Andy Stone, a representative for Meta, claimed in a tweet on Tuesday that a story that chief executive Mark Zuckerberg will retire the next year was untrue. Next the company's announcement to fire around 11,000 workers, or about 13 percent of its staff, a report on Tuesday claimed that Zuckerberg will step down as CEO of the business the following year. Under Zuckerberg's direction, the parent company of Facebook has increased its risky metaverse bet despite a collapsing advertising market and historically high inflation.
The Leak, a news outlet, earlier in the day cited an anonymous insider source in its allegation that Zuckerberg will step down in 2023. The news caused the company's shares to rise 1% for a brief while. In response to a tweet with the story, Meta representative Andy Stone wrote, "This is false."
In a move that could rank as one of the year's largest mass layoffs, Meta announced earlier this month that it would eliminate more than 11,000 jobs, or 13 percent of its workforce. This will be the first such move in the 18-year history of the business. This year, companies like Twitter, Microsoft, and Snap have all let go of thousands of workers. At the time, the organization, which had 87,314 workers as of the end of September, stated that impacted employees would also receive shares that were scheduled to vest on November 15 and healthcare coverage for six months.
After dropping more than 70% of its value this year alone, Meta, which was once valued at more than $1 trillion (approximately Rs. 81,78,125 crore), is now estimated to be worth $256 billion (about Rs. 20,93,600 crore).
At the time, the firm announced that in addition to the job layoffs, which will disproportionately affect the business and recruitment teams throughout Meta, it will also decrease office space, cut back on discretionary spending, and prolong a hiring freeze into the first quarter in order to control costs.
The business plans to spend any remaining funds in its Reality Labs division, which manages its investments in the metaverse. From January to September of this year, the company lost $9.44 billion, or nearly Rs. 77,200 crore, and losses are projected to rise sharply in 2023.
