Earlier this week, Facebook's parent company ‘Meta' announced it will freeze hires, according to Bloomberg.
“Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg outlined sweeping plans to reorganize teams and reduce headcount for the first time ever, calling an end to an era of rapid growth at the social media giant.” Bloomberg reports, adding that this signals the company's first major budget cut since 2004.
Facebook CEO Mark Zuckerberg reportedly told employees during a weekly Q&A:
“I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively… For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time,”
As Bloomberg adds, this news comes after Facebook stock had fallen nearly 60 percent this year. Upon the news surfacing on Wednesday, the company's stock fell 3.7 percent on closing.
Facebook has been faltering for a while now, and they are weighing bringing Donald Trump to the platform, who has been banned since January 2021. The DC Enquirer reports Meta's Global Affairs President is seriously considering taking major action to bring Trump back into the fold in January 2023.
We hope they do so, although it seems as though Trump is less enthusiastic about being added back to the platform — preferring his own Truth Social. When Elon Musk announced he would unban Trump from Twitter, Trump said the following:
“I am not going on Twitter, I am going to stay on Truth. I hope Elon buys Twitter because he’ll make improvements to it and he is a good man, but I am going to be staying on Truth. The bottom line is, no, I am not going back to Twitter,” Trump said in an interview with Fox News.
If Trump changes his mind, he could cause a large influx of America First patriots to frequent the platform once again — perhaps helping Facebook to stay adrift through the turbulent Biden economy. But Facebook acted viciously, alienating half the country with its aggressive stance against the then-sitting US President. Ultra-MAGA Republicans will never forget the damage Facebook has caused to our great country, nor should they.