MongoDB stock tanks after Meta poaches CEO

MongoDB ( MDB ) stock is falling after Meta ( META ) hired MongoDB CEO Chirantan "CJ" Desai to lead the new Meta Enterprise Platform.

"Meta Enterprise Platform will use our strengths that few other companies have: advanced models, leading agents, large-scale infrastructure, and years of working closely with many businesses," Meta CEO Mark Zuckerberg stated in a press release. "Initially, we will focus on bringing our full technology stack, including the Muse agent, Meta Business Agent, Muse API, Muse Code, and more to businesses and developers to help them grow."

MongoDB addressed the departure, naming company veteran Dev Ittycheria as interim president and CEO. Ittycheria served as MongoDB president and CEO from 2014 to 2025.

The company provides servers and a platform to help enterprises store and manage large amounts of data. "MongoDB's business is strong, and there is no better person to take on the role of President and CEO in the interim than Dev Ittycheria," Tom Killalea, chairman of the board of directors, stated in a press release. "He knows this company deeply, has remained an involved and active executive board member over the past year, and will step in immediately to ensure a seamless transition."

This post may be updated with further developments.