Mercado Libre has stated that a decrease in sales among its sellers directly impacts the company's financial results and investment plans. "If our sellers sell less, Mercado Libre sells less, and obviously that affects the company's investment plans. If it affects them, it affects us," the company said through one of its spokespeople.
The friction between Marcos Galperin and Mauricio Macri over an employee, Leandro Cuccioli, has drawn attention within the company's executive circle and fueled the persistent rumor that the former president is Galperin's silent partner.
In Argentine politics, Galperin has become a permanent defender of President Javier Milei's government, with which Macri is fraught with tensions, as the president is not giving him space in his administration or considering him in key tenders and deals that Macri and his circle seek.
Cuccioli joined Mercado Libre last year, and his appointment sparked controversy in the Argentine press because, as head of the AFIP (the country's revenue agency), he had granted significant tax benefits to Galperin's companies in 2018 and 2019.
In recent days, the company has faced criticism as Galperin requested the blocking of Chinese competitors in Argentina, specifically Shein, and it was also revealed that Milei had granted new tax benefits.
The most recent episode of tension is taking place in Mexico, where Mercado Libre's founder, Marcos Galperin, wants to fire Leandro Cuccioli, who was appointed Vice President of Strategy and Corporate Development after his time in Macri's government, where he headed the AFIP.
The reason, according to sources from Mercado Libre's corporate office in CDMX, is that the company's growth targets in the region's second-largest economy are not being met. In the third quarter of this year, total revenues were below market projections, by approximately $60 million, something attributed to a stagnation in a key geography.
This is compounded by the Mexican government's decision to increase VAT and ISR withholdings for e-commerce platforms, which would affect Mercado Libre's investment and growth plans in the country.
The relationship between Argentina's richest man and former President Mauricio Macri is not going through its best moment.
