Meta Platforms Inc. (META) has denied a report that says Chief Executive Officer Mark Zuckerberg will step down next year.
Meta Platforms Communications Director Andy Stone in a tweet said: "This is false," in response to the story from the news outlet The Leak, that reported Zuckerberg was set to resign in 2023, citing an unnamed insider source.
The report and denial come as Meta struggles financially amid high inflation and a potential recession in the near future.
Earlier this month, Facebook parent Meta Platforms decided to lay off more than 11,000 employees, representing about 13 percent of its global workforce. The reductions are across both Family of Apps and Reality Labs segments.
Zuckerberg said, "At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth.... I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected. I got this wrong, and I take responsibility for that."
He also said the company will cut discretionary spending and extend a hiring freeze through the first quarter of next year.
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