Meta officials have denied rumors that billionaire Mark Zuckerberg is planning to step down as CEO of the company he has built from the ground up.
Insiders had told The Leak that the 38-year-old has decided to step down as the head of Meta, the parent company of Facebook and Instagram.
They say the decision ‘will not affect’ the Metaverse, Zuckerberg’s multi-billion dollar virtual reality project that has lost the company at least $30 billion.
But Andy Stone, a communications official for the company, tweeted on Tuesday: ‘This is false.’
The rumors came as Facebook lays off large swaths of employees as the company’s profits sag.
Investors and analysts have blamed the company’s downfall on Zuckerberg and other executives shifting their focus to the Metaverse, which has yet to gain sufficient interest.
Share prices for the social media giant are now down nearly 70 percent over last year, but were trending upward following the report.
The report comes as investors have lost faith in the Meta CEO as he continues to push forward with his bet on the Metaverse.