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Head of Facebook Financial Efforts David Marcus Leaves Company

David Marcus, Head of Facebook’s financial efforts, stated today that he will leave the company at the end of the year.

In the past few years, Marcus has led Facebook’s Novi crypto wallet and its other payments products. Nevertheless, it is still unclear whether he will remain involved with the Diem cryptocurrency or not. This crypto is not solely run by Facebook. He also declared that he would leave Facebook’s parent company, Meta and made the difficult decision to step down and leave the company at the end of this year.

Back in 2014, Marcus joined Facebook as the head of Messenger and helped introduce payment services there. In 2018, he became the head of Facebook’s blockchain operations, where he started two interrelated projects: Novi wallet and the Diem stablecoin. Eventually, in 2020, Marcus became the Facebook Financial Head.

In addition, David Marcus’ latest achievement was a limited launch of the Novi wallet in October. Also, Novi’s primary launch was about remittances between Guatemala and the U.S. utilizing the Paxos stablecoin.

Right after the launch of the Novi Wallet, Facebook renamed all of its financial products under the brand Novi. Also, this was related to facebook’s huge decision to rebrand Meta. 

Marcus will no longer be head of Facebook’s Novi. This product line includes the cryptocurrency wallet. Further, the company’s executive Stephane Kasriel will take his position.

Lastly, the news comes just one day after Jack Dorsey, CEO of Twitter,  announced that he would leave his position. He had more than 16 years of involvement with the company.


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