Meta Stock Jumps After False Report Mark Zuckerberg Was Planning to Step Down
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An outlet called The Leak published a story early Tuesday in which an anonymous source said Zuckerberg would exit in 2023 due to Meta’s profit shortfall. According to the article, “Information obtained from The Leak” suggested that Zuckerberg had decided to step down. According to our insider source, the decision ‘will not impact metaverse. ‘”
Meta stock rose 1.4% after the publication of the report.
This is false.
— Andy Stone (@andymstone) November 22, 2022
The company’s Andy Stone tweeted a terse denial of the report: “This is false. “
As the Post noted, there are reasons to believe Zuckerberg might be reconsidering his position:
Meta shareholders have grown restless in recent months as the company embarked on a costly shift toward metaverse technology despite a major profit slump and economic headwinds. Meta’s stock is down more than 67% so far this year.
Earlier this month, Meta laid off 11,000 workers, or about 13% of its workforce, as part of a major cost-cutting push.
Zuckerberg is the dominant Meta shareholder, holding more than half the shares. This large amount of power and his commitment towards the metaverse make it unlikely that this news is true.
The Leak acknowledged Andy Stone’s denial, but has not withheld its report.
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