Facebookparent company Meta is looking to cut costs by at least 10 percent over the next few months through staff cuts and departmental reorganizations, days after it was announced by the CEO Mark Zuckerberg lost $71 billion this year.
The California The company managed to dislodge a number of employees by reshuffling its departments and giving affected employees 30 days to apply for other roles within the company.
This process allows the company to reduce employee costs while avoiding issuing pink slips as it weighs options going forward.
Meta executives recently discussed the need for “relentless prioritization” at the company and said a hiring freeze was necessary, though they avoided using the word “layoffs” at the time.
Mark Zuckerberg, 38, was seen on Sept. 15 in Los Angeles after learning that his wealth has fallen by $71 billion this year as his company seeks to cut costs by at least 10%.
Meta saw no growth in monthly Facebook users in February, triggering a historic plunge in its stock price that has yet to recover
Zuckerberg, a New York-born billionaire, has seen his wealth steadily decline since he launched Meta, with shares down 58% year-to-date
Meta spokesman Tracy Clayton cited Zuckerberg’s statement in July, which said the company would need to reallocate resources to deal with stalled growth.
“We’ve said publicly that our teams need to realign to deal with these challenges,” Clayton said.
Clayton declined to say how many employees were affected by the reshuffle, but said the process allows the company to retain valuable employees.
Meta reported that it employed 83,553 people at the end of the second quarter, up 32% from a year ago.
Zuckerberg, a New York-born billionaire, has seen his wealth steadily erode since he launched Meta, Facebook’s parent company, in October 2021.
Almost all of Zuckerberg’s wealth is tied up in Meta stock, and he owns more than 350 million shares, according to the company’s latest filing.
In February, Meta failed to show growth in Facebook’s monthly user base, triggering a historic plunge in its share price and shedding US$31 billion from Zuckerberg’s fortune – one of the biggest one-day declines in wealth in history.
Meta is underperforming its peers, according to Bloomberg, down 57 percent this year versus 14 percent for Apple, 26 percent for Amazon and 29 percent for Google parent Alphabet.
At least his kodla is thriving! Meta boss Mark Zuckerberg announces his wife Priscilla Chan is pregnant with their third child – a girl
The 38-year-old business mogul shared the exciting baby news via Instagram amid reports that he lost billions of dollars after trying to move into the metauniverse.
Zuckerberg and his wife Priscilla Chan already have two children: two daughters, who were named six-year-old Maxima, who was born in December 2015, and five-year-old August, who was born in August 2017.
“Lots of love. Excited to share that Max and August are expecting a little sister next year,” he wrote on social media alongside a photo of the billionaire seen next to his wife Chan as he placed his hand on her stomach.
Facebook founder Mark Zuckerberg (seen with his wife on September 15) announced he is expecting his third child – after it was revealed his net worth had fallen by $71 billion
Facebook founder Zuckerberg announced this week that he is expecting his third child
The 38-year-old business tycoon shared the exciting baby news via Instagram amid reports that he lost billions of dollars after trying to go meta
Zuckerberg and his wife Priscilla Chan already have two children: two daughters Maxim, six, who were born in December 2015, and August, five, who were born in August 2017.
The announcement comes less than a day after Bloomberg reported that the entrepreneur had lost most of his money over the past year
The billionaire (seen with his wife after the birth of their daughter Max) has steadily grown in wealth since he launched Meta, Facebook’s parent company, in October 2021
Almost all of Zuckerberg’s wealth is tied to Meta stock, as he owns more than 350 million shares, according to the company’s latest filing. He is seen with his family
Almost all of Zuckerberg’s wealth is tied to Meta stock, as he owns more than 350 million shares, according to the company’s latest filing.
Zuckerberg launched Facebook in February 2004, as a sophomore in college.
It later expanded by buying Instagram and WhatsApp, and announced last fall that the parent company would change its name from Facebook, Inc. on Meta Platforms, Inc. to “reflect its focus on creating a meta-universe” – something that appeared to backfire on computer science.
Zuckerberg and his wife, 37, a philanthropist and former pediatrician, met at a fraternity party when both were students at Harvard University.
They started dating in 2003 and got married nine years later in May 2012 in an intimate ceremony held in their backyard.
After the birth of their first daughter, the couple announced in a letter wrote on Facebook that most of their money would be left to charity rather than to their descendants.
The share price of Meta, Facebook’s parent company, has plummeted, falling 30 per cent in the past six months (pictured)
Zuckerberg and his wife, a philanthropist and former pediatrician, 37 (in 2019), met at a party when they were both studying at Harvard in 2003 and married in 2012
The pair previously co-founded the Chan Zuckerberg Initiative, an organization dedicated to “personalized learning, curing disease, connecting people and building strong communities,” and they revealed that “99 percent of their shares in Facebook” will be given “to advance this mission” during their lives.
“We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do our best, working together with many others,” they wrote in a joint statement at the time.
During an interview in 2019 Gayle KingZuckerberg talked about the fact that his children remained on Earth, despite having great wealth.
“How do you raise children when you can really give them anything, materially, to be grounded?” King asked, to which the Facebook founder replied, “Well, I think, first of all, we’re not giving them everything.
“That’s an important part, but they also have responsibilities.”
Chan added: “They have worries, they have responsibilities. We also take them to work. Mark and I take them both into the office to see what we do, how we contribute.”
He also pointed to Lex Friedman podcast that every night before bed he sits down with his daughters to discuss what he believes are “the most important things in life,” including taking care of yourself and your health, appreciating your friends and family, and achieving your future goals.
During the conversation with The TimesChan revealed that she and her husband shared parenting duties, with her getting them ready in the morning and Zuckerberg taking care of their bedtime routine.
She also revealed that August had been “coddling” with her father since she was “three years old”.