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An official at Meta disputes rumours that CEO Zuckerberg will quit the next year

A spokeswoman for Meta Platforms Inc (META.O), Andy Stone, in a tweet claimed on Tuesday that a story that chief executive officer Mark Zuckerberg will retire the next year was wrong.

The Leak, a news outlet, cited an anonymous insider source in its allegation earlier in the day. It alleged that Zuckerberg would step down in 2023. The news briefly caused the company’s shares to increase by 1%.

Andy Stone, a representative of Meta Communications, has refuted the allegations. The Leak’s story was shared on Twitter by a user going by the handle @Deltaone with the remark, “Zuckerberg is set to resign next year.” Andy Stone saw the tweet the same day and responded, calling it “false.”

According to the report, which was accessible. Additionally, it was based on an unknown insider source, and Zuckerberg is all set to resign. Nevertheless, the news briefly caused the company’s shares to increase by 1%. However, the panel has now made some changes to their story after official’s confirmation.

Over 11,000 Meta employees will lose their jobs, according to Zuckerberg’s announcement this month. It marked the first significant round of employment reductions in the firm’s entire history. This figure represents close to 13% of the company’s whole workforce. He continued by saying that the hiring freeze would go through the first quarter.

Zuckerberg apologized to individuals who had been let go and accepted responsibility for his actions when he announced the news of the layoffs.

Meta laid off 13% staff

“I want to take accountability for these decisions and how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted,” he wrote in a message to employees.

The recruitment team will be “disproportionately affected.” Additionally, business teams will be reorganized “more substantially,” even though Meta aims to make reductions in every organization.

Meta  

Before now, Facebook’s parent company Meta laid off 11,000 employees, or approximately 13% of its workforce, as it struggled with declining sales and larger problems in the internet sector.

Meta, a long with other social media companies, enjoyed a financial boost. This was in a lockdown period. Every individual sitting at home was only scrolling these platforms. 

However, revenue growth slowed as the lockdowns ended and people resumed venturing outside.

The economic downturn and the unfavorable forecast for internet advertising, by far Meta’s largest source of income, have added to the company’s problems.

 Meta saw its first-ever quarterly sales decrease, which goes after a larger decline in the following season.

While some of the sufferings are special to the company, others are related to more general economic and technical causes.

 

 

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