Meta pushes again on ‘false’ report that Mark Zuckerberg is planning to step down as CEO


Meta pushes again on ‘false’ report that Mark Zuckerberg is planning to step down as CEO

Meta has moved to rapidly shoot down reviews that Mark Zuckerberg might be leaving his function as CEO subsequent yr.

The Tuesday report got here from The Leak which, citing an nameless supply, claimed that Zuckerberg would depart in 2023 due to the corporate’s current losses.

Earlier this yr, Meta started shedding 1000’s of employees—round 13% of its workforce—after its share worth dropped greater than 70% this yr. In the meantime, Zuckerberg’s web price has dropped by $100 billion since final September, when he adopted his Metaverse technique. 

The Leak stated that their data “means that Zuckerberg has determined to step down himself. The choice, per our insider supply, ‘won’t have an effect on metaverse.’” Meta clock climbed 1.44% Tuesday, according to the tech-heavy Nasdaq index’s rise of 1.36%. 

Meta communications director Andy Stone denied the report shortly after the publication tweeted it. His response was acknowledged by The Leak in an replace, however they didn’t pull the report. 

Buyers dropping religion 

Buyers have turn into significantly cautious of Zuckerberg’s intense give attention to the Metaverse, which he has continued to again regardless of wide-ranging reviews that improvement is just not going as deliberate.

In October, one investor went as far as to jot down an open letter to the corporate with solutions on the way it may get its “mojo again,” saying Meta had misplaced its focus. 

Undeterred, Zuckerberg stated the Metaverse would require greater than $10 billion in annual funding. It’s already price the corporate $15 billion for the reason that starting of final yr. Meta’s quickly rising bills impacted its free money stream, which fell by 98% within the newest quarter.

Evidently the CEO himself, whereas steadfast in his pursuit of his ardour challenge, isn’t fully resistant to the waves of criticism.

In August, he described to podcaster Joe Rogan what it’s like main the corporate: “It’s nearly like every single day you get up and also you’re punched within the abdomen. You get up within the morning, take a look at my telephone, get like 1,000,000 messages. It’s normally not good. Individuals reserve the great things to inform me in individual.”

Because the founder and solely CEO within the firm’s historical past, and likewise the most important shareholder, a departure appears unlikely for now.

Meta didn’t instantly reply to request for remark. 

Our new weekly Affect Report publication will look at how ESG information and traits are shaping the roles and tasks of immediately’s executives—and the way they’ll finest navigate these challenges. Subscribe right here.

Source link