David Marcus, the leader of Facebook’s finance initiatives, has announced his departure from Meta, the parent corporation of Facebook.

Marcus is no longer with Meta

Marcus said on Twitter on Tuesday, “After a fulfilling seven years at Meta, I’ve made the difficult decision to step down and leave the company at the end of this year.”

Marcus entered Facebook as the head of Messenger in 2014, where he assisted in introducing payment services. In 2018, he was named the director of Facebook’s blockchain efforts, where he launched the Diem stablecoin and the Novi wallet, two interconnected initiatives. Marcus eventually became the CEO of Facebook Financial in 2020.

Marcus’ most recent achievement was a restricted release of the Novi wallet in October. In addition, the Paxos stablecoin was used in Novi’s first launch to facilitate transfers between Guatemala and the United States.

Facebook redesigned all of its financial products under the Novi brand soon after the debut of the Novi wallet. This was connected with Facebook’s bigger decision to rename Meta, which signaled the company’s new emphasis on Metaverse.

Diem’s Future Is Uncertain

Marcus has stepped down as the CEO of Facebook’s Novi product business, including the Novi digital currency wallet. Stephane Kasriel, a corporate executive, will take his position.

Marcus did not say whether or not he would continue to work with Diem, the Facebook-backed stablecoin. Though Novi is designed to be a wallet for the Diem coin, Diem was always a collaborative endeavor between some enterprises. Facebook only somewhat aids Diem’s operation.

As of Tuesday, Nov. 30, Marcus is still featured as a board member on the Diem Association’s website.

The announcement comes only one day after Twitter CEO Jack Dorsey confirmed his departure after more than 16 years with the firm.


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