According to recent speculations, Mark Zuckerberg, CEO of Meta, has decided to resign personally. Recent news reports claim that the decision will not affect metaverse, Mark’s multi-billion-dollar project. This new venture led to Meta’s significant profit decline earlier in the year. Rumours of Mark’s resignation are expected
The post Mark Zuckerberg to Resign in 2023? Metaverse Budget at Fault? CoinGape was the first to publish this article.
According to recent speculations, Mark Zuckerberg, CEO of Meta, has decided to resign personally. Recent news reports claim that the decision will not affect metaverse, Mark’s multi-billion-dollar project. This new venture led to a significant profit drop for Meta earlier in the year. The rumor that Mark will resign is likely to further hurt the stock price, which has been in a downward trend for the past few months.
Mark’s Zealous Attitude for Metaverse
Zuckerberg has been determined to push forward with his risky plan for the Metaverse throughout the year. He refers to it as his VR gamble, and he believes it will pay off in long-term.
Read More: Mark Plans Virtual Currencies for Metaverse. He calls it “Zuck Bucks”.
This is despite the doubts and concerns of Facebook shareholders. According to a report published in October, investors voiced their disapproval at Zuckerberg’s plans to increase investment in the Metaverse project.
Reason behind Mark’s Supposed Resignation
This was after Brad Gerstner’s fund Altimeter Capital, which owns hundreds of million dollars worth of Meta shares published an open letter in his opinion about the company. This open letter clearly shows that Mark is losing the trust and confidence of investors. It also categorically states:
“Limit investment into metaverse / Reality Labs to no greater than $5B per annum.”
It is possible that Zuckerberg is trying hold himself responsible for Metaverse’s poor performance, which has led to the company’s share prices falling by more than 70% from their all-time high.
Zuckerberg has already announced plans to fire thousands more workers. This is consistent with a wider trend in the IT sector as well as investors’ concerns about staff expenses, which Altimeter Capital’s open letters explains.
Read More: After Twitter, Meta plans large-scale layoffs
There is no official statement from Meta yet on Mark Zuckerberg’s resignation. Time will tell.
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