Mark Zuckerberg: Meta’s Mark Zuckerberg: The company’s outlook for the pandemic was too rosy

Platform Meta CEO Inc. Mark Zuckerberg told employees the world’s largest social media company was over-optimistic about growth, mistakenly expecting the surge in usage and revenue growth during the Covid-19 lockdown to continue.

Zuckerberg, when asked by employees at a company-wide meeting on Thursday, said he was hiring too aggressively and didn’t factor in the possibility of an economic downturn, according to a person who heard the remarks.

According to the source, the employee asked about the mistakes Zuckerberg made.

Meta declined to comment.

The comments were sharper than those Zuckerberg made during a phone call with investors the day before, after the owner of Facebook Meta recorded its first quarterly drop in earnings and predicted another drop in the third quarter.

During a call with investors, Zuckerberg said he believes the economy is entering a downturn that will have a “wide-ranging impact” on the digital advertising business.

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“It is always difficult to predict how deep or how long these cycles will be, but I would argue that the situation seems worse than a quarter ago,” he said.

He told investors that the company plans to “continuously reduce headcount growth” over the next year.

At a company meeting on Thursday, another employee asked Zuckerberg if the senior managers at Meta were “momentum,” citing the ongoing debate over the term, as this month an executive told managers to “leave” any employees who “run away.” or doesn’t work well.

Zuckerberg responded by discussing reviews of the Meta’s performance in general, according to the person who heard him speak, as well as another person briefed on the response.

The staff member who asked the question then took to the comments section of the internal discussion board, writing that he thought Zuckerberg had not answered his question.

The exchanges come at a time when Zuckerberg is grappling with escalating moral issues at Meta, in addition to economic and business woes from Apple Inc and TikTok ByteDance.

At a tense company-wide meeting last month, Zuckerberg told employees he expects more “intensity” from them as he cut his hiring plan and raised performance standards that were relaxed during the pandemic.

Meta staffers, who like many tech employees are part-equity paid, have seen their compensation effectively slashed this year as the stock price tumbled on news of slower growth.

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