Facebook’s parent company Meta – which is scrambling to cut costs as its share price falls – has introduced a “30-day list” that requires some employees to either find a new job within the company or leave, according to a report .
The scary ultimatum for some employees came as CEO Mark Zuckerberg and other executives reportedly seek to cut spending by 10% or more. As Meta reorganizes some departments, workers on the “30-day list” who can’t get a new job will be “quit,” the Wall Street Journal reported.
While Meta had previously applied the practice to underperforming workers, sources told The Wall Street Journal that the current cost-cutting drive is crowding out employees with a history of solid performance.
The Post reached out to Meta for comment on the policy.
Meta spokeswoman Tracy Clayton declined the journal’s request for comment on how many workers were put on the “30-day list” or fired from the company. Clayton said the policy actually helps Meta retain talented employees that they would otherwise lose during the reorganization.
Meta stocks have been steadily down this year. AFP via Getty Images
“We have publicly indicated that our teams need to address these challenges,” Clayton told the newspaper.
Clayton also referenced comments from Zuckerberg last July after Meta reported its first quarterly revenue decline. The company’s user base has stagnated in recent months amid stiff competition from rivals like TikTok.
At the time, Zuckerberg noted that Meta planned to “steadily scale back staff growth over the next year,” admitting that “many teams will shrink.”
“This is a time that requires more intensity, and I expect we’ll do more with fewer resources,” Zuckerberg said. “We are currently in the process of raising the targets for many of our efforts.”
Meta has yet to join other prominent tech companies to officially roll out layoffs, though sources told the Journal the downsizing so far could be a “prelude to deeper cuts.”
Zuckerberg’s personal fortune has plummeted by a staggering $71 billion this year as the company wades through an arduous shift toward the Metaverse. Meta also faces close scrutiny from Congress and a broader tech-sector downturn.
In June, the Meta boss bluntly told employees that the company was “turning it up” and laying off workers “who shouldn’t be here.”
Another meta-executive reportedly urged managers to “leave” employees who “cannot” keep up with the company’s increased performance goals.
Meta shares were down 0.7% on Thursday at $141.19.