Meta CEO Mark Zuckerberg Not Leaving in 2023: Official

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Meta (formerly Facebook) has denied reports that its founder and CEO Mark Zuckerberg is resigning next year amid slowing growth and mass layoffs at the social network. The leak portal was the first to report on Meta that “Zuckerberg is set to resign next year”, citing its secret source for the plans.

Mark Zuckerberg has no plans to leave Meta: Spokesman

The report claims that Zuckerberg himself has decided to step down and it will not affect his billion-dollar project “Metaverse”.

Meta’s communications director Andy Stone denied the report late Tuesday, tweeting that “this is a lie”.

Despite serious concerns by investors and industry experts, Zuckerberg is determined to aggressively pursue 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 a hiring freeze until the first quarter of 2023. Gave.

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

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

The decline was due to Meta’s heavy losses in Reality Labs, Meta’s virtual reality division, which lost $3.672 billion in the third quarter.

“There’s still a long way to go to create the next computing platform. But we’re clearly doing pioneering work here. It’s a huge undertaking and it’s often going to take a few versions of each product before it becomes mainstream,” Zuckerberg said.

Meta CFO David Weiner, however, said some of the decline in revenue was due to inflation.

Meta Investors has called on the company to reduce its workforce by at least 20 percent and stop investing in Metaverse.

In a scathing criticism of Zuckerberg, Brad Gerstner, chairman and CEO of Altimeter Capital, said the social network needed to downsize more to get its “mojo back” and stop spending too much on the metaverse.

With inputs from IANS

The post Meta CEO Mark Zuckerberg is not stepping down in 2023: The executive appeared first on BGR India.





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