According to recent rumors, Mark Zuckerberg, the CEO of Meta, has decided to resign from his position. According to recent reports, the decision "will not jeopardize the metaverse," Mark's multibillion-dollar project. This new venture dragged Meta to a significant profit drop earlier this year. The rumor of Mark's resignation is expected to exacerbate the company's stock price, which has already been declining for several months.
Zuck's Enthusiastic Attitude Towards Metaverse
Throughout the year, Zuckerberg has been steadfast in his determination to aggressively pursue his risky plan on the Metaverse, which he refers to as his VR gamble and believes will pay off in the long run.
This is despite Facebook's shareholders' skepticism and concerns. According to a report published in October, investors were unhappy with Zuckerberg's plan to increase investment in the Metaverse project.
The Reason for Zuck's Supposed Resignation
This occurred following the publication of an open letter by Brad Gerstner, whose fund Altimeter Capital owns hundreds of millions of dollars in Meta shares. The open letter makes it clear that Mark is gradually losing investor confidence and trust, and it states unequivocally:
“Limit investment in metaverse / Reality Labs to no more than $5B per year.”
It's also possible that Zuckerberg is attempting to hold himself accountable for Metaverse's underwhelming performance, which has resulted in the company's share price dropping by more than 70% from its all-time high.
Zuckerberg has already announced plans to fire thousands of employees. As described in Altimeter Capital's open letter, this is consistent with a broader trend in the IT sector and investors' concerns about staff expenses.
With no official comment from Meta yet, only time will tell whether Mark Zuckerberg resigns or not.