META has described rumors that the company’s billionaire CEO Mark Zuckerberg plans to resign as “false”.

According to the British “Daily Mail” report, insiders revealed that the 38-year-old has decided to resign as the head of META, the parent company of Facebook and Instagram.

The decision “will not affect” Zuckerberg’s multibillion-dollar virtual reality project Metaverse, which has cost the company at least $30 billion, they said.

On Tuesday, however, the company’s communications officer, Andy Stone, tweeted that the rumors were false. He simply tweeted: “This is fake.”

The rumors come after the company recently announced that it was laying off a large number of employees due to declining corporate profits.

Investors and analysts have blamed the company’s downfall on Zuckerberg and other executives turning their attention to the Metaverse, which has yet to generate enough interest.

Shares of the social media giant have fallen nearly 70% in the last year but are trending higher after the report.

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