Meta shares soar after news of Mark Zuckerberg’s resignation

Meta shares rose 1.44% following news that Mark Zuckerberg will step down as CEO next year.

The news comes as Meta’s founder is facing a wave of pressure from investors who have criticized him for putting too much money into the metaverse.

Mark Zuckerberg rumored to be resigning soon
Specifically, at 9:00 pm on November 23, The Leak news website first broke the rumor that Mark Zuckerberg stepped down as CEO. The article quoted unnamed sources as saying: “Zuckerberg has decided to step down in 2023” due to the company’s continued deterioration. . In profit.

As investment in the Metaverse grows, so does the pressure on Meta CEO. The virtual universe is the main reason why the growth rate of this technology company has continued to decline in the past two years. The Leak said the decision to resign “will not affect Zuckerberg’s multibillion-dollar project metaverse.”

Shares of Meta rose slightly in early trade following the news, closing at $112.24 per share, up 1.44%. Meta representatives also promptly refuted false rumors of CEO Mark Zuckerberg’s departure. “This information is untrue,” said Andy Stone, the group’s representative.

Zuckerberg currently owns 54 percent of Meta, according to the New York Post. This means he can make any changes to the company without regard to shareholders’ opinions.

However, amid falling profits and a slowing global economy, Meta shareholders have repeatedly expressed dissatisfaction with the company’s heavy investment in Metaverse technology. “If it had been another company, investors would have written protest letters, proposing alternatives and demanding policy changes,” Meta shareholder Jim Tierney told the FT.

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