The news: A leaked memo shows a hiring freeze at Meta for the rest of 2022 that will affect “almost every team.” This, and the company’s plan to cut investments, could delay the rollout of its ambitious metaverse plans.
More on this: Insider previously reported that Meta had paused hiring certain levels of engineers, but the current hiring freeze will "affect hiring goals for almost every team across the company," CFO David Wehner said in the memo.
The problem: After its monumental rebranding and metaverse pivot, the company formerly known as Facebook was bullish on all things VR. Its enthusiasm was contagious—it seems the entire tech industry had to reveal their metaverse pivots as well.
Why this could backfire: Meta on a hiring freeze months after refocusing its brand and company could be seen as a warning signal that now may not be the right time to shift to the metaverse.
The big takeaway: Meta is struggling to sustain its legacy ecosystem in Facebook, which, if it continues to lose money, would delay necessary hiring and funding of its future metaverse expansion.
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