology\/exclusive-meta-girds-fierce-headwinds-slower-growth-second-half-memo-2022-06-30\/\">Reuters<\/a>.<\/p>\n<p>Initially, Meta had aimed at hiring around 10,000 new engineers this year, which has now been reduced to around 6,000 to 7,000. In addition, the company is also expecting to force some of its workers to quit.<\/p>\n<p>\u201cRealistically, there are probably a bunch of people at the company who shouldn\u2019t be here,\u201d Zuckerberg said. \u201cPart 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\u2019t for you, and that self-selection is OK with me.\u201d<\/p>\n<p>Meta grew by just 7 percent in the first quarter of 2022, the slowest rate of growth since Facebook went public. During an earnings call in April, Zuckerberg downplayed high employee turnover at the company. In May, Meta confirmed that a hiring freeze had been enacted. So far this year, Meta shares have tumbled by over 50 percent.<\/p>\n<p>Before Zuckerberg\u2019s Q&#038;A on Thursday, a memo had appeared in the company\u2019s internal discussion forum Workplace in which Chief Product Officer Chris Cox demanded the company prioritize \u201cmore ruthlessly\u201d and operate \u201cleaner, meaner, better\u201d executing teams, according to Reuters.<\/p>\n<h2>US Tech Sector Layoffs<\/h2>\n<p>As of late June, over 22,000 workers in the U.S. tech sector have been laid off, according to <a href=\"https:\/\/news.crunchbase.com\/startups\/tech-layoffs-2022\/\">Crunchbase<\/a>. Video streaming giant Netflix has reported 450 layoffs, trading and investing app Robinhood let go 300 workers, while crypto exchange CoinBase announced the termination of 18 percent of its full-time jobs. Getir has fired 4,480 workers, Carvana 2,500 employees, and Klarna 700 workers.<\/p>\n<p>In a recent warning to its portfolio companies, Sequoia Capital called the current combination of turbulent financial markets, geopolitical conflict, and inflation a \u201ccrucible moment.\u201d<\/p>\n<p>\u201cWe do not believe that this is going to be another steep correction followed by an equally swift V-shaped recovery like we saw at the outset of the pandemic,\u201d the firm <a href=\"https:\/\/www.washingtonpost.com\/technology\/2022\/06\/11\/silicon-valley-cuts\/\">said<\/a> in a presentation, according to The Information. \u201cWe expect the market downturn to impact consumer behavior, labor markets, supply chains, and more.\u201d<\/p>\n<p>In an interview with The Washington Post, Till von Wachter, a professor of economics at UCLA, said that tech start-ups serve as a \u201cleading indicator\u201d for the economy.<\/p>\n<p>The tech sector is \u201cmost sensitive\u201d to interest changes and is \u201cvery dependent\u201d on what we believe the future to be, he stated. The NASDAQ-100 Technology Sector index is down over 34 percent year-to-date as of July 1.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-naveen-athrappully\"><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Meta, the owner of Facebook, is planning to scale down its hiring activities, CEO Mark Zuckerberg revealed on June 30 while also indicating that some workers will lose their jobs.Speaking<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1537115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1537115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1537115"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1537115\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1537115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1537115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1537115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}