Meta Platforms, Inc., formerly known as Facebook, will implement a hiring freeze, according to several media reports on Thursday citing people who head the announcement to employees.
CEO Mark Zuckerberg also warned employees the company will likely undergo restructuring, which is set to include layoffs. Zuckerberg reportedly noted the move will be aimed at cutting costs and "shifting priorities."
Meta shares slumped 3.64% to $136.44 after the news came out.
