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

Compass Mining Alerts Bitcoin Miners of Changes in Bitmain’s ASIC Design
Compass Mining Alerts Bitcoin Miners of Changes in Bitmain"s ASIC Design Compass Mining, a bitcoin mining firm, published a blog post stating that Bitmain, the company behind the a
BSN and TON Labs to Provide Chinese Developer Community With Unique TON Technology
BSN and TON Labs to Provide Chinese Developer Community With Unique TON Technology sponsored Thanks to TON Labs, BSN will now be able to produce real-life applica
GensoKishi’s MV Token to Be Listed on Kraken
GensoKishi"s MV Token to Be Listed on Kraken press release PRESS RELEASE.On June 9, 2022 at 14:30 UTC, the FIAT currency pairs of MV(ERC20)/USD and MV(ERC20)/EUR will be listed on K
Record-Breaking Bitcoin Surge Post-Trump Election: Futures Market Hints At More To Come
The futures market is signaling that the current Bitcoin rally, spurred by Donald Trump’s recent election victory on Tuesday, might be starting. Accordingto Vetle Lunde, head of research at K33 Research, the electi
Trader fumbles $1M bag after selling a Solana memecoin early
Ezra Reguerra12 hours agoTrader fumbles $1M bag after selling a Solana memecoin earlyCrypto community members" opinions were split, with one saying “profit is profit” and another saying that the trader “fumbled”
Bitcoin Price Holds Above $68,000, But TD Sequential Sounds Sell Alarm
Este artículo también está disponible en español. The Bitcoin price has not quite been able to replicate its midweek form over the weekend, hovering around the $68,000 le
Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions
Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions Both facing sanctions, Russia and Cuba are looking into alternative options for cross-border payments, including
Swiss Regulator Urges Financial Watchdogs to Protect Crypto Investors
Swiss Regulator Urges Financial Watchdogs to Protect Crypto Investors Crypto trading is increasingly similar to the U.S. stock market of the late 1920s, the head of the Swiss finan
Rakesh Upadhyay5 hours agoPrice analysis 8/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATICAfter weeks of low volatility, Bitcoin bulls are trying to make a comeback, but the rise in the U.S. Dollar Index may limi
Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions, Medvedev Says
Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions, Medvedev Says Authorities in Russia may begin to seize funds of foreign nationals and companies that a
Apple Intelligence may be absent from initial iOS 18 rollout: Report
Tom Mitchelhill8 hours agoApple Intelligence may be absent from initial iOS 18 rollout: ReportApple’s new AI features will potentially arrive a few weeks later in October, giving developers more time to iron out potent
MetaMask boosts security with alerts for 30M users on major chains
Prashant Jha12 hours agoMetaMask boosts security with alerts for 30M users on major chainsThe noncustodial wallet started working on the security alert feature in April 2023 and integrated it with Ethereum mainnet in Jan