Facebook Loses $200 Billion In A Single Day

Facebook Loses $200 Billion In A Single Day

[:en]Facebook CEO Mark Zuckerberg speaks about "News Tab" at the Paley Center, Friday, Oct. 25, 2019 in New York. The new feature in the Facebook mobile app will display headlines — and nothing else — from the Wall Street Journal, the Washington Post, BuzzFeed News, Business Insider, NBC, USA Today and the Los Angeles Times, among others.(AP Photo/Mark Lennihan)[:]

Chief Executive Officer of Meta (Facebook) Mark Zuckerberg has revamped Meta’s company values as it
faces investment concerns.

Touting pivot and an all-hands approach, he has unveiled a company overhaul after its shares had the biggest single-day slide in market value. The huge drop, erasing over $200 billion from Meta’s market capitalization and around $29 billion from Chief Executive Officer Mark Zuckerberg’s net worth, spilled over to the broader technology sector and dragged the Nasdaq Composite Index lower.

‘Focus on long-term impact’ emphasizes long-term thinking and encourages us to extend the timeline for the impact we have, rather than optimizing for near-term wins,” Zuckerberg wrote in his post.

“We should take on the challenges that will be the most impactful, even if the full results won’t be seen for years.”

Zuckerberg has an ironclad hold on Facebook Inc. He holds the majority of the company’s voting shares,
controls its board of directors and has increasingly surrounded himself with executives who don’t
appear to question his vision.

Meta reported a decline in daily active users from the previous quarter for the first time as competition
with rivals like TikTok, the video sharing platform owned by China’s ByteDance, heats up.

“As we build the next chapter of our company as Meta, we just updated the values that guide our work”
Zuckerberg wrote.

Meta’s new credo also calls for being direct, but respectful to colleagues, collaborating as “Metamates”

“Meta, Metamates, Me is about being good stewards of our company and mission,” Zuckerberg wrote.
“It’s about taking care of our company and each other.”

Facebook last reworked its professed values in 2007, according to the company’s co-founder and chief.
Critics have derided Facebook’s rebrand as an attempted distraction from an avalanche of damaging
revelations from whistleblower Frances Haugen.

The “Facebook Papers” revealed numerous instances where researchers and rank-and-file workers
uncovered deep-seated problems that the company then overlooked or ignored.

%d bloggers like this: