Facebook ‘looks to quietly cull 12,000 underperforming employees’ – 15% of its staff – in WEEKS: Mark Zuckerberg freezes hiring and closes NYC office
- Mark Zuckerberg and other Facebook leaders last week asked executives to rate and notify employees if they “need support,” reports say
- Meta, the parent company of Facebook, will give up its New York office at 225 Park Avenue South, a spokesperson confirmed.
- Plans to expand office space at 770 Broadway have been halted
- Facebook CEO hosted a Q&A session with employees last week to indicate that a staff freeze in effect since May will continue
Mark Zuckerberg plans to fire up to 12,000 underperformers facebook employees after starting a review process last week asking managers to label employees who “need support,” reports say.
This comes after Zuckerberg announced a hiring halt for the first time in the company’s history and warned of plans to “steadily reduce workforce growth.”
The Facebook CEO said during a Q&A with employees last week that the company would extend the hiring freeze that has been in effect since May. At that meeting, he said steps would be taken to reduce costs.
A Facebook spokesperson denied claims that 12,000 employees were laid off, describing: the Insider report that brought them up as ‘inaccurate’.
In response, they pointed to Zuckerberg’s earlier comments on an earnings call two months ago in which he said, “A lot of teams are going to shrink so we can shift energy to other areas.”
Zuckerberg has suffered significant losses in his personal fortune, which has fallen by nearly a third in a year.
Mark Zuckerberg plans to fire up to 12,000 underperforming Facebook employees after he launched a review process last week asking managers to label employees who “need support,” reports say.
Meta is ending its lease on the 200,000-square-foot office space at 225 Park Avenue South in Manhattan’s Flatiron district, anonymous sources told Bloomberg
The 225 Park Avenue South office served as a ‘big bridge’ to a new space in Hudson Yards expected to open soon
Meta will also close one of its New York offices as part of a plan to reduce growth and cut costs by at least 10 percent in the coming months.
The company is ending the lease of its 200,000 square feet of office space at 225 Park Avenue South in Manhattan’s Flatiron district.
“Two twenty-five Park Avenue South has served as a great bridge space to take us to our new offices in Hudson Yards and Farley,” Meta spokesperson Jamila Reeves said in an email statement, explaining the company’s plans to expand the space. to give confirms.
A 300,000-square-foot expansion of the company’s 770 Broadway office was planned earlier this year, but those plans were abandoned over the summer, Bloomberg reported.
Facebook Agreed to Rent 730,000 Square Feet in Historic Farley Building Across from Pennsylvania Station
The closure comes as Meta has combined office spaces in New York and is ahead of plans for the massive 1.5 million square foot Hudson Yards office.
It’s part of a shift in New York’s approach to office space and is the latest in a series of changes that signal intentions to scale the city and slow growth.
In the summer, it backed out of its plans to expand 770 Broadway offices by 300,000, reported Bloomberg.
Meta currently has four offices in New York City at 770 Broadway, 225 Park Avenue, the Farley Building and Hudson Yards.
With the office expansion at 770 Broadway paused and the departure from 225 Park Avenue set to take place soon, the company will focus on Hudson Yards and the Farley Building.
New York City has faced devastating financial impacts from remote work as people have continued to work from home even as the pandemic began to ease.
A recent study from the National Bureau of Economic Research found that the value of office buildings has fallen by nearly 45 percent in 2020 and is expected to remain about 39 percent below pre-pandemic levels.
The study suggests New York will be responsible for 10 percent of the nearly $456 billion in value lost in US office space.