Facebook put a ban on jobs, the company’s profit is decreasing

Meta, which runs the social media platform Facebook, has decided to stop hiring due to the economic slowdown. The company’s head Mark Zuckerberg has given this information during a meeting. For the first time this year, the company has faced decline in quarterly revenue and declining profits.

The Wall Street Journal has a Report I told that Meta has decided to stop hiring in order to cut costs by at least 10 percent. The company had grown steadily for many years but at the beginning of this year its per day users decreased for the first time. Meta declined to comment on the decision to halt hiring. “It’s a difficult period and I expect to do more with fewer resources,” Zuckerberg told analysts. The business of big tech companies has been affected due to the economic slowdown. Because of this, the marketing budget is also being reduced. Amazon, which is included in the big e-commerce companies, has also announced to reduce the workforce this year.

Earlier in July, Meta decided to reduce the hiring of engineers by at least 30 percent this year. In this regard, Zuckerberg told the employees that the company has reduced its target of hiring. Along with this, he also warned of the big impact of the slowdown.

Zuckerberg has suffered heavily from the company’s rebranding and increased focus on the metaverse. This year his wealth has reduced by almost half. His net worth ranks 20th among global billionaires, the lowest rank in the past eight years. According to the Bloomberg Billionaires Index, Zuckerberg’s wealth has decreased by about $71 billion. His net worth is estimated to be around $56 billion. Until two years ago, he was third in Global Billionaires behind Jeff Bezos and Bill Gates. In September last year his company Zuckerberg’s wealth increased to about $142 billion when the stock price of the company reached $382. After this he changed the name of his company from Facebook Inc to Meta. With this, troubles had started for Zuckerberg. The company had told in February that there has been an increase in Facebook users. Its share price also fell drastically.
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