Facebook Announced Recruitment Freeze after Twitter

Mark Zuckerberg, Co-founder, Chairman and CEO of Facebook’s parent company Meta Platforms (formerly Facebook, Inc.), reportedly unveiled on September 30th a comprehensive restructuring of the company’s team and plans to cut jobs. This marks the first time Facebook has made significant budget cuts since its founding in 2004.

The news sent the already sinking Meta shares plunging a further 3.7%. The company’s share price has fallen 60% for the year.

According to the report, Meta’s advertising revenue growth is slowing amid increasing competition in the eyeball economy. In addition, its advertising business, which is based on precisely targeted consumers, is losing ground as Apple has introduced a new privacy policy that restricts apps from tracking information about their users.

In fact, Meta is not the only social media platform facing budget cuts. Most companies that rely on advertising for revenue have also been facing budget cuts, such as Twitter, which announced a hiring freeze in May and has been reining in expenses such as reducing staff travel and marketing costs.

Google, which is owned by Alphabet Inc., slowed hiring in the second half of the year. Social networking company Snap has laid off 20% of its workforce in August.

When Gettr launches its Lay-Flat coin in the near future, the new social media platform founded on the principles of free speech and rejecting political censorship will surpass Facebook and Twitter, said Miles Guo, founder of the Whistleblower Movement, during his Grand Live broadcast on August 7th.