Facebook's parent company Meta denied reports that CEO Mark Zuckerberg plans to resign next year.
"This is false," Andy Stone, Meta's communications director, said in a tweet responding to the story from The Leak. It cited an anonymous source in the reporting, which Meta denies as it faces financial struggles amid high inflation and a potential recession.
Earlier this month, Zuckerberg announced to employees that the company, which owns Facebook and Instagram, would lay off more than 11,000 employees, reducing its size by about 13%.
He also said there would be a cut in discretionary spending and an extension to the hiring freeze into the first quarter of next year.
Zuckerberg said he and others expected that increased revenue growth in e-commerce at the start of the COVID-19 pandemic would be permanent, pushing him to invest in Meta's interests heavily. But with the economic downturn, increased competition, and difficulties with online advertising, the company's revenue sank much lower than anticipated.
The company has already spent $36 billion on its Reality Labs division since 2019, putting capital into what is believed to be an unprofitable sector of Meta. At a 2022 shareholders meeting, executives projected that the company would continue to operate at a loss for three or five more years.
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