Facebook “aims to quietly weed out 12,000 underperforming workers — 15% of its workforce — in WEEKS: Mark Zuckerberg halts hiring and closes NYC office
- Mark Zuckerberg and other executives at Facebook last week asked managers to screen workers and notify if anyone “needs assistance,” reports said
- Meta, Facebook’s parent company, will be closing its New York office at 225 Park Avenue, a spokesman confirmed
- Plans to expand the office space at 770 Broadway have been halted
- Facebook’s CEO hosted a Q&A with employees last week, noting that the hiring freeze in place since May remains in place
Mark Zuckerberg plans to lay off up to 12,000 underperforming Facebook employees after he launched a vetting process last week asking managers to flag workers who “need support,” reports said.
This comes just days after Zuckerberg announced a hiring freeze for the first time in the company’s history and warned of plans to “continuously scale back” employee growth.
The Facebook CEO said in a Q&A with employees last week that the company would extend a hiring freeze in place since May. During that meeting, he said steps were being taken to reduce costs.
Zuckerberg has suffered significant losses to his personal fortune, which has fallen by nearly a third in a year.
Mark Zuckerberg plans to lay off up to 12,000 underperforming Facebook employees after he launched a vetting process last week asking managers to flag workers who “need support,” reports said
Meta will end its lease on the 200,000-square-foot office space at 225 Park Avenue in the Flatiron neighborhood of Manhattan, anonymous sources told Bloomberg
The office at 225 Park Avenue had served as a “magnificent bridge” to a new office soon to be opened at Hudson Yards
Meta will also close one of its New York offices to slash growth and cut costs by at least 10 percent in the coming months, Bloomberg reported.
The office had served as a “grand bridge” to a new space at Hudson Yards that was due to open soon but has been delayed.
“Two 25 Park Avenue South has served as a great bridge to get us to our new offices in Hudson Yards and Farley,” Meta spokeswoman Jamila Reeves said in an email statement.
A 300,000-square-foot expansion of the company’s 770 Broadway office was planned earlier this year, but those plans were abandoned this summer, Bloomberg reported
Facebook agreed to lease 730,000 square feet in the historic Farley Building across from Pennsylvania Station. “Two 25 Park Avenue South has served as a great bridge to get us to our new offices in Hudson Yards and Farley,” Meta spokeswoman Jamila Reeves said in an email statement
The company will end its lease on the 200,000-square-foot office space at 225 Park Avenue in the Flatiron neighborhood of Manhattan, anonymous sources told Bloomberg.
The closure comes as Meta has consolidated New York office space and anticipates plans for its massive 1.5 million square foot office in Hudson Yards.
It’s part of a change in the company’s approach to office space in New York and the latest in a series of changes signaling intentions to downsize and slow growth in the city.
Over the summer, she pulled back on her plans to add 300,000 to 770 Broadway offices, Bloomberg reported.
Meta currently has four offices in New York City at 770 Broadway, 225 Park Avenue, Farley Building and Hudson Yards.
With the 770 Broadway office expansion on hold and the 225 Park Avenue move due to occur shortly, the company will focus on Hudson Yards and the Farley Building.
New York City has faced devastating financial consequences of remote work as people continued to work from home even after the pandemic subsided.
A recent study by the National Bureau of Economic Research found office building values fell nearly 45 percent in 2020 and are projected to remain around 39 percent below pre-pandemic levels.
The study suggests that New York will account for 10 percent of nearly $456 billion in US office space depreciation.