Mark Zuckerberg prepares Meta employees for a tougher 2022.
The CEO of social media giant Meta is pessimistic about the economy and is looking for ways to keep his company profitable.
Tough times, even for the once-profitable Silicon Valley giants.
Hurricanes in financial markets in recent months have rocked the Nasdaq index in particular, which is dominated by the tech group.
Investors fearing a recession liquidate their positions in risky assets.
Even big technology is not spared, especially as multi national companies they must also be affected by the global economic slowdown.
Like Meta Platforms (META) - Get Meta Platforms Inc. Report, the parent company of social media platforms Facebook and Instagram.
CEO Mark Zuckerberg told employees on June 30 during a interview that they expected "one of the worst declines we've seen in recent history."
Against the original draft of 10,000 recruits, according to Reuters. So revision 30 to 40 percent.
In May, a source told TheStreet that the social media giant was planning to stop, or in some cases delay, hiring most of its mid-to-high end positions.