Facebook owner Meta Platforms Inc (NASDAQ:FB) spokesperson Andy Stone has denied a report that the company's chief executive officer, Mark Zuckerberg will be stepping down next year in a tweet on Tuesday.
$META - Mark Zuckerberg is set to resign next year: theleakhttps://t.co/lFZAfkydsG
— *Walter Bloomberg (@DeItaone) November 22, 2022
Earlier in the day, news website The Leak earlier had reported that Zuckerberg was set to resign in 2023, citing an unnamed insider source. The report briefly sent Meta shares up 1%.
Earlier this month, Meta confirmed it will cut more than 11,000 staff, equivalent to 13% of its workforce, after Zuckerberg, its founder, admitted he “got (it) wrong” and things are much worse than he expected.
READ: Facebook owner Meta axes 11,000 jobs as Zuckerberg admits he got it wrong
In a message to employees, Zuckerberg said that the company - which also owns Instagram - had over-invested at the start of Covid, banking that the increase in online activity would continue after the pandemic.
“Unfortunately, this did not play out the way I expected,” he wrote. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition and ads signal loss have caused our revenue to be much lower than I’d expected.”
“I got this wrong, and I take responsibility for that. I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted," Zuckerberg added.
Contact the author at jon.hopkins@proactiveinvestors.com