Facebook bans jobs, the company’s profit is decreasing

Meta, which runs the social media platform Facebook, has decided to put a halt to hiring due to the economic slowdown. Company chief Mark Zuckerberg gave this information during a meeting. For the first time this year, the company has faced a decline in quarterly revenue and declining profit.

The Wall Street Journal Report informed that Meta has decided to stop hiring to cut costs by at least 10 percent. The company had seen steady growth for several years but at the beginning of this year it had seen a decrease in its daily users for the first time. Meta declined to comment on the decision to halt the hiring. “These are difficult times and I expect to do more with fewer resources,” Zuckerberg told analysts. Due to the economic slowdown, the business of big tech companies has been affected. Because of this, the budget of marketing 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 had 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. His wealth has almost halved this year. His net worth is ranked 20th among Global Billionaires, which is the lowest rank in the last eight years. According to the Bloomberg Billionaires Index, Zuckerberg’s wealth has decreased by about $ 71 billion. His total wealth has come down to around $56 billion. Till two years ago, he was third in Global Billionaires after Jeff Bezos and Bill Gates. In September last year, Zuckerberg’s wealth increased to about $ 142 billion, with his company’s stock price reaching $ 382. After this he changed the name of his company from Facebook Inc to Meta. With this, difficulties began for Zuckerberg. The company had told in February that there has been an increase in the users of Facebook. There was also a huge fall in its share price.