DailyBusinessNews.com

December 2, 2022

Facebook’s parent company Meta denied a report that CEO Mark Zuckerberg plans to resign next year. 

The Leak cited an unnamed source in reporting that Zuckerberg chose to step down himself. 

The report and denial come as Meta faces financial struggles amid high inflation and a potential recession in the near future. 

He also said the company will cut discretionary spending and extend a hiring freeze through the first quarter of next year. 

Zuckerberg said he and others expected that increased revenue growth in e-commerce at the start of the COVID-19 pandemic would be permanent, causing him to invest Meta’s interests heavily. But an economic downturn, increased competition and difficulties with online advertising caused the company’s revenue to be much lower than expected. 

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