The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. Meta CEO Mark Zuckerberg said the social-media giant will make 2023 the year of efficiency and signaled that more layoffs could be in the offing as. On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article.
So, Zuckerberg probably has a winner on its hands with Threads and that’s positive for Meta Platforms’ stakeholders.Īll in all, this ongoing story should benefit Meta Platforms in 2023’s second half, so be prepared for META stock to easily reach $350 before the year is over. Meta Platforms stands to gain massive revenue if Threads can capture market share from Twitter.Īnd, as the old saying goes, practically any publicity is good publicity. The rivalry between Zuckerberg and Musk might be considered juvenile, but there’s a lot of money at stake here.
In response, Zuckerberg tweeted a cartoon image depicting one Spider-Man pointing at another Spider-Man. Musk recently tweeted, “I’m sure Earth can’t wait to be exclusively under Zuck’s thumb with no other options.” Then, Musk proposed a cage-fighting match with Zuckerberg. Most importantly, Meta Platforms and Threads should benefit from the publicity as the rivalry and between Zuckerberg and Musk heats up. Threads now has an opportunity to capture some market share if disgruntled users and advertisers leave Twitter. For example, under Musk’s leadership, users can simply buy blue check marks on Twitter, instead of having to earn them as influencers.įurthermore, Twitter reportedly experienced an outage and then imposed a temporary limit on the number of tweets that Twitter’s users could read. He added that based on his life experience, transitioning to a four-day work week all the time would not be productive.Why would so many users potentially abandon Twitter in favor of Threads? Perhaps, it’s because they don’t like the way Musk is running Twitter. Mark Zuckerberg’s Meta is laying off another 10,000 people and instituting a further hiring freeze as part of the company’s Year of Efficiency. 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. The Meta CEO told the company's annual meeting that some products wouldn't be ready for 15. Zuckerberg’s own wealth dropped by $31 billion. Mark Zuckerberg told shareholders that creating the metaverse will bleed money for three to five years. 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 billion of value in a single day. Like other businesses, Meta has been trying to slash costs because it hasnt been making as much money as expected.
Meta’s Instagram app has a copycat of TikTok called Reels, which the company is now prioritizing.Įmployees were glued to the stock price. Metas stock jumped nearly 19, to 182.50 per share, in after-hours trading. 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, attempting to lighten the mood 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 authorized to speak about it. The Meta CEO told employees earlier this month that they were competing with Apple to determine what direction the internet should go in, according to a recording of his comments during an. Peter Thiel to Leave Meta Board to Pursue Trump Agenda Meta Renews Warning to EU It Will Be Forced to Pull Facebook Ottawa Declares Emergency as Protests Spin ‘Out of Control’ We’re Fine Without Facebook, German and French Ministers Say (Bloomberg) - Mark Zuckerberg quipped that if he started to cry, it wasn’t because of the day’s news.Īmazon Is Raising Base Salary Cap to $350,000 From $160,000
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