Zuckerberg’s Diem is considering selling his fortune after his stablecoin plans failed

The Cryptocurrency Initiative Meta-backed company Diem is attempting to sell its assets, seemingly ending Facebook founder Mark Zuckerberg’s grand ambitions to create a stablecoin to act as an internet currency.

Diem – formerly known as Libra – is Meta Platform’s cryptocurrency initiative. According to inside sources who spoke to Bloomberg, is considering selling assets to return capital to its investors.

That’s what the sources said Diem is in talks with investment bankers to determine the best way to sell his intellectual property and capitalize on the value of the project.

Zuckerberg’s Diem is considering selling his fortune after his stablecoin plans failed
Zuckerberg’s Diem is considering selling his fortune after his stablecoin plans failed

It’s not clear how the company will be valued, and there’s no guarantee they’ll find a buyer. About a third of the company is owned by Meta, according to the source. The rest is owned by club members and partners, including Coinbase Global, Uber, and Shopify.

Diem has been controversial in his short tenure since launching on June 18, 2019Libra, as it was then known, was to be maintained by a Swiss-based consortium of companies called the “Libra Association”.

But still, News of the project’s launch sparked immediate opposition from the US government and regulators around the world, citing concerns about privacy and monetary sovereignty. Both Facebook CEO Mark Zuckerberg and former Libra CEO David Marcus testified before the House Financial Services Committee.

At one of the hearings in July 2019 Ohio Senator Sherrod Brown asked Marcus, “Do you really think people should trust Facebook with their hard-earned money?”

“Unless our country acts, we could soon see the dominance of a digital currency controlled by others and with values ​​radically different from our own.” replied Mark.

Deterred by regulatory scrutiny, many partners began abandoning the project, including Marcus himself.. It was then renamed Diem in hopes of shaking off the massive regulatory panic that drowned out Libra’s original announcement.

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