It is hard to feel bad for billionaire elites – who attempt to censor free speech whenever they get the chance – when their business starts to tank.
An internal memo from social media giant Facebook has been leaked and it appears that the company has failed to hit its revenue targets (boohoo) and will be putting a freeze on any new hiring because of it.
Facebook has been struggling with Apple’s new privacy changes, which has thrown a spanner in the works for Zuckerberg as he is not able to steal personal data from social media users who are on iPhones.
It was reported by Business Insider that Facebook is reducing hiring targets and implementing a hiring freeze which will impact “almost every team across the company.” Information that came from leaked internal memos that were sent to employees by executives this week.
A surprising decision from Facebook, as the company has been overhauling in recent years, rebranding as Meta and vowing to focus on building “the Metaverse.”
The company planned to build the digital reality, but the pivot has become costly and with the company’s stock value falling by 40 percent in the last year, the company will be “reprioritizing” according to CFO David Wehner.
The memo from company CFO David Wehner in part reads:
While we’re still going through our reprioritization, we know this will have an effect on hiring for the rest of the year. We came into 2022 with really aggressive growth targets and have hired at an incredible pace this year so far — we hired more engineers in Q1 than all of 2021. We’ve brought thousands of talented people into the company that are helping us work towards our ambitious goals and 2022 priorities. However, as we look towards the second half, we’re going to adjust those targets in a couple of ways:
Reducing our hiring targets for 2022. This means hiring fewer people than we initially forecast. We’re still working out what this means for each org, but this will affect almost every team in the company. We’re entering into the H2 planning cycle, and this will be an opportunity to reprioritize work to make sure we’re all focused on the most important things and the top priorities for the company. Your org leaders will follow up with more information over the coming days and weeks, but today we’re announcing some changes on the Engineering side — look out for a post in Engineering FYI for details.
Reviewing headcount allocation to make sure it’s aligned to our top company priorities given our modified hiring targets. This will help us resource the projects that we’re prioritizing for the rest of the year. You’ll learn more about this from your functional and org leads over the next couple of weeks.
Breitbart News reported:
According to internal reports, Facebook CEO Mark Zuckerberg has become increasingly obsessed with the idea of a digital metaverse, to the point where many of his employees are becoming frustrated and annoyed with the concept. According to a former director-level employee who recently left the company, it’s “the only thing Mark wants to talk about.”
Now, due to “slower revenue growth than anticipated,” Facebook is implementing a company-wide hiring freeze and doesn’t intend to meet hiring goals set at the start of the year. According to the memo, the company’s problems are due to the Apple privacy changes, the war in Ukraine, and the “general macroeconomic environment.”