Kunal Shah, an Indian entrepreneur, will assume responsibility for WhatsApp as part of a significant leadership transition at Meta Platforms. Additionally, the social media behemoth is investing $900 million (approximately Dh3.305 billion) in fintech startup CRED.
The agreement provides Meta with an estimated 20% minority stake in CRED and values the Bengaluru-based company at approximately $4.5 billion on a post-money basis. Shah will relinquish his position as Chief Executive Officer of CRED and become a member of Meta’s global leadership team as a condition of the agreement. He will succeed Will Cathcart, who has served as WhatsApp’s CEO for nearly seven years and is now transitioning to a new position that is dedicated to Meta’s artificial intelligence initiatives.
In a post on X, Cathcart disclosed the leadership transition, asserting that WhatsApp is currently in its most advantageous position following years of expansion. During his tenure, the messaging platform expanded its group messaging capabilities, introduced new communication tools, and supported end-to-end encrypted communication for over three billion users worldwide.
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