Update (1126ET): Meta spokesman, Andy Stone has denied the report, tweeting “This is false” in response.
This is false.
— Andy Stone (@andymstone) November 22, 2022
False like the Hunter Biden laptop story Andy suppressed right before the 2020 US election?
* * *
Shares of Meta are spiking after an unconfirmed report that CEO Mark Zuckerberg will step down next year.
According to the Leak, the decision “will not affect metaverse,” the company’s multi-billion dollar project.
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.
Throughout the year, despite shareholder skepticism and concerns, Zuckerberg has been determined to aggressively push forward with his risky plan on the Metaverse – his VR bet, which he claims will pay off in the long run. -the Leak
The report suggests the move is linked to investor frustration with Zuckerberg’s push to double-down on the Metaverse, noting an open letter from Brad Gerstner, whose fund Altimeter Capital owns hundreds of millions of dollars’ worth of Meta shares. The letter, which outlines how investors have lost trust in the company, lays out a three-point plan to right the ship which includes “Limit investment in metaverse / Reality Labs to no more than $5B per year.”
Zuckerberg already has plans to let go of thousands of employees. This is in line with a general trend in the tech industry and with investor worries about headcount costs, which were outlined in the open letter by Altimeter Capital. Yet, it’s unlikely the two parties will see eye to eye when it comes to the metaverse.
Although he’s withstood similar pressures multiple times over the years, Metaverse’s overestimation of public interest in virtual escapism is might be the endgame of Zuckerberg’s long-standing reign. -the Leak
The outlet has reached out to Meta for comments. Stay tuned for updates.
Tyler Durden
Tue, 11/22/2022 – 10:56
