Will Mark Zuckerberg step down in 2023? The budget of the metaverse at fault?
According to recent speculations, Mark Zuckerberg, the CEO of Meta has decided to personally step down from his post. According to recent reports, the decision “will not harm the Metaverse”, which is Mark’s multi-billion dollar project. This new venture dragged Meta down to a significant drop in profits earlier this year. The rumor of Mark’s resignation is expected to further hamper the company’s share price, which has already trended lower over the past two months.
Mark’s zealous attitude for the Metaverse
Throughout the year, Zuckerberg has been determined to aggressively advance his risky plan on the Metaverse, which he calls his VR bet and which he believes will pay off in the long run.
Read more: Mark Planning Virtual Currencies for Metaverse, calls it “Zuck Bucks”
This despite skepticism and concerns from Facebook shareholders. According to a report published in October, investors expressed dissatisfaction with Zuckerberg’s plan to increase investment in the Metaverse project.
Reason behind Mark’s supposed resignation
This happened after Brad Gerstner, whose fund Altimeter Capital owns hundreds of millions of dollars worth of Meta stock, published an open letter in which he was quite critical of the company. The open letter makes it clear that Mark is slowly losing investor confidence and categorically states:
“Limit investment in the Metaverse/Reality Labs to no more than $5 billion per year.”
It’s also possible that Zuckerberg is trying to blame himself for Metaverse’s lackluster performance, which caused the company’s stock price to plummet more than 70% from its all-time high.
Zuckerberg has already planned to lay off thousands of workers. This is consistent with a broader trend in the IT sector and investors’ concerns about staffing costs, as described in Altimeter Capital’s open letter.
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