Meta Spokesperson Denies Report of CEO Mark Zuckerberg Resigning in 2023

Meta spokesperson Andy Stone mentioned in a tweet on Tuesday {that a} report on Chief Executive Officer Mark Zuckerberg stepping down subsequent 12 months was false. A report on Tuesday said that Zuckerberg would resign as the corporate’s CEO subsequent 12 months, and got here weeks after the corporate introduced it might lay off over 11,000 staff, or practically 13 % of its workforce. The Facebook father or mother agency has doubled down on its dangerous metaverse guess, below Zuckerberg’s management, amid a crumbling promoting market and decades-high inflation.

News web site The Leak earlier within the day reported that Zuckerberg was set to resign in 2023, citing an unnamed insider supply. The report briefly despatched the corporate’s shares up 1 %. Meta spokesperson Andy Stone responded on Twitter, stating “this is false.” in response to a tweet with the story.

Earlier this month, Meta introduced it might minimize greater than 11,000 jobs, or 13 % of its workforce in what could possibly be one of many largest mass layoffs this 12 months, and the primary within the firm’s 18-year historical past. Firms like Twitter, Microsoft, and Snap have all laid off hundreds of staff this 12 months. At the time, the corporate mentioned that affected staff will even obtain shares that have been set to vest on November 15 and healthcare protection for six months, in accordance with Meta, which had 87,314 staff as of the tip of September.

Meta, as soon as price greater than $1 trillion (roughly Rs. 81,78,125 crore), is now valued at $256 billion (roughly Rs. 20,93,600 crore) after dropping greater than 70 % of its worth this 12 months alone.

At the time, the corporate mentioned that aside from the job cuts, which is able to influence models throughout Meta with a disproportional hit to the recruiting and enterprise groups, the corporate will even scale back workplace area, decrease discretionary spending, and lengthen a hiring freeze into the primary quarter to rein in bills.

Meanwhile, the corporate expects to pour leftover sources into its Reality Labs unit that’s liable for its metaverse investments. The enterprise misplaced $9.44 billion (roughly Rs. 77,200 crore) from January to September this 12 months, with losses anticipated to develop considerably in 2023.