Meta Spokesperson Denies Report Zuckerberg Set To Resign
Daniyal Sohail Published November 22, 2022 | 11:18 PM
Meta spokesperson Andy Stone denied a report on Tuesday that claimed the social media giant's founder, Mark Zuckerberg, is expected to leave the company next year
NEW YORK (UrduPoint News / Sputnik - 22nd November, 2022) Meta spokesperson Andy Stone denied a report on Tuesday that claimed the social media giant's founder, Mark Zuckerberg, is expected to leave the company next year.
Earlier, theLeak reported, citing an insider source, that Zuckerberg is expected to leave Meta, the rebranded name of Facebook, by the end of this year.
"This is false," Stone said in a tweet responding to theLeak story.
Zuckerberg started Facebook while he was at Harvard University in 2004, at the age of 19, as a site for students to match Names with photos of classmates. He took Facebook public in May 2012, becoming its Chief Executive Officer, and now owns about 13% of the company's stock.
Facebook was rebranded Meta in October 2021 to reflect the metaverse - a virtual world in which consumers spend increasing parts of their lives, based on artificial intelligence (AI) and virtual reality (VR) technology. This is an important new phase in the digital world that Meta would increasingly find itself in, Zuckerberg said. Despite the name change, the social media site still operated as Facebook with day-to-day users.
Since the rebranding, Meta has also invested billions of Dollars on new AI and VR technologies that have not impressed investors.
Meta, which also owns Instagram, said revenue fell 4% in the three months from July through September compared to a year earlier, from $29 billion to $27.7 billion. Its stock price is also down 70% from its peak.
Brad Gerstner, whose fund Altimeter Capital owns hundreds of millions of dollars' worth of Meta shares, issued a scathing open letter on his thoughts about the missteps at Meta in October, and Financial Times followed up with a report that said many other investors were frustrated as well with Zuckerberg's plan to double down on investment into the Metaverse.
"The birds are flying south at Meta as the company expects serious executive changes," TheLeak said, adding that the Information it obtained suggests that "Zuckerberg has decided to step down himself."
TheLeak said it has reached out to Meta for a response.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Technology
-
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
1 day ago -
Pro Tips: How to Capture Stunning Portraits with the Aura Light Portrait of vivo V30 5G
3 days ago -
Itel celebrates launch of S24—a new brand identity
4 days ago -
Realme C53 Price Slash: High-Tech Meets High Style at New Low Price!
5 days ago -
Take Charge, Live Free: Empower Your Life with Infinix NOTE 40 Series
7 days ago -
PTA Undertakes Consultation with All Pakistan Network Association (APNA) on Proposed Class Value Add ..
7 days ago
-
Vivo V30 5G: The Perfect Blend of Enhanced Photography and Premium Design
8 days ago -
PITB's Regional Plan 9 invites applications for its newly launched incubation centers in Rawalpindi, ..
9 days ago -
Pakistan calls for enhanced information integrity on digital platforms
9 days ago -
Infinix NOTE 40 Series vs. the Competition: Why It Stands Out
10 days ago -
"Unlock Exceptional Value: The New realme Note 50 with Extended Warranty Now Available in Pakistan!� ..
10 days ago -
Google unveils new AI chips, arm-based processor for data centers
15 days ago