Business Insider has obtained an internal memo that has been sent around on Meta / Facebook, written by the company’s CFO David Wehner.
In the memo, he announces that the company will reduce new hires, and tries to explain why Meta’s share price has fallen by just over 40 percent since the highest listing in September last year. At the top of the list is Apple’s Tracking Transparency (ATT).
Other circumstances that have led to the company being in a worse economic position than expected are the war in Ukraine and the general macroeconomic situation. David Wehner also points out that the company had an upswing for two years with pandemics and more sitting at home, but that people have now started behaving more as before with more time offline.
David Wehner’s memo was also followed by a memo from Miranda Kalinowski, who is global head of recruitment at Meta. She describes how the company will freeze new hires in many parts of the business and relocate staff to focus on priority areas.
Apple has always said that ATT is for users to choose whether they want to be tracked between apps or not, and that it is not about attacking Facebook.