Meta denies report of Mark Zuckerberg resigning as CEO in 2023

Meta denies report of Mark Zuckerberg's resignation next year

Facebook parent company Meta has clarified that its co-founder Mark Zuckerberg won’t step down as CEO in 2019. The declaration follows a story that stated Zuckerberg would leave the business the following year due to investor annoyance about his intentions to increase investment in the failing metaverse project.

The Leak was the first outlet to break the news of Zuckerberg’s resignation earlier this week. A spokesperson for Meta, Andy Stone, tweeted the same day that a rumor claiming CEO Mark Zuckerberg would resign the following year was “false.”

It’s interesting to note that Meta’s shares increased by 1% following The Leak’s report. The Leak reported that Zuckerberg decided to step down from the role himself, citing an unnamed source.

Mark Zuckerberg’s resignation reports come amidst Meta’s financial struggles

The report and denial come when Meta is experiencing financial difficulties due to high inflation and a possible impending recession.

Investors complained about Zuckerberg’s intention to increase investment in the metaverse, the media reported in October. This followed a scathing open letter from Brad Gerstner, whose fund Altimeter Capital owns Meta shares valued at hundreds of millions of dollars.

Zuckerberg has already made plans to layoff thousands of employees. This is consistent with a broader pattern in the IT sector and investor concerns over staff expenses, as described in Altimeter Capital’s open letter. However, it’s improbable that the two sides will agree on the metaverse.

“Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than expected. I got this wrong, and I take responsibility for that,” Zuckerberg said.


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