Zuckerberg: "I expected the economy to be stable by now. But that doesn't seem to be the case."

, Chief Executive Officer (CEO) of

Platform Inc., has announced layoffs at his company for the first time.

This is considered to be the end of the era of rapid growth of this social media platform.

, a big budget is being reduced.

Zuckerberg says that the company will not recruit new people and some teams will be reduced to reduce some expenses.

Along with this, the priorities will also be re-arranged.

Zuckerberg said, in the year 2023, Meta will be a smaller company than last year. 

Zuckerberg announced the suspension of new hiring in a weekly question-and-answer session with employees.

A person present in this meeting gave this information.

He told that the company will reduce the budget of all the teams.

They are also growing.

Also, it will be up to each team how they want to shorten their team. 

According to comments reviewed by Bloomberg, this could mean "not filling out employees, moving people from team to team, and managing people who are failing".  

due to layoffs 

Zuckerberg said, "I expected the economy to be stable by now. But that doesn't seem to be the case, so now we're planning traditionally."

A Meta spokesperson declined to comment. 

Meta shares have fallen further after this news.

Meta's shares have fallen 60% since the beginning of this year.

The company's ad business has been affected due to the new privacy policy.

Tiktok is removing young users from Instagram.

Zuckerberg is betting big on the metaverse, which is the future of virtual reality.

Zuckerberg had said that he could lose many years of his money in this work.  

Meta had 83,500 employees as of June 30, and another 5,700 new people were added to Meta in the second quarter. 

Zuckerberg said the company always grew more in the first 18 years than it did in the first year.

This time our revenue is in loss.