Meta Platforms Inc. spokesperson Andy Stone said in a tweet that a report on Chief Executive Officer Mark Zuckerberg stepping down next year was false.

News website The Leak earlier on Tuesday reported that Zuckerberg was set to resign in 2023, citing an unnamed insider source, Reuters reported.

In November, Meta Platforms Inc had announced it would cut more than 11,000 jobs, or 13 percent of its workforce, in one of the year’s biggest layoffs as the Facebook parent battles soaring costs from its push into the metaverse amid a weak advertising market.

The mass layoffs, the first in Meta‘s 18-year history, follow thousands of job cuts at other major tech companies, including Elon Musk-owned Twitter and Microsoft Corp.

The pandemic-led boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation and rapidly rising interest rates.

“Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” Chief Executive Officer Zuckerberg said in a message to employees, adding, “I got this wrong, and I take responsibility for that.”

The company also plans to cut discretionary spending and extend its hiring freeze through the first quarter. But it did not specify the impacted regions or the expected cost savings from the moves.