David Marcus has left Novi and Facebook
David Marcus has left Novi and Facebook
Fintech

David Marcus has left Novi and Facebook

By Stefania Stimolo - 1 Dec 2021

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David Marcus, one of the top executives of Meta Platform Inc (formerly Facebook) and the co-creator of the digital currency Diem (formerly Libra) and the wallet Novi, will leave the company after 7 years.

David Marcus, a 7-year history at Facebook

David Marcus is a big name when it comes to Facebook, Mark Zuckerberg’s company that has now become Meta.

Joining the tech giant in 2014 from PayPal Holdings Inc, Marcus initially ran the Messenger service, before moving to the company’s Blockchain division in 2018.

Marcus reportedly built Novi, the company’s digital wallet that launched in October, but more importantly he is also the co-creator of Diem, Facebook’s digital currency formerly known as Libra.

Diem (formerly Libra) wants to be a way for people to send money across borders, but its project, unveiled in 2019, has been subject to delays and setbacks on its debut, due in part to issues with lawmakers and regulators, but also to arguments brought up by partners.

In short, to date Diem has not yet been officially launched and this departure by Marcus could make Meta’s digital payments project even more uncertain and vulnerable.

David Marcus Facebook
Meta is the new name of Facebook

David Marcus creates Novi but resigns from Facebook

More than on Diem, the focus is on the launch of the Novi digital wallet, which was overseen in detail by its creator Marcus and only took place last month.

In this regard Marcus said:

“While there’s still so much to do right on the heels of hitting an important milestone with Novi launching — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it”.

The Meta executive expects to leave the company by the end of the year, and his successor seems to already be known. It is Stephane Kasriel, the former CEO of Upwork Inc. who joined Meta in August 2020, who will take over Marcus’ role leading Novi and other payment projects.

Jack Dorsey’s resignation from Twitter

Staying in the social networks space, besides the news about Marcus, Twitter co-founder Jack Dorsey also resigned as CEO of the company this week. 

Dorsey co-founded Twitter in 2006, along with Noah Glass, Biz Stone and Evan Williams, and has since been replaced several times in the role of CEO, while still remaining the best-known face of the social network.

After a rich letter of thanks published on his official channel, Dorsey would now seem to have more time to devote to all those Bitcoin-related projects that we know he has been involved in for years.

Such as his other company Square, of which he remains CEO and co-founder, or other projects such as tbDEX, a decentralized exchange.

 

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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