After ten years of rapid growth, Meta, once known as Facebook, plans to scale back.
According to Bloomberg, Mark Zuckerberg, CEO of Meta, announced plans to halt hiring and reorganise some departments inside the business.
Additionally, Meta intends to drastically reduce budgets across the board, even for the teams it has lately invested in.
In recent months, Meta has put a lot of effort into developing its metaverse and short-form video products like Reels in an effort to compete with TikTok.
cutting back on hiring
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