Rumors of Meta CEO Mark Zuckerberg’s possible resignation from the company in 2023 have been spreading today like wildfire. Talk about it has been circulating for a while, it seems. Now everyone from employees, to stock holders, to competitors is wondering if it is true or not. In particular, given the layoffs of 11,000 employees from the company earlier this month.
The most recent update was a definitive no however, according to Reuters. At least that is what Andy Stone, his spokesperson, tweeted.
The leak
The hearsay was apparently started by the news agent The Leak,which mentioned that it came from a source on the inside of the company, as stated in the following report:
Information obtained by The Leak suggests that Zuckerberg has decided to step down himself. The decision, per our insider source, “will not affect metaverse” – Mark’s multi-billion dollar project, which has dragged Meta along with it as the company saw a significant profit decline earlier this year.
Mark Zuckerberg to leave Meta in 2023.https://t.co/OZakhWfI7g
Via @TheLeakCO and the biggest leak I've ever published, by far.— Has it Leaked (@hasitleaked) November 22, 2022
Either as confirmation or reason, they also asserted that:
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.
Whether The Leak and the insider source have it right or not, those whispers have certainly caused a stir.
Troubles in paradise
Zuckerberg had reputedly set the end date set for sometime in 2023. That decision, if it indeed was made, might be or have been due to the troubles the company has faced this past year. Those include plummeting share prices and enormous loses generated by Meta’s heavy investments to build up the company,
There is also the thousands of documents leaked by Frances Haugen, the former product manager for Zuckerberg, in an attempt to expose what she considered a crisis of morality and ethical decisions within Meta.
According to Statista, after Meta stock peaked in August of 201 at 379.38 U.S. dollar per share, their value started to gradually decrease and then plummeted to an astonishing 93.16 U.S. dollars by October’s end.
Yet they did rise once again once the news was announced that Zuckerberg planned to stay. This afternoon the platform added 0.5% for example, meaning it is currently trading at $110.39.
Tough times
Zuckerberg has faced tough times lately, what with the overestimation of Meta’s future grown, financial losses, pressure from investors etc etc.
