Why MongoDB Sank Today
In a rather shocking move, MongoDB's CEO left the company to head Meta's new enterprise platform.
Overview
Shares of new-age database company MongoDB (NASDAQ: MDB) sank as much as 26.9% on Monday, before recovering to a 18.5% decline on the day.
Today, MongoDB's CEO, Chirantan "CJ" Desai, announced that he has left MongoDB to head the new Meta Enterprise Platform, which Meta Platforms (NASDAQ: META) also announced today.
Details
It's pretty shocking to see a CEO who was just one year into his tenure leave for a large Magnificent Seven company where he won't be the CEO. Therefore, it's no surprise to see MongoDB falling in the news. But is the sell-off overdone?
Source
Originally published at www.fool.com.
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