Meta Platforms’ Crypto Boss Is Leaving. What It Means for the Stock.

Barrons2021-12-01

Meta Platforms,parent of Facebook, is losing its top crypto executive. David Marcus, head of Meta’s (ticker: FB) digital-wallet division, announced on Twitter that he plans to leave the company at the...

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Veldora
2021-12-01
Veldora
The stock will bear temporary.

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What It Means for the Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-01 15:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/meta-platforms-crypto-boss-is-leaving-what-it-means-for-the-stock-51638305405?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Meta Platforms,parent of Facebook, is losing its top crypto executive.\nDavid Marcus, head of Meta’s (ticker: FB) digital-wallet division, announced on Twitter that he plans to leave the company at the...</p>\n\n<a href=\"https://www.barrons.com/articles/meta-platforms-crypto-boss-is-leaving-what-it-means-for-the-stock-51638305405?mod=hp_DAY_Theme_1_1\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.barrons.com/articles/meta-platforms-crypto-boss-is-leaving-what-it-means-for-the-stock-51638305405?mod=hp_DAY_Theme_1_1","article_id":"1167354794","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1167354794","pubTimestamp":1638344268,"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"Meta Platforms,parent of Facebook, is losing its top crypto executive.\nDavid Marcus, head of Meta’s ","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"Meta Platforms的数字货币老板要离开了。对股票意味着什么。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FB":0.9},"content_text":"Meta Platforms,parent of Facebook, is losing its top crypto executive.\nDavid Marcus, head of Meta’s (ticker: FB) digital-wallet division, announced on Twitter that he plans to leave the company at the end of 2021. Marcus said that his “entrepreneurial DNA” had been nudging him to depart. He’ll be replaced by Meta executive Stephane Kasriel.\n“We wouldn’t have taken such a big swing at Diem without your leadership, and I’m grateful you’ve made Meta a place where we make those big bets,” wrote Meta CEO Mark Zuckerberg on Marcus’ Facebook page.\nMarcus spearheaded Novi, a digital-wallet and payment system that the company launched in October. It’s designed for international money transfers, initially using a stablecoin called Pax Dollar (USDP), a cryptocurrency pegged in value to the U.S. dollar. Meta says it plans to integrate Novi into its Messenger and WhatsApp platforms soon.\nNovi is only one piece of Meta’s crypto strategy. The other big one is Diem, a stablecoin under development with a consortium of other companies, including Uber Technologies (UBER),Coinbase Global (COIN), and Spotify Technology (SPOT).\nDiem, formerly called Libra, has been slow to launch. The Diem association has been working with banking regulators in the U.S. and abroad to win approval for its token. Marcus represented Meta on the Diem Association board and met with Biden Administration officials about the digital tokenin September, according to a Washington Post report.\nDiem seems to be bogged down with regulators, however. The association is working with Silvergate Capital (SI) to issue the U.S.-dollar based tokens, partnering with its federally chartered bank, Silvergate Bank. But Treasury officials seem wary, expressing concern that the Diem token could undermine the stability of the financial system, according to the Post.\nMarcus was a big crypto advocate at Meta. He testified before the Senate in 2019, making a case for Libra (which was to be backed by a basket of fiat currencies). Just a few days ago, he plugged Bitcoin, noting on Twitter that with inflation at 6.25%, $100,000 today would be worth $54,800 in 10 years.\n“Compounding is a powerful force,” he tweeted. “Satoshi is having [popcorn] somewhere right now,” he added, referring to the anonymous inventor of Bitcoin, Satoshi Nakamoto.\nMeta has lost a couple other executives involved in Novi and Diem over the past 18 months. The company is also struggling with an employee backlash against some of its business practices, following damaging Congressional testimony and documents leaked by whistleblower Frances Haugen.\nSome analysts view Marcus’ departure as a sign that Meta may have trouble retaining top talent at a critical juncture. The company is now pivoting to the “metaverse,” a new virtual-reality realm for commerce, socializing, and gaming, aiming to shift its corporate strategy from its core social media platform, Facebook.\n“My gut feeling is that Mark’s focus now is the metaverse, which is bigger than digital payments,” said Needham analyst Laura Martin in an interview. “He started on the currency side, but he’ll spend $10 billion on the metaverse, which isn’t just payments. It’s not good that he’s losing people, and it’s more expensive to hire now.”\nMartin has a Hold rating on the stock, partly due to concerns about the high cost of the metaverse initiative.\nA spokesman for Meta declined to comment, referring Barron’sto Marcus’ Twitter feed.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":603907793,"gmtCreate":1638348457894,"gmtModify":1638348459107,"author":{"id":"3580473686930895","authorId":"3580473686930895","name":"Veldora","avatar":"https://static.tigerbbs.com/2c60768e017f3418615cd7dea3a291ec","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"The stock will bear temporary.&nbsp;","listText":"The stock will bear temporary.&nbsp;","text":"The stock will bear temporary.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603907793","repostId":1167354794,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":16,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.25.1","shortVersion":"4.25.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1167354794"}