Facebook’s Meta Freezes All Hiring, Warns of Possible Layoffs Due to Economic Turmoil: Reports

Facebook founder, chairman, and CEO Mark Zuckerberg testifies before the House Energy and Commerce Committee on Capitol Hill in Washington on April 11, 2018. Chip Somodevilla/Getty Images

Facebook’s Meta has reportedly announced that it would freeze hiring and outlined a new plan to reorganize and cut back its staff for the first time in its history, as the company’s profit growth begins to slow down.

The tech sector has been hit hard this year, as stocks on the NASDAQ and S&P 500 have taken a hit.