Meta CEO Mark Zuckerberg reportedly announced a hiring freeze on Thursday — and warned of downsizing and restructuring to come.
Zuckerberg broke the news to employees on Thursday afternoon, according to Bloomberg.
The news comes as Meta’s stock has slumped nearly 60% this year amid a broader tech sell-off.
The company’s shares have also been pummeled by investor concerns about flagging advertising revenue as Zuckerberg pours resources into his pivot to the metaverse.
Meta spokesperson Tracy Clayton declined to comment.
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