Facebook’s parent company Meta aims to cut expenses by at least 10 percent over the next few months by reducing staff and reorganizing departments, days after it was announced that CEO Mark Zuckerberg will lose $71 billion this year.
The California company was able to fire a number of employees by rearranging its divisions and giving affected employees a 30-day window to apply for other jobs at the company.
The process allows the company to reduce the cost of employees while avoiding issuing rosy slips as it weighs options in the future.Read:North Walsham traders protest works in town centre
Meta executives recently discussed the need for “ruthless prioritization” within the company and said a hiring freeze was necessary, although at the time they avoided using the word “layoffs.”
Mark Zuckerberg, 38, was seen on September 15 in Los Angeles after learning that his fortune has fallen 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 Facebook users per month, leading to a historic crash in its stock price that has yet to recover.Read:Trussonomics is all about Marx and Keynes: that’s Groucho and Milton | Comment
Zuckerberg, the New York-born billionaire, has seen his fortune decline steadily since he launched Meta and the stock is down 58% year-to-date.
Meta spokesperson Tracy Clayton cited Zuckerberg’s statement in July that the company would need to reallocate resources to counter faltering growth.
“We’ve announced that our teams need to transform to meet these challenges,” Clayton said.
Clayton declined to give a number on how many employees are affected by the reorganization, but said the process allows the company to retain useful employees.
Meta reported that it had 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 fade since he launched Meta, the parent company of Facebook, in October 2021.
Almost all of Zuckerberg’s fortunes are tied to Meta stocks, and he owns more than 350 million shares, according to the company’s latest proxy statement.
In February, Meta revealed a lack of monthly Facebook user growth, which led to a historic crash in its stock price and reduced Zuckerberg’s fortune by $31 billion — among the largest single-day wealth drops ever.Read:November, December and January dates, and the train companies affected
Bloomberg reports that Meta is performing worse than its peers — down 57 percent this year, versus 14 percent for Apple, 26 percent for Amazon and 29 percent for parent company Alphabet.
At least his bosom is flourishing! Meta boss Mark Zuckerberg announced that his wife Priscilla Chan is pregnant with their third child – a baby girl
Facebook founder Mark Zuckerberg announced that he is expecting his third child.
The business mogul, 38, shared the exciting children’s news via Instagram amid reports that he lost billions of dollars after trying to transform into the metaverse.
Zuckerberg and wife Priscilla Chan share two children together, two daughters, Maxima, six, born December 2015, and August, five, born August 2017.
‘a lot of love. I’m happy to share that Max and Augustus are getting a new sister next year, he wrote on social media, along with a shot showing the billionaire alongside his wife Chan, putting his hand on her stomach.
Facebook founder Mark Zuckerberg (seen with his wife on September 15) has announced that he is expecting his third child – after it was revealed that his net worth has declined by $71 billion.
Facebook founder Zuckerberg announced this week that he’s expecting a third child
The business mogul, 38, shared the exciting baby news via Instagram amid reports that he lost billions of dollars after trying to pivot into the metaverse.
Zuckerberg and wife Priscilla Chan share two children together, two daughters, Maxima, six, born December 2015, and August, five, born August 2017
The announcement comes less than a day after Bloomberg reported that the entrepreneur had lost a significant chunk of money over the past year.
The billionaire (who was seen with his wife after the birth of their daughter Max) has seen his fortune steadily diminish since he launched Meta, the parent company of Facebook, in October 2021.
Almost all of Zuckerberg’s fortunes are tied to Meta stocks, as he owns more than 350 million shares, according to the company’s latest proxy statement. He looks with his family
Almost all of Zuckerberg’s fortunes are tied to Meta stocks, as he owns 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 acquiring Instagram and WhatsApp, and last fall, he announced that the parent company would change its name from Facebook, Inc. To Meta Platforms, Inc. To reflect its focus on building the metaverse – something that has backfired on the computer world.
Zuckerberg and his wife, a 37-year-old philanthropist and former pediatrician, met at a party between them when they were both studying at Harvard.
They began dating in 2003, and got married nine years later – in May 2012 in an intimate ceremony in the backyard.
After the birth of their first daughter, the couple announced in a message posted on Facebook that most of their money would be left to charity, rather than their offspring.
The stock price of Meta, the parent company of Facebook, is down 30 percent over the past six months (pictured)
Zuckerberg and his wife, a philanthropist and former pediatrician, 37 (seen in 2019) met at a party when they were attending Harvard in 2003, and they married in 2012
The couple previously started the Chan Zuckerberg Together Initiative, an organization dedicated to “personalized learning, curing disease, connecting people and building strong communities,” and revealed that “99 percent of their Facebook posts will be given” to advance this mission over the course of their lives.
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, and work 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 kids grounded despite his large fortune.
“How do you raise children when you can really give them anything material to root for?” King asked, and the Facebook founder replied, “Well, I think, first of all, we don’t give them everything.
“This is an important piece, but they also have responsibilities.”
Chan added, “They have chores, they have responsibilities. We also take them to work. Mark and I both took them to the office to see what we’re doing and how we’re contributing.”
He also revealed on the Lex Friedman podcast that he sits down with his daughters every night before bed to discuss the things he feels are “the most important in life,” including taking care of yourself and your health, appreciating your friends and family, and achieving your future goals.
While chatting with The Times, Chan revealed that she and her husband had separated parenting duties – preparing for them in the morning and Zuckerberg dealing with the bedtime routine.
She also revealed that Augustus has been “coding” with her father since her “third age”.