comscore Meta CEO Mark Zuckerberg is not planning to leave, clarifies company spokesperson
News

Meta CEO Mark Zuckerberg is not stepping down in 2023: Official

The report claimed that Zuckerberg has decided to step down himself and it will not "affect metaverse", his multi-billion dollar project.

Highlights

  • The report claimed that Zuckerberg has decided to step down himself and it will not "affect metaverse", his multi-billion dollar project.
  • Despite serious concerns raised by investors and industry experts, Zuckerberg is determined to aggressively push his Metaverse dream.
  • Earlier this month, Zuckerberg sacked more than 11,000 employees -- about 13 percent of the global workforce.
Untitled design - 2022-11-23T172000.469

Mark Zuckerberg. Image: Reuters



Meta (formerly Facebook) has denied reports that its founder and CEO Mark Zuckerberg is resigning next year amid slow growth and massive layoffs at the social network. The Leak portal first reported, citing its source privy to plans at Meta, that “Zuckerberg is set to resign next year”. Also Read - Mark Zuckerberg announces digital avatars for WhatsApp users: How to create one

Mark Zuckerberg is not planning to leave Meta: Spokesperson

The report claimed that Zuckerberg has decided to step down himself and it will not “affect metaverse”, his multi-billion dollar project. Also Read - Facebook parent Meta threatens to ban news on its platform in US over journalism bill

Andy Stone, Meta’s Communications Director, refuted the report late on Tuesday, tweeting that “This is false”. Also Read - Airtel and Meta collaborate to accelerate India’s digital ecosystem: Check details

Despite serious concerns raised by investors and industry experts, Zuckerberg is determined to aggressively push his Metaverse dream.

Earlier this month, in one of the worst lay-offs ever in the tech industry, Zuckerberg sacked more than 11,000 employees — about 13 percent of the global workforce — and extended hiring freeze through Q1 2023.

The company posted another quarterly revenue decline as investors begin to lose faith in its loss-making, billion-dollars metaverse dream.

In the third quarter (Q3), Meta’s revenue declined 4 percent year over year to hit $27.7 billion. The company posted a net income of $4.395 billion, down from $9.194 billion year over year.

This decline was due to Meta’s huge losses in Reality Labs, Meta’s virtual reality division, which lost $3.672 billion in Q3.

“There’s still a long road ahead to build the next computing platform. But we’re clearly doing leading work here. This is a massive undertaking and it’s often going to take a few versions of each product before they become mainstream,” Zuckerberg had said.

Meta CFO David Wehner, however, said that some of the revenue decline is due to inflation.

Meta investors have called on the company to reduce its workforce by at least 20 percent and stop making investments in metaverse.

In a sharp criticism of Zuckerberg, Altimeter Capital Chair and CEO Brad Gerstner had said that the social network needs to reduce more headcounts and stop spending too much on metaverse to get its “mojo back”.

–With inputs from IANS

  • Published Date: November 23, 2022 5:55 PM IST
For the latest tech news across the world, latest PC and Mobile games, tips & tricks, top-notch gadget reviews of most exciting releases follow BGR India’s Facebook, Twitter, subscribe our YouTube Channel. Also follow us on  Facebook Messenger for latest updates.