Meta aims to slash costs by at least 10% within MONTHS by nudging out staff and shuffling departments after Mark Zuckerberg’s fortune plummeted by half – $71billion – in less than a year

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  • Meta is aiming to cut expenses by 10% over the next few months by laying off staff and reshuffling its departments
  • The company will allow the affected employees to apply for other positions within the company after one month.
  • CEO Mark Zuckerberg’s wealth is tied up in Meta stock, and since it’s down 58% this year, he’s lost $71 billion of his fortune
  • Meta reported 83,553 employees at the end of the second quarter, up 32% from a year ago

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Facebook’s parent company Meta is aiming to cut spending by at least 10 percent over the next few months by slashing staff and reorganizing departments, days after CEO Mark Zuckerberg was awarded $71 billion dollars this year. damage has been done.

The California company has been able to lay off many employees by reshuffling their departments and giving affected employees a 30-day window to apply for other roles in the company.

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This process allows the company to reduce employee costs while avoiding issuing pink slips as it weighs options going forward.

META executives recently discussed the need for ‘ruthless prioritization’ within the company and said hiring freezes were necessary, although at the time they avoided using the term ‘layoff’.

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Mark Zuckerberg, 38, is seen in Los Angeles on September 15 after learning that his wealth has dropped by $71 billion so far this year as his company aims to cut costs by at least 10% Is.

In February, Meta revealed no increase in monthly Facebook users, triggering a historic drop in its stock price that has yet to recover.

In February, Meta revealed no increase in monthly Facebook users, triggering a historic drop in its stock price that has yet to recover.

New York-born billionaire, Zuckerberg has seen his fortunes slip steadily since launching Meta and the stock is down 58% YTD

New York-born billionaire, Zuckerberg has seen his fortunes slip steadily since launching Meta and the stock is down 58% YTD

Meta spokeswoman Tracy Clayton cited Zuckerberg’s statement in July that the company would need to reallocate resources to halt growth.

“We have been public about the need to move our teams to meet these challenges,” Clayton said.

Clayton declined to say how many employees have been affected by the reshuffle, but said the process allows the company to retain useful employees.

Meta reported 83,553 employees at the end of the second quarter, up 32% from a year ago.

New York-born billionaire Zuckerberg has seen his fortunes slip steadily since he launched Facebook’s parent company Meta in October 2021.

According to the company’s latest proxy statement, nearly all of Zuckerberg’s assets are tied up in Meta stock, and he holds more than 350 million shares.

In February, Meta showed no increase in monthly Facebook users, a historic drop in its stock price and a US$31 billion drop in Zuckerberg’s fortune – the biggest one-day drop in wealth ever.

Meta is performing worse than its peers, Bloomberg reported — down 57 percent this year, 14 percent for Apple, 26 percent for Amazon and 29 percent for Alphabet, Google’s parent company.

At least his brother is booming! Meta boss Mark Zuckerberg announces that his wife Priscilla Chan is pregnant with their third child – a baby girl

Facebook founder Mark Zuckerberg has announced that he is expecting his third child.

The 38-year-old business mogul shared exciting baby news via Instagram, revealing he had lost billions of dollars after attempting to pivot in the metaverse.

Zuckerberg and his wife, Priscilla Chan, already share two children together, two daughters, Maxima, six, born in December 2015, and Augusta, five, born in August 2017.

‘lots of love. Glad to share that Max and August are getting a new sister next year,’ he wrote on social media alongside a photo of the billionaire with his wife Chan with his hand on her stomach.

Facebook founder Mark Zuckerberg (as seen with his wife on September 15) announced that he is expecting his third child - after it was revealed that his net worth has dropped by $71 billion

Facebook founder Mark Zuckerberg (as seen with his wife on September 15) announced that he is expecting his third child – after it was revealed that his net worth has dropped by $71 billion

Facebook founder Zuckerberg announced this week that he is expecting a third child

Facebook founder Zuckerberg announced this week that he is expecting a third child

The business mogul, 38, shared exciting baby news via Instagram, revealing he lost billions of dollars after attempting to pivot in the metaverse

The business mogul, 38, shared exciting baby news via Instagram, revealing he lost billions of dollars after attempting to pivot in the metaverse

Zuckerberg and his wife, Priscilla Chan, already share two children together, two daughters, Maxima, six, born in December 2015, and Augusta, five, born in August 2017.

Zuckerberg and his wife, Priscilla Chan, already share two children together, two daughters, Maxima, six, born in December 2015, and Augusta, five, born in August 2017.

The announcement comes less than a day after Bloomberg reported that the entrepreneur had lost a substantial chunk of money in the past year.

The announcement comes less than a day after Bloomberg reported that the entrepreneur had lost a substantial chunk of money in the past year.

The billionaire (seen with his wife after the birth of his daughter Max) has seen his fortunes slip steadily since he launched Facebook's parent company Meta in October 2021.

The billionaire (seen with his wife after the birth of his daughter Max) has seen his fortunes slip steadily since he launched Facebook’s parent company Meta in October 2021.

According to the company's latest proxy statement, almost all of Zuckerberg's assets are tied up in Meta Stock, as he holds more than 350 million shares.  He is seen with his family

According to the company’s latest proxy statement, almost all of Zuckerberg’s assets are tied up in Meta Stock, as he holds more than 350 million shares. He is seen with his family

According to the company’s latest proxy statement, almost all of Zuckerberg’s assets are tied up in Meta Stock, as he holds more than 350 million shares.

Zuckerberg launched Facebook in February 2004 during his second year of college.

They later expanded by buying Instagram and WhatsApp, and last fall, they announced that they changed their name from parent company Facebook, Inc. to Meta Platforms, Inc. To counterattack on the computer scientist.

Zuckerberg and his wife, 37, a philanthropist and a former pediatrician, met at a frat party while they were both attending Harvard University.

They began dating in 2003, and married nine years later in May 2012 in an intimate ceremony held in their backyard.

After the birth of their first daughter, the couple announced Letter Posted on Facebook that most of his money would be left to charity rather than to his children.

Facebook's parent company Meta's share price has fallen 30 percent in the past six months (pictured)

Facebook’s parent company Meta’s share price has fallen 30 percent in the past six months (pictured)

Zuckerberg and his wife, 37, a philanthropist and a former pediatrician, (as seen in 2019) met at a party when they were both attending Harvard in 2003, and married in 2012.

Zuckerberg and his wife, 37, a philanthropist and a former pediatrician, (as seen in 2019) met at a party when they were both attending Harvard in 2003, and married in 2012.

The pair previously started the Chan Zuckerberg Initiative together, an organization dedicated to ‘individualized education, curing illness, connecting people and building strong communities’, and they revealed that ’99 percent of their Facebook shares’ were to be given to pursue it. ‘Mission’ during his lifetime.

‘We know this is a small contribution compared to all the resources and talent of the people already working on these issues. But we want to do what we can, working with as many others as possible,’ he wrote in a joint statement at the time.

During an interview with 2019 Gayle KingZuckerberg opened up about keeping his kids down to earth, despite his huge fortune.

‘How do you raise children, when you can give them anything materially, at the grassroots level?’ King asked, to which the Facebook founder replied, ‘Well I guess, first of all, we don’t give them everything.

‘It’s an important piece, but they also only have responsibilities.’

Chan said: ‘They have jobs, they have responsibilities. We even take them to work. Mark and I take both to the office to see what we do, how we contribute.’

He called Lex Fridman’s. also disclosed podcast That he sits down with his daughters every night before bed to discuss the things he thinks about, including taking care of himself and his health, valuing his friends and family, and achieving his future goals. Most important in life’.

while chatting many timesChan revealed that she and her husband split parenting duties — with preparing them in the morning and Zuckerberg handling the bedtime routine.

She also revealed that August has been ‘coding’ with her father when she ‘turned three.’

Credit: www.dailymail.co.uk /

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