As per recent speculation, Mark Zuckerberg, the CEO of Meta has decided to step down from his position personally. According to recent news, the decision “will not harm metaverse,” which is Mark’s multi-billion dollar project. This new endeavor dragged Meta downwards to a significant profit decline earlier this year. Rumor of Mark’s resignation is expected to further hamper the company’s stock price which has already been in a downtrend for the past couple of months.
Mark’s Zealous Attitude For Metaverse
Throughout the course of the year, Zuckerberg has been determined to aggressively press forward with his risky plan on the Metaverse, which he refers to as his VR gamble and which he thinks will pay off in the long run.
Read More: Mark Planning Virtual Currencies for Metaverse, Calls it “Zuck Bucks”
This is in spite of the skepticism and concerns of Facebook’s shareholders. According to a report that was published in October, investors expressed their displeasure with Zuckerberg’s plan to increase investment into the Metaverse project.
Reason Behind Mark’s Supposed Resign
This happened after Brad Gerstner, whose fund Altimeter Capital owns hundreds of millions of dollars worth of Meta shares, published an open letter in which he was quite critical of the company. The open letter makes it apparent that Mark is slowly losing both the confidence and trust of investors and categorically states:
“Limit investment in metaverse / Reality Labs to no more than $5B per year.”
It’s also possible that Zuckerberg is trying to hold himself accountable for Metaverse’s lacklustre performance, which has resulted in the company’s share price falling by more than 70 percent from its all-time high.
Zuckerberg has already made plans to fire thousands of workers. This is consistent with a broader trend in the IT sector and investors’ concerns over staff expenses, as described in Altimeter Capital’s open letter.
With no official comment from Meta yet, whether Mark Zuckerberg resigns or not, time will only tell.
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