Facebook Announces Hiring Freeze Amidst Layoff Rumors

Posted on October 4, 2022

Facebook's parent company Meta has announced a hiring freeze. The freeze comes amidst rumors there will be a round of layoffs at the social media turned metaverse company.

A report from New York Post says "thousands of jobs" could be impacted by the upcoming layoffs dubbed "quiet layoffs" by Business Insider.

This follows reports from early this year when Meta head Mark Zuckerberg was angered by an employee asking for extra vacation days (Meta days) during a weekly Q&A. The Verge reports that Zuckerberg said at the time, "Realistically, there are probably a bunch of people at the company who shouldn’t be here."

Facebook appears to be on the verge of making some jobs disappear. Unfortunately, they won't be the only company doing so with the economy headed in the wrong direction.

Business Insider reporter Samantha Delouya joined CBS News Money Watch to talk about the layoff round. Delouya says this is a trend going on with all major tech companies as the economic slowdown hits and the "chickens come home to roost." She says Metak is also seeing a slowdown in ad revenue growth.

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