The organization previously known as Facebook is preparing to scale back after ten years of rapid development. In an internal all-hands meeting on Thursday, Meta CEO Mark Zuckerberg disclosed intentions to halt recruiting and reorganize several departments inside the business, according to Bloomberg.

According to Bloomberg, Meta intends to drastically reduce all business expenditures, including those for the teams it just invested in. In recent months, Meta has put a lot of emphasis on VR and building its own metaverse. It is also rushing to develop short-form video products, like Reels, that can compete with TikTok.

Even while Meta is not the only internet firm now cutting staff, the parent company of Facebook, Instagram, and WhatsApp is nevertheless going through extremely difficult times as a result of the hiring freeze. As the global economy continues to deteriorate, many digital businesses are battening down the hatches. However, Meta is also dealing with new dangers to its advertising business, most notably the iOS privacy improvements that Apple introduced last year.

In a July internal meeting, Zuckerberg warned that the firm was headed for one of the “biggest downturns that we’ve experienced in recent history” and that he would be slowing recruiting as a precaution. The corporation had already selectively halted recruiting inside some organizations, but the global employment freeze ushers in a new era.

In the internal call this summer, Zuckerberg stated, “I think some of you could decide that this place isn’t for you, and that self-selection is OK with me. In actuality, quite a few employees of the corporation definitely have no business being there.