Facebook Has ‘Outsized Role’ in Libra Now, Marcus Says, Will Take ‘Backseat’ Later

Facebook has publicly tried to distance itself from the Libra digital currency it is creating, signing up more than two dozen companies to help run an organization to manage the currency called the Libra Association. But behind the scenes, Facebook has exerted early influence over the makeup of the association by hiring the handful of executives who already work there, The Information has learned. 

Facebook hired and is currently paying the salaries of the roughly half-dozen employees working for the Libra Association, confirmed David Marcus, the Facebook executive leading its Libra efforts in a wide-ranging interview with The Information on Thursday. Those hires include the association’s deputy managing director, head of policy, head of product and others. Meanwhile the other companies participating in the association—which include Uber and credit card giant Visa—have yet to elect a board or managing director to oversee it.