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Will Mark Zuckerberg Step Down in 2023? Is the Metaverse Budget at Fault?

  • Zuckerberg has been resolute in his determination to aggressively pursue his risky plan on the Metaverse.

  • Zuckerberg is attempting to hold himself accountable for Metaverse's underwhelming performance.



23 Nov 2022 By : COIN GABBAR
Will Mark Zuckerberg

As per recent speculations, Mark Zuckerberg, the CEO of Meta, has decided to resign from his position

The rumours noted that the decision "will not jeopardize the metaverse," which is Mark's multibillion-dollar project. 

This latest initiative dragged Meta to a significant profit drop earlier this year. The rumor of Mark's resignation is expected to exacerbate the company's stock price, which has already been plummeting for several months.

Mark's Enthusiastic Attitude Towards Metaverse

Throughout the year, Zuckerberg has been resolute in his determination to aggressively pursue his risky plan on the Metaverse, which he refers to as his VR gamble and believes will pay off in the long run.

This is despite Facebook's shareholders' skepticism and concerns. As per a report published in October, investors were unhappy with Zuckerberg's plan to increase investment in the Metaverse project.

Reason for Mark's Supposed Resignation

This took place following the publication of an open letter by Brad Gerstner, whose fund Altimeter Capital owns hundreds of millions of dollars in Meta shares. The open letter makes it clear that Mark is gradually losing investor confidence and trust, and it states unequivocally.

It's also possible that Zuckerberg is attempting to hold himself accountable for Metaverse's underwhelming performance, which has resulted in the company's share price dropping by more than 70% from its all-time high.

Zuckerberg has already announced plans to fire thousands of employees. As described in Altimeter Capital's open letter, this is consistent with a broader trend in the IT sector and investors' concerns about staff expenses.

With no official comment from Meta yet, only time will tell whether Mark Zuckerberg resigns or not.

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