Fun

Meta to Slow Hiring in 2022, Hints at Layoffs After Metaverse Pivot

News Feed - 2022-07-06 07:07:15

Meta to Slow Hiring in 2022, Hints at Layoffs After Metaverse Pivot


Meta, the company formerly known as Facebook, is preparing to face a strong market downturn. According to reports, Mark Zuckerberg, CEO of Meta, announced a change in the hiring policies of the company, lowering the number of engineers planned to be hired from 10K to 6-7K. Previously, Zuckerberg had warned about the metaverse pivot of the company and how it could make it lose money in the near future. Meta Preparing for a Difficult Future


Meta, the social media and tech company that pivoted to metaverse tech, has announced a series of actions to help it face a market downturn in the future. According to reports, Mark Zuckerberg, founder and CEO of the organization, stated that the current economic situation would change the hiring plans of the company for this year.


Zuckerberg stated that Meta will now only hire between 6,000 and 7,000 engineers this year, lowered from the estimated 10,000 planned before. This means that the company will effectively reduce hiring between 30% to 40%. Zuckerberg also declared the company will change its view on how workers must perform, hinting at higher standards in this area.


About this, Zuckerberg stated:


Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn’t for you.


Zuckerberg also hinted at Meta executing some layoffs by declaring:


Realistically, there are probably a bunch of people at the company who shouldn’t be here. Metaverse Losses


Zuckerberg has previously recognized the focus the company now has on the metaverse will make it lose money for the foreseeable future. Meta has greatly increased the number of funds dedicated to R&D for its metaverse hardware division, which is in charge of creating more immersive hardware for people to have a better alternate reality experience.


Still, Zuckerberg is a big believer in the metaverse and in what it can bring to the company in the future. He has previously stated that he believes the metaverse will be able to attract billions of people to Meta’s platform, and that monetization services will be scaled then. Monetization is still a work in progress for the metaverse prepared by the company, but recently, Meta launched a digital clothing boutique for its social media avatars, in order to monetize digital goods. Tags in this story Facebook, Hardware, Hiring, layoffs, Mark Zuckerberg, Meta, Metaverse, monetization


What do you think about Meta’s reduced hiring estimates? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Study Shows Singapore Leads in NFT Searches Worldwide, Researchers Say "Poland Is the Most Anti-NFT Country" NEWS | 3 hours ago Alexander Vinnik Serves Prison Term in France but No Freedom in Sight NEWS | 5 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Frederic Legrand - COMEO, Shutterstock.com Previous articleStudy Shows Singapore Leads in NFT Searches Worldwide, Researchers Say ‘Poland Is the Most Anti-NFT Country’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Bitcoin vs. Quantum Computers: US Government Says Post-Quantum World Is Getting Closer, CISA Warns Contemporary Encryption Could Break
Bitcoin vs. Quantum Computers: US Government Says Post-Quantum World Is Getting Closer, CISA Warns Contemporary Encryption Could Break According to the U.S. Cybersecurity and Infra
‘Bullish narratives’ erupt as XRP surges 35% this week
Ciaran Lyons3 hours ago‘Bullish narratives’ erupt as XRP surges 35% this weekXRP has surged 35% this week and some traders are anticipating a breakout moment, pointing to a long-term trend they’ve been observing on
Bank of America Predicts US Recession This Year as Inflation Hits 40-Year High
Bank of America Predicts US Recession This Year as Inflation Hits 40-Year High Bank of America has forecasted that the U.S. economy will slide into a recession this year. “A
Crypto Users and Exchanges Must Now Report Transactions in Colombia
Crypto Users and Exchanges Must Now Report Transactions in Colombia The Colombian government has issued new regulations that force exchanges and individuals to report cryptocurrenc
Old Trust Wallet iOS vulnerability from 2018 may still affect some accounts
Christopher Roark11 hours agoOld Trust Wallet iOS vulnerability from 2018 may still affect some accountsTrust Wallet accounts created between Feb. 5 and Aug. 21, 2018 on iOS devices may still be vulnerable to exploits, a
Authors file copyright lawsuit against Anthropic for AI model training
Derek Andersen6 hours agoAuthors file copyright lawsuit against Anthropic for AI model trainingThe latest in a series of cases concerning copyright and AI looks at the sources Anthropic used to train its Claude large lan
Martin Young4 hours agoBitcoin revenue per terahash nears record lows as hashrate soarsAs the Bitcoin network hash rate tops 414 EH/s, miners are struggling to stay afloat amid plummeting profitability.2759 Total views25
Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes
Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes The price of bitcoin has slid under the $30K zone on Tuesday, dipping to $
Marcel Pechman11 hours agoWhy approving a Bitcoin ETF might unleash $18B in sell-pressureGrayscale Bitcoin Trust conversion to an ETF will unlock a potential sale of up to $18 billion in Bitcoin.8978 Total views91 Total
Tom Mitchelhill3 hours agoBreaking: Mt. Gox trustee changes repayment deadline to October 2024Rehabilitation trustee Nobuaki Kobayashi has extended the Mt. Gox repayment deadline by one year.1841 Total views26 Total shar
Bitcoin Price At $100,000: Road To More Gains Or Potential Bull Trap? Analyst Has Answers
Este artículo también está disponible en español. The Bitcoin price has soared above $100,000for the first time ever, sparking optimism among market participants. In line
ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program
ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program The application-specific integrated circuit (ASIC) manufacturer Canaan has revealed the firm is offer