Ajit Mohan’s exit as Meta Platforms Inc.’s India head coincides with a bout of negative sentiment around the company, triggered by concerns about its slowing business and mounting regulatory worries across markets.
India, home to Facebook’s highest user base, is considered important by tech behemoths after they failed to crack China. And the top executive’s exit from such a key market underscores Meta’s problems.
Meta’s user growth has stalled and it’s losing advertising revenue. Apple Inc.’s change in app store policy means the company will have to share ad revenue with it.
And Instagram Reels, touted as a challenger to TikTok, has not generated income when billions of dollars have been sunk in the metaverse. On top of all that, Meta faces competition probes across markets.
Shares of the company had surged during the pandemic-induced tech frenzy, taking its market value beyond $1 trillion. That appears to be a distant past now.
Trouble started on Feb. 4 this year when weak quarterly results triggered a $250-billion selloff for the technology giant in a day. It has since lost more than 70% of its market value.