In late September, Mark Zuckerberg declared that Facebook needed to freeze hiring, cut its workforce and cut its budget to deal with slowing advertising and revenue. For several months, the company has been experiencing an unprecedented crisis: Meta seeks to reduce its expenses by 10%.
International engineers testified before the US media. Business Insider. Several of them claim that Facebook canceled their employment contract a few weeks before taking office.
This particularly affects a group of engineers who had been admitted to Facebook’s Discover Production Engineering program. This is a 12-month program that provides systems and software engineering training that can lead to full-time employment.
In the justification for these contract cancellations, Facebook would have invoked the “economic conditions”. The company declined to comment on the impact of this hiring slowdown on its schedule. A company spokesperson also confirmed that the company had recently withdrawn internship offers.
Fighting since the beginning of the year
Already in September the Wall Street Journal revealed that Facebook was planning layoffs. The company gives exit-pressured employees a limited amount of time to apply for other positions within the company, before they are asked to leave the workforce.
Meta’s share price has lost more than 56.6% since the beginning of 2022, and the company’s market value has fallen by more than $685 billion.
Source: BFM TV
