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(These sources were granted anonymity for fear of professional repercussions for speaking publicly.) Some welcomed these changes, but overall, they said morale is lower than in previous years, especially because of the recent layoffs, the stock price decline, and persisting doubts about the company’s metaverse pivot. At the same time, they said colleagues are more competitive than ever. These sources, who include high-level directors and rank-and-file engineers, told Recode the company’s culture is becoming more focused on efficiency and increasingly restrictive about employee communications. Recode interviewed nearly a dozen Meta employees - some current and some who left the company in the past year - who described a state of anxiety and optimism inside the company about the challenges it faces.
“But 2022 is a good reminder that things are not always as good as what you want, and you can’t take that for granted, so we’re gonna have to really push hard.” “I’m quite optimistic about all of this,” he said at the recent company-wide Q&A meeting. And he’s going to need Meta employees to work harder than ever. He’ll keep building the metaverse, but he’ll focus most of his time on improving Meta’s core social media business (Facebook and Instagram) and finding new ways to expand the company’s popular but less profitable messaging apps. Zuckerberg says he has a plan to reverse the slump. Wall Street analysts blamed a number of setbacks specific to the company: rising competition from TikTok, slowing ad sales because of Apple’s new privacy restrictions, and skepticism about Zuckerberg’s $10-billion-a-year investment in building a virtual- and augmented-reality metaverse. But Meta was hit with the largest drop in valuation among the top five Big Tech firms.
In 2022, the entire tech industry faced a stock market slump due to rising interest rates, sharp inflation, and other rocky macroeconomic conditions. Meta has arguably had one of its toughest years ever - not because of scandals like in times past, but because, after 18 years of seemingly unstoppable growth, its stock price plunged by 65 percent year over year. “We made our plan for ’22 in terms of how we thought the business was going to go, and obviously it hasn’t gone the way that we wanted to,” Zuckerberg told employees in an audio recording of the meeting that Recode obtained. At the opening of Meta’s last company-wide Q&A of 2022, Mark Zuckerberg sounded disappointed but determined.
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