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Meta to Cut Headcount for First Time, Slash Budgets Across Teams

Zuckerberg says social giant will end 2023 as a “somewhat smaller” organization

Bloomberg business news
Zuckerberg Announces Hiring Freeze at Meta
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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.

In what would be the first major budget cut since the founding of Facebook in 2004, Zuckerberg said the company will freeze hiring and restructure some teams to trim expenses and realign priorities. Meta will likely be smaller in 2023 than it was this year, he said.