Facebook‘s parent company Meta is aiming to cut expenses by 10% over the next few months by reducing staff and reorganizing departments, days after it was announced CEO Mark Zuckerberg has lost $71 billion dollars this year.
The California company has been able to push out a number of staffers by reshuffling its departments and giving employees who are affected a 30 day window to apply for other roles in the company.
The process allows the company to reduce the cost of employees while avoiding the issuance of pink slips as it weighs options going forward.
Meta executives recently discussed the need for ‘ruthless prioritization’ within the company and said hiring freezes are necessary, though at the time they avoided using the word ‘layoffs.’
Mark Zuckerberg, 38, is seen on September 15 in Los Angeles after learning his wealth has dropped by $71 billion so far this year as his company aims to cut costs by at least 10%
In February, Meta revealed no growth in monthly Facebook users, triggering a historic collapse in its stock price that has yet to recover
Zuckerberg, the New York-born billionaire, has seen his fortune steadily slip away since he launched Meta and the stock is down 58% YTD
Meta spokesman Tracy Clayton referred to Zuckerberg’s statement in July that said the company would need to reallocate resources to confront stalling growth.
‘We’ve been public about the need for our teams to shift to meet these challenges,’ Clayton said.
Clayton refused to give a number on how many employees are affected by the reshuffling, but said the process allows the company to retain useful employees.
Meta reported having 83,553 employees at the end of the second quarter, up 32% from a year ago.
Zuckerberg, the New York-born billionaire, has seen his fortune steadily slip away 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 holds more than 350 million shares, according to the company’s latest proxy statement.
In February, Meta revealed no growth in monthly Facebook users, triggering a historic collapse in its stock price and slashing Zuckerberg’s fortune by US$31 billion – among the biggest one-day declines in wealth ever.
Meta is performing worse than its peers, Bloomberg reported – down 57 percent this year, versus 14 percent for Apple, 26 percent for Amazon and 29 percent for Google’s parent company Alphabet.
At least his brood is booming! Meta boss Mark Zuckerberg announces his wife Priscilla Chan is pregnant with their third child – a baby girl
Facebook founder Mark Zuckerberg has announced that he’s expecting his third child.
The business mogul, 38, shared the exciting baby news via Instagram amid reports that he had lost billions of dollars after attempting to pivot into the metaverse.
Zuckerberg and his wife, Priscilla Chan, already share two children together, two daughters, named Maxima, six, born in December 2015, and August, five, born in August 2017.
‘Lots of love. Happy to share that Max and August are getting a new baby sister next year,’ he wrote on social media, alongside a snap that showed the billionaire alongside his wife, Chan, as he placed his hand on her stomach.
Facebook founder Mark Zuckerberg (seen with his wife on September 15) announced that he’s expecting his third child – after it was revealed that his net worth had plummeted by $71 billion
The business mogul, 38, shared the exciting baby news via Instagram amid reports that he had lost billions of dollars after attempting to pivot into the metaverse
Zuckerberg and his wife, Priscilla Chan, already share two children together, two daughters, named Maxima, six, born in December 2015, and August, five, born in August 2017
The announcement comes less than a day after Bloomberg reported that the entrepreneur had lost a big chunk of money over the last year
The billionaire (seen with his wife after the birth of their daughter, Max) has seen his fortune steadily slip away since he launched Meta, Facebook’s parent company, in October 2021
Almost all of Zuckerberg’s wealth is tied up in Meta stock, as he holds more than 350 million shares, according to the company’s latest proxy statement. He is seen with his family
Almost all of Zuckerberg’s wealth is tied up in Meta stock, as he holds more than 350 million shares, according to the company’s latest proxy statement.
Zuckerberg launched Facebook in February 2004, during his sophomore year of college.
He later expanded by purchasing Instagram and WhatsApp, and last fall, he announced that the parent company would be changing its name from Facebook, Inc. to Meta Platforms, Inc. to ‘reflect its focus on building the metaverse’ – something that has appeared to backfire on the computer scientist.
Zuckerberg and his wife, a philanthropist and a former pediatrician, 37, met at a frat party when they were both attending Harvard University.
They began 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 posted to Facebook that most of their money would be left to charity, rather than their offspring.
The share price of Meta, Facebook’s parent company, has plummeted, falling 30 percent over the last six months (pictured)
Zuckerberg and his wife, a philanthropist and a former pediatrician, 37, (seen in 2019) met at a party when they were both attending Harvard in 2003, and married in 2012
The pair previously started the Chan Zuckerberg Initiative together, an organization dedicated to ‘personalized learning, curing disease, connecting people and building strong communities,’ and they revealed that ’99 percent of their Facebook shares’ were going to be given ‘to advance this mission’ over the course of their lifetime.
‘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 what we can, working alongside many others,’ they wrote in a joint statement at the time.
During a 2019 interview with Gayle King, Zuckerberg opened up about keeping his children down to Earth despite his large fortune.
‘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 don’t give them everything.
‘That’s an important piece, but they also just have responsibilities.’
Chan added: ‘They have chores, they have responsibilities. We also take them to work. Mark and I take both of them to the office to see what we do, how we contribute.’
He also revealed on Lex Fridman’s podcast that he sits down with his daughters every night before bed to discuss the things that he feels ‘are most important in life,’ including taking care of yourself and your health, valuing your friends and family, and achieving your future goals.
While chatting with The Times, Chan revealed that she and her husband split the parenting duties – with her getting them ready in the morning and Zuckerberg handling the bedtime routine.
She also revealed that August has been ‘coding’ with her father since she ‘turned three.’