For the first time ever, company's growth is slowing down after 18 years. Let's not forget that Meta's flagship service Facebook suffered a massive hit over the last year. Slow growth of Meta's metaverse investments are also worrying the company heads. This isn't peculiarly surprising, given the company had frozen hiring across many teams in May. In essence, Meta wants its current employees to pull up their socks without expecting any additions - be in the form of manpower or financial incentives.Īlso read: Hate Speech On Facebook Up 38%, Violent Content To 86% On Instagram In April, Says Meta In addition, Cox highlighted areas that need more investment from Meta - AI, messaging, Reels, monetisation, and new privacy requirements.
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What does a free service that depends on private user data for revenue do, then? In the memo, Cox mentions that monetising Reels is Meta's priority at the moment. Uncredited Meta's priorities are changing quickly Due to changes in privacy laws around the world, Meta's ad business has taken a hit. Regulators around the world are cracking down on American Big Tech in hopes of seeing more accountability and action. In the memo seen by The Verge, Cox adds the following - "We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets."Ĭurrently, Meta is in the eye of the storm of privacy-related concerns.
"I have to underscore that we are in serious times here and the headwinds are fierce," Meta's Chief Product Officer Chris Cox wrote. According to an internal memo shared among Meta employees this week, the company is cutting down on hiring and expenditure. Mark Zuckerberg's Meta is warning its employees of "serious times" to come in the near future.
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