Meta to Freeze Hiring

Facebook-parent Meta put out word to employees that it will freeze 

hiring to cut costs as it endures tough economic times, The Wall 

Street Journal reported. Meta chief Mark Zuckerberg revealed a 

planned pause in hiring during a weekly all-hands meeting, the 

Journal reported, saying the move came as the social media titan 

planned to cut expenses by at least 10 percent. Meta declined to 

comment on the report, instead referring AFP to remarks Zuckerberg 

made in July when the company reported its first quarterly revenue 

drop and a plunging profit. Zuckerberg said during an earnings call 

that teams would shrink in order to "reallocate our energy" as it battled 

a turbulent economy and the rising phenomenon of TikTok. Meta had 

long delivered seemingly endless upward growth but reported early this 

year its first decline in global daily users. "This is a period that demands 

more intensity, and I expect us to get more done with fewer resources," 

Zuckerberg told analysts during an earnings call. Big tech platforms have 

been suffering from the economic climate, which is forcing advertisers to 

cut back on marketing budgets, and Apple's data privacy changes, which 

have reduced leeway for ad personalization. Snap and e-commerce 

colossus Amazon are among tech firms that have announced workforce cuts this year.