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Management change for Meta

The CEO of Meta (Facebook) may step down from the helm next year due to pressures on the company’s accounts and investments deemed misguided, according to a source at The Leak.

Meta could change its CEO

Tough times for Mark Zuckerberg, who is facing investor backlash because of his strong stance on investments in the Metaverse direction. 

For years the CEO has been investing Facebook’s resources in programming the metaverse, a huge virtual parallel world that will be the digital Agora of the future. 

The results of human and especially economic resources aimed at this end are lagging behind, and this had progressively undermined shareholder confidence. 

The straw that broke the camel’s back was precisely the latest quarterly report. 

In earnings for Q3, for the first time in its history Meta (Facebook) reported a setback and this triggered a series of reactions. 

Investor outrage has resulted in a formal protest translated according to reports in the Financial Times into a harsh letter of protest from Brad Gerstner of the Altimeter Capital fund, which holds hundreds of millions of dollars worth of shares in the company. 

Zuckerberg is charged with being too stubborn in his investment behavior related to the metaverse and is asked to pursue some suggestions hinting that change is urgently needed.

The charge letter suggests the social genius 

“limit investment in the metaverse and Reality Labs to no more than $5 billion annually.”

Meta’s shares have fallen in value by more than 70% since its peak, and this has cornered the company’s founder, who is reportedly contemplating leaving the leadership position at the earliest.

In Zuckerberg’s mind in the wake of what all the big companies that have run into disappointing quarterlies are doing is reorganizing the corporate machine. 

The goal is to be smarter, more profitable and cost containment. Hence the decision to lay off thousands of employees.

Corporate performance does not satisfy shareholders

The rumor that the CEO wants to leave the helm of the ship, however, has been denied by META communications chief Andy Stone. 

Andy Stone is a highly contrasted and often criticized figure, which still leaves doubt about the fate of the CEO, famous for the criticism he received for his decision not to ban death wishes on Facebook for Russian soldiers in Ukraine.

At the time, Stone explained:

“Because of the Russian invasion of Ukraine, we are tolerant of forms of political expression that would normally violate our rules on violent speech such as ‘death to the Russian invaders.”

Meanwhile aggravating the corporate situation came a subpoena for Facebook for collecting personal data to send targeted advertisements to users. 

Technology and human rights activist Tanya O’Carroll supported by the law firm Awo, has filed a lawsuit in the High Court in London against Meta’s “surveillance advertising.” 

Article 21 of the UK’s General Data Protection Regulation (GDPR) protects citizens’ ability to protest the processing of their sensitive data in order to optimize Adv.

Tanya O’Carroll told the BBC the following:

“With this case, I’m really using this right all along in the law books, but so far it hasn’t been exercised, which is simply saying ‘I object’, and if we are successful in that then everyone will have that right.”

She is echoed by Awo who adds:

“A win could set a precedent for millions of search engine or social media users in the UK and EU who have been forced to accept invasive surveillance and profiling to use digital platforms.”

Meta’s response threw water on the fire by explaining:

“We know privacy is important to our users and we take it seriously. That’s why we build tools like privacy controls and ad preferences, where we explain what data people have shared and show how they can exercise control over the type of ads they see.”

George Michael Belardinelli
George Michael Belardinelli
A former corporate manager at Carifac Spa and later at Veneto Banca Scpa, blogger and Rhumière, over the years he has become passionate about philosophy and the opportunities that innovation and the media make available to us, in particular the metaverse and augmented reality