– Said El Mansour Cherkaoui

Meta set to close one NY office and Change Strategy

They choose the wrong branding name as destiny or they were Prophet without knowing it and predicted their near future: Meta means in several languages and dialects: Death

Meta is closing one of its New York offices, slimming down expansion plans in the city. The company’s move to end its lease at 225 Park Ave. The planned closure comes as Meta Chief Executive Officer Mark Zuckerberg seeks to make sweeping changes including reorganizing teams and reducing headcount at the company for the first time. Meta will freeze hiring and restructure some teams to trim expenses and realign priorities, Zuckerberg said during a weekly Q&A session with employees.

The Menlo Park, California-based company will likely be smaller in 2023 than it was this year, he said, announcing what would be the first major budget cut since the founding of Facebook in 2004.

The move is “Meta’s starkest admission” that its advertising revenue growth. Besides economic pressures, the company’s advertising business, built on precise consumer targeting, has lost some of its edge due to new privacy restrictions from Apple Inc. on tracking iPhone users. Also, Meta is struggling as it competes with companies such as TikTok for consumers’ attention. Rival TikTok is attracting younger users away from Meta’s Instagram platform.

Zuckerberg is also making an expensive bet on the metaverse, an immersive virtual reality future where he imagines people will eventually communicate, an effort he has said will lose money for many years.

Zuckerberg said that Meta will reduce budgets across most teams, even those that are growing, and that individual teams will sort out how to handle headcount changes. That could mean not filling roles that employees depart, shifting people to other teams, or working to “manage out people who aren’t succeeding” .

In other words, the ones that will be fired is their fault, they have not succeeding and will have that stigmata on their professional career which will impact their next hiring or delay their hiring during this time of recessive environment and surging inflation that many companies are seeking cost-efficiency and cost-control as means and instruments to counter the spread of global uncertainty and possible international depression