Meta's Zuckerberg says company will freeze hiring - Bloomberg
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Meta Platforms (NASDAQ:META) CEO Mark Zuckerberg has told employees of a hiring freeze, and warned of a restructuring that might come as the company wrestles with the macroeconomic slowdown, Bloomberg reports.
The stock is down 3.7% and close to (but off) its lows of the day.

The halt to hiring comes as the "macroeconomy remains tough and volatile," Zuckerberg reportedly said, and the company's moves now are aimed to cutting costs and shifting investment to a "small number" of high priority growth areas - no doubt including short-video format Reels, its rival to TikTok (BDNCE), and Zuckerberg's ambitions for the company's leadership of the metaverse.
Budget will be tight across "all teams," Zuckerberg reportedly said, and the company will end 2023 as a "somewhat smaller" organization.
The company cut back heavily on engineer hiring this summer, with Zuckerberg vowing he'd be "turning up the heat" on existing hires amid aggressive goals.