Nick Clegg, the previous British deputy prime minister, has stepped down from his submit as president of world affairs and communications at Meta, having offered nearly $19m (£15m) value of the tech big’s shares throughout his six-year tenure.
Clegg, 57, nonetheless retains near 39,000 Meta shares, value round $21m on the present market worth. His whole pay bundle on the proprietor of Fb, Instagram and WhatsApp has not been publicly disclosed. He shall be succeeded by his deputy, Joel Kaplan, a former member of George W Bush’s administration and extensively seen as probably the most distinguished conservative affect on the firm.
Clegg’s exit has sparked recent hypothesis about his subsequent transfer, with allies suggesting he might tackle a job in synthetic intelligence. He has been essential of regulating AI, aligning extra intently with the stance of Tony Blair, one other former prime minister, who has championed AI’s potential to remodel public companies. Clegg argued final 12 months that an excessive amount of consideration was being paid to the dangers somewhat than the alternatives of the know-how.
Pals say Clegg, who returned to London in 2022, is open to a public or personal sector function in Europe. His spouse, Miriam, is alleged to have political aspirations of her personal and lately established a thinktank in Spain.
Clegg’s determination to be part of Fb in 2018, shortly after receiving a knighthood, was met with criticism given his distinguished function within the pro-Stay marketing campaign and the Individuals’s Vote motion. He defined on the time, through a Guardian column, that he noticed no level in prolonging his political engagement at house as soon as he had dedicated to relocating to Silicon Valley.
Filings with the US Securities and Alternate Fee (SEC) present Clegg’s most up-to-date Meta share sale came about in November, valued at round $4m. His tenure on the firm coincided with intense political stress over knowledge safety, faux information, and regulatory oversight points. Nevertheless, that interval has proved profitable for the previous chief of the Liberal Democrats, who guided his get together into coalition with David Cameron’s Conservatives in 2010, solely to lose his seat in 2017.
In a parting submit on Fb, Clegg described his time at Meta as “the adventure of a lifetime”, saying he’s proud to have helped be sure that innovation goes hand in hand with “transparency, accountability” and “new forms of governance”.
