Nick Clegg, the former British deputy prime minister, has stepped down from his post as president of global affairs and communications at Meta, having sold almost $19m (£15m) worth of the tech giant’s shares during his six-year tenure.
Clegg, 57, still retains close to 39,000 Meta shares, worth around $21m at the current market price. His total pay package at the owner of Facebook, Instagram and WhatsApp has not been publicly disclosed. He will be succeeded by his deputy, Joel Kaplan, a former member of George W Bush’s administration and widely viewed as the most prominent conservative influence at the company.
Clegg’s exit has sparked fresh speculation about his next move, with allies suggesting he may take on a role in artificial intelligence. He has been critical of regulating AI, aligning more closely with the stance of Tony Blair, another former prime minister, who has championed AI’s potential to transform public services. Clegg argued last year that too much attention was being paid to the risks rather than the opportunities of the technology.
Friends say Clegg, who returned to London in 2022, is open to a public or private sector role in Europe. His wife, Miriam, is said to have political aspirations of her own and recently established a thinktank in Spain.
Clegg’s decision to join Facebook in 2018, shortly after receiving a knighthood, was met with criticism given his prominent role in the pro-Remain campaign and the People’s Vote movement. He explained at the time, via a Guardian column, that he saw no point in prolonging his political engagement at home once he had committed to relocating to Silicon Valley.
Filings with the US Securities and Exchange Commission (SEC) show Clegg’s most recent Meta share sale took place in November, valued at around $4m. His tenure at the company coincided with intense political pressure over data protection, fake news, and regulatory oversight issues. However, that period has proved lucrative for the former leader of the Liberal Democrats, who guided his party into coalition with David Cameron’s Conservatives in 2010, only to lose his seat in 2017.
In a parting post on Facebook, Clegg described his time at Meta as “the adventure of a lifetime”, saying he is proud to have helped ensure that innovation goes hand in hand with “transparency, accountability” and “new forms of governance”.
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Nick Clegg quits Meta after selling nearly $19m in shares