Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg outlined sweeping plans to reorganize teams and reduce headcount for the first time ever, calling an end to an era of rapid growth at the social media giant.
“I had hoped the economy would have more clearly stabilized by now,” Zuckerberg said. “But from what we're seeing it doesn't yet seem like it has, so we want to plan somewhat conservatively.” A Meta spokesperson declined to comment. Meta said earlier this year that it was planning to slow hiring for some management roles, and had postponed handing out full-time jobs to summer interns. The freeze announced Thursday was necessary because “we want to make sure we're not adding people to teams where we don't expect to have roles next year,” Zuckerberg explained in the meeting.
Zuck needs to fire Zuck and the stock will double.
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