--- title: "Layoffs Hitting Facebook as Zuckerberg’s Vision Stumbles" description: "Meta CEO Mark Zuckerberg has, for the first time in the company's nearly 20-year history, reportedly announced a sweeping restructuring of his organization." date: "2022-09-30" modified: "2022-09-30" authors: - name: "Maggie Harrison Dupré" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/mharrison" url: "https://futurism.com/facebook-headcount-zuckerberg-vision" categories: - "Future Society" tags: - "facebook" - "mark zuckerberg" - "Meta" - "silicon valley" --- # Layoffs Hitting Facebook as Zuckerberg’s Vision Stumbles ![Meta CEO Mark Zuckerberg has, for the first time in the company's nearly 20-year history, reportedly announced a sweeping restructuring of his organization.]() *Facebook Chairman and CEO Mark Zuckerberg testifies before the House Financial Services Committee on "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors" in the Rayburn House Office Building in Washington, DC on October 23, 2019. (Photo by Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty Images) \Image: Getty Images\* It's happening. Just days after [layoff rumors]() began to swirl, [*Bloomberg* reports]() that Facebook-turned-Meta CEO Mark Zuckerberg has, for the first time in the company's nearly 20-year history, announced a sweeping restructuring — the latest sign that the Silicon Valley giant's days of nonstop growth are over. Per *Bloomberg's* sources, the cost-cutting decision — reportedly announced at the company's weekly Q&A meeting — will include an indefinite hiring freeze and what Zuckerberg carefully phrased as a plan to "manage out people who aren't succeeding." "For the first 18 years of the company, we basically grew quickly basically every year," the founder reportedly told his staff, adding that Meta will be a smaller company in 2023, "and then more recently our revenue has been flat to slightly down for the first time." Zuckerberg's [certainly right]() about those "flat" financial woes. Apple's [revamped privacy protections]() have thrown a major wrench in Facebook's data-driven business model, while TikTok, to which Meta-owned Instagram's much-hated Reels [simply cannot compete](), has rolled its way through the social media landscape like *The Blob*, [sucking users away]() from Facebook, Instagram, and other platforms as it goes. There's also the money pit that is Zucko's metaverse, the very expensive "North Star" that the founder has [tacked his company's future to](). While Zuckerberg's been clear that it would take money and time to build the [augmented reality scape]() of his dreams, so far he has [shockingly little]() to show for the project, at least for the amount of cash it's already consumed. With that in mind, it's not terribly surprising that he [chose to tease]() the company's new-and-improved AR goggles *just* before the layoff news broke — gotta throw the investors a bone, right? The company's steep losses are reflected in Zuckerberg's personal wealth as well. In the past year, the founder has [lost a shocking $71 billion]() — he's still very rich, but going from third wealthiest in the world to twentieth is a big move down the ladder. Still, according to *Bloomberg*, Zuck appears to be using the restructuring to direct company efforts more narrowly towards his metaverse vision and — *sigh —* somehow making Reels successful. And in the meantime, [just like the rest of 'em](), the chief metamate is apparently soothing his remaining soldiers with a spoonful of macroeconomic blame. "I had hoped the economy would have more clearly stabilized by now," Zuckerberg reportedly said. "But from what we're seeing it doesn't yet seem like it has, so we want to plan somewhat conservatively." Sure, to be fair, the economy isn't great. But something tells us that a square share of the blame lies with the company's strategy and execution — and its synonymous leader — instead. **More on Zuckerberg financial woes:** *[Mark Zuckerberg Is in Big, Big Trouble]()* ## Author At Futurism, I've reported extensively on the rise of AI as a cultural and business force shaping the media industry, and more broadly how those dynamics are changing how we all consume and share information and relate to one another. I'm also fascinated by public health policy and ethics, the role of emerging tech in politics and governance — and the powerful people and forces at those intersections — climate change, and the environment. My investigation on Sports Illustrated's use of AI-generated authors with fictional biographies won a 2024 Mirror Award for "Best Story on Media Coverage of Artificial Intelligence in Journalism and the Media" from Syracuse University's SI Newhouse School, I contributed to Niemen Lab's 2025 Predictions for Journalism series, and I've discussed my work for Futurism during appearances on NPR, CNN, the BBC, the CBC, and more. I grew up in rural Pennsylvania and attended the University of Massachusetts Amherst, where I played Division I field hockey for the Minutewomen as a midfielder. Since then, I've lived in New Orleans, Louisiana and Manhattan, New York. I spend my free time running, reading, perusing archival fashion, and searching for the world’s best negroni. I also have a debonair tuxedo cat, Westley, who's named after "The Princess Bride." ### Author social links [Bluesky]()