BREAKING NEWS: ‘This is false!’ META uses Twitter to deny claims Mark Zuckerberg is resigning as CEO – as its share price rallies after rumors of billionaire Facebook founder’s potential departure
- Rumors swirled on Tuesday that billionaire Mark Zuckerberg is planning to resign as CEO of Meta, the company he has built from the ground up
- Insiders have told The Leak that the 38-year-old has decided to step down from the company amid plummeting profits
- The alleged decision is said to have no effect on the Metaverse, Zuckerberg’s multi-billion dollar virtual reality project that has not gained sufficient interest
- But communications officials say the story is not true
Meta officials have denied rumors that billionaire Mark Zuckerberg is planning to step down as CEO of the company he has built from the ground up.
Insiders had told The Leak that the 38-year-old has decided to step down as the head of Meta, the parent company of Facebook and Instagram.
They say the decision ‘will not affect’ the Metaverse, Zuckerberg’s multi-billion dollar virtual reality project that has lost the company at least $30 billion.
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.
Share prices for the social media giant are now down nearly 70 percent over last year, but were trending upward following the report.
Rumors swirled on Tuesday that Mark Zuckerberg was set to resign from Meta next year
The company has been struggling in recent months as executives focus on the new Metaverse, which has yet to gain sufficient interest
Share prices for the social media giant are now down nearly 70 percent over last year
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.
‘Meta needs to rebuild confidence with investors, employees and the tech community in order to attract, inspire and retain the best people in the world,’ he wrote.
‘In short, Meta needs to get fit and focused.’
He suggested reducing the company’s headcount by at least 20 percent by January and said the company should limit its investments in the Metaverse to no more than $5 billion per year.
Brad Gerstner, whose fund Altimeter Capital owns hundreds of millions of dollars worth of Meta shares, penned an open letter to the company last month making it clear that Zuckerberg is losing the trust of investors
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