Proactive Investors - Facebook (NASDAQ:META) owner Meta Platforms Inc spokesperson Andy Stone has denied a report that the company's chief executive officer, Mark Zuckerberg will be stepping down next year in a tweet on Tuesday.
$META - Mark Zuckerberg is set to resign next year: theleakhttps://t.co/lFZAfkydsG— *Walter Bloomberg (@DeItaone) November 22, 2022
Earlier in the day, news website The Leak earlier had reported that Zuckerberg was set to resign in 2023, citing an unnamed insider source. The report briefly sent Meta shares up 1%.
Earlier this month, Meta confirmed it will cut more than 11,000 staff, equivalent to 13% of its workforce, after its founder and chief executive Mark Zuckerberg admitted he “got (it) wrong” and things are much worse than he expected.
The job losses at the owner of Facebook and Instagram, the first round of redundancies in the company’s 18-year history, comes after its workforce peaked this year at 87,314 people.
In a message to employees, Zuckerberg said that the company had over-invested at the start of Covid, banking that the increase in online activity would continue after the pandemic.
“Unfortunately, this did not play out the way I expected,” he wrote. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition and ads signal loss have caused our revenue to be much lower than I’d expected.”
“I got this wrong, and I take responsibility for that. I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted," Zuckerberg added.