For the first time since Mark Zuckerberg-led Meta has rescinded full-time employment offers, the company has been through a tough time amidst fears of a global recession.
As we reassess our hiring needs, we have made the difficult decision to withdraw offers to a small number of candidates, a Meta spokesperson told U.S. based tech focused website, TechCrunch.
The report added that this decision did not come lightly, but it allows us to be thoughtful as we readjust our hiring through 2023 to align with our highest priority work.
In November 2022, Zuckerberg let go of 11,000 employees in the world.
According to a tweet by engineer and writer Gergely Orosz, about 20 recent grads had offers rescinded to work in Meta's office.
Meta had previously rescinded the 2023 summer internship offers at its London office. The interns were due to start at the London office in January 2023. Orosz had reported that a software engineer with an employment offer got a phone call with a recruiter at Meta to find out if their full-time position was safe, or if it could be rescinded. He was informed that full-time job offers were not at stake.
The company posted a rise in its overall costs and issued weak guidance for the holiday quarter in mid- 2022 and caused a problem with Meta in mid- 2022. Zuckerberg's ambitious Metaverse hasn't been a fructifying project, which has resulted in increased costs. One of Meta's biggest investors, Altimeter Capital, wrote an open letter expressing concerns about the company's fitness and growth. The shareholder suggested cost-cutting measures like job cuts and reducing capex.
In India, the business has been good, with the social media giant reporting $2 billion in gross advertising revenues for FY 22 a jump of 74 per cent year-on-year, but it has been hit by some top-level exits.
Ajit Mohan, who was vice president and Managing Director of Meta India, left the company in early November after nearly four years at thehelm. Abhijit Bose, who was Head of India, stepped down after a stint of nearly four years, and stepped down a little over a week later. Rajiv Aggarwal, who was Meta India's Director of Public Policy, also left, along with Bose.