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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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.