![]() In the face of it all, Zuckerberg implored his employees during the meeting to focus more energy on Instagram Reels to try to respond to the "unprecedented level of competition" posed by TikTok, Bloomberg reports per an anonymous source.įacebook has, of course, tried and spectacularly failed to " pivot to video" before, and it's tempting to analyze this advice from Zuckerberg as an attempt to lay blame not on the CEO's poor business decisions but instead on the people who work for him. Indeed, the current situation at the company formerly known as Facebook seems quite grim with the Meta stock dropping more than $250 billion or 26.4 percent in market value, which is the greatest loss the company has ever seen and the greatest single-day dive in the history of the stock market to boot. The strange claim, which may or may not have been an attempt at humor, came amid a historic drop in the company's stock value, which lost a quarter of its value this week due to both a shrinking userbase and a giant projected loss of revenue, prompting investors to sell off their holdings en mass. Employee options vest on Feb 15, and annual bonuses hit in March – both of which could be factors in workers’ potential decisions to leave, according to another person familiar with the company’s plans.During a pivotal post-stock selloff meeting, Meta CEO Mark Zuckerberg gave a very bizarre reason for looking like he was, well, about to cry on camera.Īs Bloomberg reports, a red-eyed Zuckerberg told employees on a company-wide video meeting responding to the company's huge stock drop that if he began crying, it was because he'd scratched his cornea. He added that based on his life experience, transitioning to a four-day work week all the time would not be productive.įacebook employees, like many in the technology industry, tend to be heavily compensated via shares. He also encouraged exhausted employees to use their vacation days. The social media giant is thinking of extending existing three-day holiday weekends, Zuckerberg said, responding to a question on burnout. Meta is already talking about ways to retain staff amid the stock rout. Zuckerberg’s own wealth dropped by US$31bil (RM129.56bil). Others fretted about what a continued decline might mean for their net worth, according to people familiar with the matter. Some were discussing buying shares during the dip, believing in Zuckerberg’s long-term vision for the metaverse, an immersive version of the internet. Facebook lost a record $251 bil (RM1.05bil) of value in a single day. ![]() Meta’s Instagram app has a copycat of TikTok called Reels, which the company is now prioritising.Įmployees were glued to the stock price. Zuckerberg echoed his remarks of a day earlier to investors, telling employees that the social networking giant faced an “unprecedented level of competition,” with the rise of TikTok, the rival viral-video platform. ![]() It is important to focus on growing Facebook’s short-video product, he said. His red, teary eyes were the result of a scratched cornea, the Facebook founder said Thursday, rallying employees as Meta Platforms Inc.’s stock price lost more than a quarter of its value.Īt a company-wide virtual meeting, Zuckerberg explained that the historic stock drop was a result of Meta’s weak forecast for revenue in the current quarter, according to a person who attended and was not authorised to speak about it. Mark Zuckerberg quipped that if he started to cry, it wasn’t because of the day’s news.
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