Meta CEO Mark Zuckerberg announces hiring freeze and restructuring

Yahoo Finance Live anchor Seana Smith details a new report that Meta is planning to cut costs, freeze hiring, and restructure its teams.

Video transcript

SEANA SMITH: All right, now let's get you up to speed on some breaking news on Meta founder and CEO Mark Zuckerberg, telling employees that the social media giant is freezing hiring and restructuring some teams in an effort to cut costs and also shift priorities.

Now the report states Zuckerberg added that the company would reduce budgets across most teams, even ones that are growing. This follows a report last week that the Facebook parent was looking to reduce costs by at least 10% and was quietly reducing its headcount. You can see Meta shares off just about 4% as a lot of those larger tech companies come under pressure with today's selloff.