In a recent development, Meta, the parent company of Facebook and Instagram, has reportedly rehired several of the employees who were laid off as part of Mark Zuckerberg’s cost-cutting measures. Insider reports that Meta has quietly started hiring in certain areas, particularly in engineering and technical roles, indicating a positive turn in the company’s fortunes. While the exact number of rehires is unknown, Meta’s career board still shows a significant number of job openings, including engineering-focused positions throughout the country.
Former Meta engineers with a strong track record at the company have been the most likely to be rehired. Many of them are accepting positions with lower seniority and pay, but with a focus on bringing in employees with more career experience, Meta seeks to optimize its limited hiring cycle. Mark Zuckerberg himself alluded to Meta’s plans during the recent earnings call, emphasizing the company’s commitment to running lean and keeping headcount growth relatively low, while also mentioning that some hiring would continue into 2024 as part of the reorganization.
Despite the layoffs, Meta has experienced a hot streak due to improved financial results and investor enthusiasm surrounding Zuckerberg’s cost-cutting initiatives. The company’s stock has surged by over 145% since January. This uptick in the stock price can be attributed to Meta’s strong second-quarter results, where they exceeded Wall Street’s expectations for ad revenue. Additionally, Meta garnered attention with the launch of Threads, a text-based social media app that poses a direct threat to Elon Musk’s company, formerly known as Twitter.
Although Threads initially garnered more than 100 million downloads, a significant portion of its user base has since departed. Nevertheless, Meta’s stock rally remains unaffected, despite the fact that the company’s Reality Labs division has incurred losses of over $21 billion as Zuckerberg invests in developing metaverse technology.
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