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Mark Zuckerberg Set to Resign?


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Rumors circulated on Tuesday that Mark Zuckerberg is planning to step down as the CEO of Meta, the parent company of Facebook and Instagram.

Insiders reportedly told ‘The Leak’ that Zuckerberg decided to step down from the company amid plummeting profits.

Zuckerberg’s alleged decision reportedly would have no effect on the Metaverse, his multi-billion dollar virtual reality project that has gained little interest.

However, Meta officials denied the rumors that Zuckerberg planned to step down as CEO.

From The Leak:

According to a Financial Times report in October, investors vented frustrations with Zuckerberg’s plan to double down on investment into the Metaverse. This came after a scathing open letter by Brad Gerstner, whose fund Altimeter Capital owns hundreds of millions of dollars’ worth of Meta shares.

The open letter makes it clear that Zuckerberg is losing the trust of investors and even lays out a three-point plan, which includes:

“Limit investment in metaverse / Reality Labs to no more than $5B per year.”

This insider leak makes sense in the context of immense investor pressure. It’s very possibly Zuckerberg’s attempt at holding himself accountable for Metaverse’s underwhelming performance – which has seen its stock drop over 70% from its peak.

While the information obtained underlines that this resignation will have no impact on the metaverse, it would make sense for this to simply be a PR move, i.e: Zuckerberg did not resign because of the metaverse.

Meta has already planned to lay off thousands of employees amid plummeting profits.

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Daily Mail added:

But Andy Stone, a communications official for the company, tweeted on Tuesday: ‘This is false.’

The rumors came as Facebook lays off large swaths of employees as the company’s profits sag.

Investors and analysts have blamed the company’s downfall on Zuckerberg and other executives shifting their focus to the Metaverse, which has yet to gain sufficient interest.

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Share prices for the social media giant are now down nearly 70 percent over last year, but were trending upward following the report.

The report comes as investors have lost faith in the Meta CEO as he continues to push forward with his bet on the Metaverse.

Last month, Brad Gerstner, whose fund Altimeter Capital owns hundreds of millions of dollars worth of Meta shares, penned an open letter to the company making it clear that Zuckerberg is losing the trust of investors.

‘Like many other companies in a zero-rate world — Meta has drifted into the land of excess — too many people, too many ideas, too little urgency,’ he wrote.

‘This lack of focus and fitness is obscured when growth slows and technology changes.’

Gerstner went on to write: ‘Meta needs to get its mojo back.



 

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