According to a story published by the website “The Leak” today (Tuesday), Facebook founder and CEO Mark Zuckerberg plans to retire in 2019. The outlet was informed by an internal person acquainted with Meta’s plans that “Zuckerberg is going to resign next year.” Meta, on the other hand, refuted: In response, Andy Stone, a spokesman for Facebook, tweeted that the rumors of CEO Zuckerberg’s resignation were untrue.
The Leak’s information suggests that Zuckerberg made the decision to retire on his own. The move “will not affect metaverse,” the multibillion-dollar project Mark launched that caused Meta to suffer a sharp decline in profit earlier this year, the insider said.
Zuckerberg, Mark (Photo: Reuters)
Zuckerberg has been determined to move through aggressively with his hazardous investment on Metaverse — his VR wager, which he thinks will pay off in the long run — despite shareholder skepticism and worries over the course of the previous year.
The study claims that when you consider the intense pressure investors put on Zuckerberg, the information that was disclosed by the insider makes sense. This might be Zuckerberg’s attempt to shift the blame for Metaverse’s disappointing results, which have sent its stock price down more than 70% from its peak.
To refresh your memory, the Financial Times reported in October that investors were unhappy with Zuckerberg’s decision to quadruple the investment in Metaverse. This comes after Brad Gerstner, whose fund Altimeter Capital owns Meta shares valued at hundreds of millions of dollars, published a critical open letter. It became apparent from the open letter that Zuckerberg is losing financial support for meta.
The report clarified that Zuckerberg’s departure was not related to Metaverse, saying that “although the information received underlines that this resignation will not have an influence on Metaverse, it makes sense that it would merely be a PR move.”
Zuckerberg, however, has already announced plans to fire thousands of employees, a move that is consistent with a general tech sector trend and with investor concerns about labor expenses, as described in Altimeter Capital’s open letter. When it comes to the metaverse, it is improbable that the two sides will agree.
Zuckerberg’s long reign could come to an end as a result of Metaverse’s overestimation of public interest in virtual escapism, despite the fact that he has resisted similar pressures on numerous occasions over the years.
The “Leak” website has contacted Meta for a response.