Meta CEO Mark Zuckerberg has revealed plans to reorganize teams and cut staff for the first time in history, announcing the end of an era of rapid growth for the social media giant, reports Bloomberg.

This will be the first major budget cut since Facebook was founded in 2004. Zuckerberg said the company would freeze hiring and restructure some teams to cut costs and change priorities. He announced the freeze during a weekly question-and-answer session with employees and added that the company would cut the budgets of most teams. It is even about those teams that are growing.

Individual teams will decide how to handle staffing changes. This could mean refusing to fill roles that employees are leaving, moving people to other teams, or working to “manage underachievers.”

“I had hoped the economy would have more clearly stabilized by now,” Zuckerberg said. “But from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively.”

Zuckerberg had warned in July that Meta would “steadily reduce headcount growth,” and that “many teams are going to shrink so we can shift energy to other areas.” Priorities within the company include Reels, a competitor to TikTok, and Zuckerberg’s meta universe. As of June 30, Meta had more than 83,500 employees and hired 5,700 new employees in the second quarter. Zuckerberg said the company will be “somewhat smaller” by the end of 2023.