Meta appears to be planning to sell its Diem project. According to Bloomberg sources, the corporation is considering liquidating any assets tied to its stablecoin in the hopes of recouping its investment.
Is Meta looking to sell Diem?
According to Bloomberg, Diem is in talks with investment bankers to figure out the best approach to sell its intellectual property and monetize the project’s value.
Diem’s pricing is unknown, and there is no certainty that it will ever find a buyer. According to the portal’s source, about a third of the venture is owned by the Finish Line. The remaining shares are owned by association members and Diem partners, including Coinbase Global, Uber, and Shopify.
However, why does Meta make this choice? This is partly because Diem was initially confronted with a barrage of government criticism.
The concept was initially announced on June 18, 2019, when Diem was given the name Libra. The Libra Association was founded in Switzerland, not the United States, and it is owned by Facebook (now Meta) and plenty of other businesses.
The problem is that the news of the project’s launch provoked an immediate reaction from the US government and regulators around the world. These cited concerns about privacy and monetary sovereignty.
Mark Zuckerberg, the CEO of Facebook, and David Marcus, the former CEO of Libra, both testified before the United States Financial Services Commission in the case. Politicians charged them with demonstrating that their organization was already capable of handling client data with care.