As Facebook’s share price continues to plummet, critics have accused Mark Zuckerberg of being ‘in over his hoodie’ and called for him to step down as CEO.
Corporate experts have suggested that the 28-year-old founder should stick to what he does best as a technological innovator and hand the CEO reins over to a more experienced executive.
And any doubts about Zuckerberg were further compounded on Thursday as the company’s stock price plunged to an all-time low dropping to $19.87 – almost half its IPO price.
''There is a growing sense that Mark Zuckerberg, talented though he may be, is in over his hoodie as CEO of a multibillion-dollar public company,'' Sam Hamadeh, head of research firm PrivCo, told the Los Angeles Times.
Hamadeh said with developments happening so quickly Zuckerberg has ‘precious little time’ to grow into his CEO role, like other company founders often can.
Following the LA Times article questioning Zuckerberg’s abilities, one Twitter user posted ''Mark Zuckerberg resign as $FB CEO immediately.’
Indeed, some of those who believe Zuckerberg to be ‘in over his hoodie’, actually blame the hoodie itself.
He famously wore sneakers and the trademark hoodie for Facebook’s first big investor meeting – a move that was slammed as immature and disrespectful to the corporate world.
Chris Whalen, senior managing director at Tangent Capital Partners in New York, told the LA Times, that the behaviour was something he’d expect of a 28-year-old.
''He''s trying to appeal to his audience instead of being responsible to his investors. His job now is to run the company,’ he said.
Other experts say Zuckerberg, who personally lost nearly $670million on Thursday, is being unfairly targeted.
His supporters argue that the stock’s dire performance is because investors now realise that Facebook’s growth potential isn’t as brilliant as they had earlier hoped and believed.