Facebook’s (now Meta) top executive David Marcus has decided to leave the company by year-end after submitting his resignation. David Marcus was the head of crypto assets at Facebook and one of the key executives behind Facebook’s crypto asset and wallet Diem.
“While there’s still so much to do right on the heels of launching Novi — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me…,” Marcus wrote in a Facebook post.
Marcus had joined Facebook after leaving his presidential position at PayPal in August 2014. At the time, he was appointed as the vice president of Facebook’s Messenger app. In 2018, Marcus went on to lead the company’s financial products in mid-2018.
While there’s still so much to do right on the heels of launching Novi — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it. (2/7)
— David Marcus (@davidmarcus) November 30, 2021
In 2019, Facebook put forward its plans to introduce cryptocurrency Libra (now Diem) and digital wallet Calibra (now Novi) and said that it plans to release both projects by 2020. However, the project met with intense scrutiny and pressure from regulators, resulting in Facebook’s postponing the launch.
Commenting on the post made by Marcus, Meta (Facebook) founder and CEO Mark Zuckerberg said:
“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. You’ve built a great team, and while I’ll miss working with you, I’m looking forward to working with Stephane to lead the team going forward.”