MongoDB's stock price plummeted by 27% on Monday, hitting a low point not seen in nearly two months.

The reason is that Meta removed MongoDB, who was then the President and CEO, Chirantan, " CJ " Desai, and appointed him to be in charge of a new enterprise, the AI platform. Mark Zuckerberg, the CEO of Meta, stated that this will become the company's "next major business pillar."

This new department is where Meta attempts to sell its AI tools and infrastructure from its business technology stack to corporate clients.

In a post on X, Zuckerberg wrote: “CJ is an experienced corporate leader with an outstanding track record in building full-stack software and delivering results in the areas of AI, infrastructure, business applications, and security. He has a wide range of industry connections, and we look forward to working with him.”

Meta has always been at the forefront of consumer-grade AI trends, centered around its newly released personal agent Muse. The successful launch of Muse has triggered a reshuffle in AI transactions.

Desai did not serve in MongoDB for a long time; the entire tenure was approximately only 11 months. However, before joining MongoDB, he had worked at several well-known corporate platforms for many years, including nearly 8 years at ServiceNow and 1 year at Cloudflare.

By hiring him, Meta conveys a clear message: the company is making a major bet on enterprise software and is willing to achieve this goal by poaching top talents.

MongoDB's stock price tumbled due to news of his resignation, indicating that investors are taking into account the new threat posed by Meta to the corporate platform. These software companies were already hit earlier this year by the "SaaSpocalypse" driven by AI, and now they face a new threat from leaders of large technology companies, while Wall Street's confidence in Meta has just largely recovered after its high-profile debut in Muse.

Desai stated in a post on LinkedIn that, in his view, the next wave of technological innovation will see companies of all sizes utilizing AI to reshape entire work processes, and Meta is likely to be at the forefront of this transformation.

“Meta has a rare advantage in this transformation: an advanced AI model, large-scale infrastructure, and an agent that is integrated with an ecosystem that has already helped millions of advertisers and hundreds of millions of enterprises grow and succeed,” he said. “Combining these advantages creates an opportunity to build a brand-new enterprise platform.”