Meta Loses Veteran Exec Behind Instagram and WhatsApp Acquisitions

Meta Platforms Inc (NASDAQ:META) corporate development Vice President Amin Zoufonoun will take a break after almost 12 years, he said in a post on Facebook.
Zoufonoun was instrumental in the acquisitions of Instagram, WhatsApp, and Oculus.
"Strategic technology deal work is pretty intense, and I have been doing it for close to two decades now, which is why I want to take a break for a bit before even thinking about what to dive into next," he said.
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The acquisition strategy helped propel Meta to its current dominance in social media, Bloomberg reported.
It has also attracted intense antitrust scrutiny, especially around the deals for the photo-sharing app Instagram and messaging service WhatsApp, which the U.S. Federal Trade Commission is seeking to unwind.
The Competition and Markets Authority ordered Meta to sell Giphy on antitrust grounds.
Meta's top product design executive, Vice President Margaret Stewart, said she would depart in mid-November after more than ten years at the company.
Meta CEO Mark Zuckerberg seeks to reorganize teams and reduce the social media company's headcount.
The company's cost cuts and hiring freeze reflect that advertising revenue growth is slowing at Meta.
Price Action: META shares traded higher by 0.59% at $134.01 premarket on the last check Thursday.