META stock declines to trade at $136.26 as of 02:44 PM EDT on Thursday.
According to Bloomberg, Mark Zuckerberg, CEO of Meta Platforms (NASDAQ:META), has informed staff of a hiring freeze and warned of a potential restructure as the business struggles with the current slump. The stock is down 3.7% and not far from its day’s lows.
The company’s moves now are intended to cut costs and shift investment to a “small number” of high-priority growth areas, no doubt including short-video format Reels, its competitor to TikTok (BDNCE), and Zuckerberg’s ambitions for the company’s leadership of the metaverse. According to reports, the hiring freeze comes as the “macroeconomy remains tough and volatile.”
According to reports, Zuckerberg stated that “all teams” would have constrained budgets and that the business would conclude in 2023 with a “somewhat reduced” size. This summer, the business drastically reduced the number of engineers it hired. In it, Zuckerberg promised to “turn up the heat” on current employees in light of the company’s ambitious goals. META (NASDAQ:META) is reducing its hiring of engineers by 30% this year, a decision that is perfectly in line with the severe warning the company delivered on Thursday regarding its expectations for the second half.
Mark Zuckerberg, the CEO, has provided some data on it. He stated that Meta had previously intended to hire 10,000 new engineers in 2022, but that objective has now been lowered to 6,000-7,000, according to media reports, during an employee Q&A session.
According to Zuckerberg, the current economic climate is “one of the worst downturns we’ve seen.” Not just new hires are feeling the pinch. Zuckerberg promised to “turn up the heat” on current employees who might not be able to accomplish more challenging objectives.
META permits NFT sharing on Facebook and Instagram
Following parent company Meta’s announcement on Thursday that its long-awaited digital collectible feature had finally arrived for its millions of users in the United States, non-fungible tokens (NFT) have now officially landed on Instagram. Since May, NFT capability on Instagram has been in testing, but, as of Thursday, it is now accessible to all users in the United States.
Users can link their Instagram accounts to wallets like Coinbase, Dapper Labs, MetaMask, Rainbow, and Trust. According to a blog post, Instagram users can crosspost their NFTs to their Facebook accounts.
Featured Image – Unsplash © Scott Graham