Meta plans to cut expenses with a plot to lay off staff

Meta plans to reduce staff in specific departments following its first-ever report of declining revenue and its hedged bets on virtual reality.

Meta plans to cut expenses with a plot to lay off staff
Published Sep 23, 2022 2:09 AM CDT   |   Updated Fri, Sep 23 2022 4:22 AM CDT
2 minutes & 27 seconds read time

Individuals familiar with Meta's plans for the coming months have informed a publication that it will be downsizing departments to combat its stalling growth.

Meta plans to cut expenses with a plot to lay off staff 03 | TweakTown.com

Mark Zuckerberg's Meta reported its first-ever revenue drop earlier in 2022, an event caused by the company's shift into virtual reality that hasn't yet been well received by the public. Meta's pivot into virtual reality has caused heartaches for the company as its products struggle to get off the ground. No one has felt the pressure more than Meta and Facebook founder Mark Zuckerberg who has lost $71 billion this year over his big decision to move into VR.

The Wall Street Journal has reported that individuals familiar with Meta's plans said that the company plans on cutting expenses by at least 10% over the coming months and that one of the strategies it will employ is pushing out a significant number of staffers across various departments. The affected employees will have a limited window to reapply for other roles within the company, which, according to former Meta managers, will allow the company to achieve its desired expenditure cuts.

The report from the Wall Street Journal states that staffers are calling this limited window of time to reapply for a position within the company the "30-day list". These changes at Meta aren't a surprise considering that Meta's CEO Mark Zuckerberg has previously stated that Meta will become much leaner by steadily reducing headcount growth over the next year, which will mean many internal teams shrinking and energy being put into other areas of the company.

Despite the reduction of headcount growth among Meta, Zuckerberg expects that the company will achieve more with fewer resources. Earlier in July, Zuckerberg said that there are "probably a bunch of people at the company that shouldn't be here", and that in response, there will be an increase in performance standards company-wide. Zuckerberg described this increase in performance goals as "turning up the heat a little bit".

Furthermore, Zuckerberg said employees may realize that Meta isn't the place for them following the performance standards increase, "and that self-selection is OK with me". Meta has already brought its hiring target of 10,000 workers down to 6,000/7,000. For more information on Meta and Zuckerberg, check out the below link.

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NEWS SOURCES:futurism.com, wsj.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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