Workers at the Bay Area-based tech behemoth Meta, the owners of Facebook, Instagram and the struggling Meta Quest VR devices, are reportedly feeling the pinch as the company’s stock falters dramatically.
According to a Business Insider report from Wednesday, Facebook workers are feeling heightened pressure to overperform or get sacked.
The publication, speaking with multiple anonymous Facebook employees, alleges that a new mandate has been implemented: Workers must “put in 200% effort” within three months — or quit.
The report added that even high achievers in the company are not immune to layoffs.
This detail dovetails with a recent open letter by prominent shareholder Brad Gerstner, who called for a cutback in Meta funding and a 20% cutback in staff costs.
“Like many other companies in a zero rate world — Meta has drifted into the land of excess — too many people, too many ideas, too little urgency,” Gerstner wrote in a Medium post Monday.
A Meta spokesperson disputed the specifics of the Business Insider report in a statement to SFGATE, but referenced Zuckerberg’s last earnings call in which he discussed plans to “steadily reduce headcount growth over the next year.”
“This is a period that demands more intensity, and I expect us to get more done with fewer resources,” Zuckerberg said at the time. “We’re currently going through the process of increasing the goals for many of our efforts. Previously challenging periods have been transformational for our company and helped us develop our next generation of leaders. I expect this period to be no different.”
Meta stock cratered by nearly 25% at the end of the day Thursday, the lowest price it’s been since 2016, CNBC reported. (The share cost has risen marginally as of Friday morning, but remains below the $100 mark.) The decline comes after Facebook reported a decline in profit and revenue year over year.
Hear of anything going on at Meta or at another Bay Area tech company? Contact Joshua Bote securely on Signal at 707-742-3756.
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