Meta is cutting back on hiring new employees. The company's CEO Mark Zuckerberg himself revealed that META has cut its plans to recruit engineers by about 30 percent.

According to a report by the news agency Reuters, Zuckerberg was taking part in the weekly question-and-answer round with his employees. This is where Meta CEO Mark Zuckerberg told his employees that Meta is seeing the worst economic downturn in recent history.

Zuckerberg said that in reality there is probably a group of people in the company who should not be in the company. Part of his hope is to raise expectations and aim more aggressively. He also told his employees that they can decide for themselves that this place is not right for them.

Meta has widely confirmed the freezing of the hiring process but declined to share exact figures. Zuckerberg pointed out that the company has reduced its target to recruit engineers from about 6,000 to 7,000 in 2022. The company had initially planned to hire around 10,000 new engineers, which has now changed.

Chris Cox, Meta's Chief Product Officer, wrote in a memo that the company should drive better-performing teams.

Meta, the world's largest social media company, has lost almost half its market value this year. Because Facebook reported a drop in daily active users. Although the Instagram reels of the company are getting popular day by day. Cox said users in the US and other markets are spending a lot of time on the reels.