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Meta Inventory Jumps 1 % After False Report Mark Zuckerberg Resigned




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Meta CEO Mark Zuckerberg in all probability is not going anyplace. However on Tuesday, his firm’s buyers thought he was, and Meta‘s inventory rose by 1%, reports the New York Publish.

An outlet known as The Leak published a story early Tuesday during which an nameless supply stated Zuckerberg would exit in 2023 attributable to Meta’s revenue shortfall. “Info obtained by The Leak,” the article learn, “means that Zuckerberg has determined to step down himself. The choice, per our insider supply, ‘won’t have an effect on metaverse.’”

Meta’s inventory climbed 1.4% after the report was revealed.

The corporate’s Andy Stone tweeted a terse denial of the report: “That is false.”

Because the Publish famous, there are causes to imagine Zuckerberg could be reconsidering his place:

Meta shareholders have grown stressed in current months as the corporate launched into a expensive shift towards metaverse know-how regardless of a significant revenue hunch and financial headwinds. Meta’s inventory is down greater than 67% to this point this yr.

Earlier this month, Meta laid off 11,000 staff, or about 13% of its workforce, as a part of a significant cost-cutting push.

Zuckerberg is the dominant Meta shareholder, holding greater than half the shares. Given this substantial stage of energy and his dedication to the metaverse, it appears lower than probably there’s any reality to this information.

The Leak acknowledged Andy Stone’s denial however has not withdrawn its report.

Source link: www.entrepreneur.com

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