Meta says Zuckerberg will not be resigning soon

Meta Inc's policy communication director, Andy Stone took to Twitter to clarify that founder and chief executive Mark Zuckerberg will not be stepping down anytime soon.

Stone's tweet was a reply to a user who shared a report by The Leak that talked about Zuckerberg's departure from the company by early next year. Stone replied, "This is false."

This is false.

Meta's stock on Tuesday snapped its losing streak and rose by over 1% on the back of the The Leak's report that said Zuckerberg will quit the company next year.

This comes days after Meta laid off 11,000 employees globally amid the economic slowdown and after losing investor confidence with its expensive and yet unfruitful bet on the Metaverse.

Meta's earnings report for September quarter showed a rise in company's overall costs led by Metaverse. The company went on to give a weak guidance for the upcoming holiday quarter.

One of Meta's largest shareholders, Altimeter capital  wrote an open letter to Zuckerberg and company warning about company's deteriorating health because of Metaverse. The shareholder emphasised on the company's need to get fit in order to grow further. The shareholder suggested cost cutting measures like reducing headcount and cutting capital expenditure.

In a blog post announcing the layoffs, Zuckerberg apologised and took responsibility for his actions. He said, "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."

This also comes days after Meta India's top leadership has quit the company including Ajit Mohan who has now joined Snap Inc to look after their APAC operations. Last week, WhatsApp India' head Abhijit Bose too bid adieu to the company along with Rajiv Aggarwal, head of public policy.