Meta Spokesperson Denies Report CEO Mark Zuckerberg Resigns In 2023

Meta spokesman Andy Stone said on Twitter on Tuesday that a report about Chief Executive Officer Mark Zuckerberg stepping down next year is false. A report on Tuesday indicated that Zuckerberg will step down as the company’s CEO next year, and it comes just weeks after the company announced it would lay off more than 11,000 employees, or about 13 percent of its workforce. Facebook’s parent company has doubled down on its risky bet on the metaverse, under Zuckerberg’s leadership, amid a collapsing advertising market and decades of inflation.

News website Leak earlier in the day Reported that Zuckerberg would step down in 2023, citing an unnamed insider. The report briefly sent the company’s shares up 1%. Meta spokesperson Andy Stone answered on Twitter, saying “this is false.” in response to a tweet with a story.

Earlier this month, Meta announced it would cut more than 11,000 jobs, or 13 percent of its workforce, in what could be one of the biggest layoffs this year, the first in the company’s 18-year history. Firms like Twitter, Microsoft, and Snap have all laid off thousands of workers this year. At the time, the company said the affected workers would also receive the shares they were supposed to receive on November 15 and health care for six months, according to Meta, which had 87,314 employees at the end of September.

Meta, once worth more than $1 trillion (approx. Rs. 81,78,125 crore), is now valued at $256 billion (approx. Rs. 20,93,600 crore) after losing more than 70 percent of its value in year only.

At the time, the company said that in addition to the job cuts, which will affect units throughout the Meta in a collision with different hiring groups and businesses, the company will also reduce office space, reduce discretionary spending, and increase the hiring freeze in the area. First quarter cost recovery.

Meanwhile, the company expects to offload the remaining resources to its Reality Labs unit responsible for its dynamic investments. The business lost $9.44 billion (roughly Rs. 77,200 crore) from January to September this year, with losses expected to widen further in 2023.

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