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☆ Mark Zuckerberg's wealth may slide $25 billion in a day as Big Tech faces $350 billion sell-off
  + stars: | 2024-04-25 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +3 min
Read previewMark Zuckerberg's fortune could shrink by $25 billion in a single day due to Meta's post-earnings slump. The cofounder and CEO of Facebook, Instagram, and WhatsApp's parent company was worth an estimated $175 billion at Wednesday's close, per the Bloomberg Billionaires Index. Zuckerberg has a stake of about 13% in Meta that was valued at around $170 billion at Wednesday's close. However, the stock price tumbled as much as 15% to $420 in premarket trading on Thursday, indicating Zuckerberg's shares are now worth $25 billion less at $145 billion. AdvertisementA $25 billion reduction in wealth in one day would be remarkable, as only the top 70 richest people in the world command fortunes of that size.
Persons: —, Zuckerberg, Bill Gates, Gates, Elon, Musk, we've Organizations: Service, Facebook, Bloomberg, Business, Microsoft, Big Tech, Meta Locations: Meta
☆ Meta's top AI scientist reportedly warned Mark Zuckerberg that Facebook and Instagram could go extinct if they didn't catch up with ChatGPT
  + stars: | 2023-12-05 | by ( Aaron Mok | ) www.businessinsider.com   time to read: +4 min
Meta's top AI scientist urged Mark Zuckerberg to make a ChatGPT rival, the New York Times reports. Yann LeCun warned that Facebook and Instagram could potentially go extinct if Meta didn't act. If Meta didn't buckle down on its AI efforts, Facebook and Instagram could go extinct, LeCun warned, according to the report. "I have been thinking about what you said," the CEO told LeCun during a dinner that evening, a person familiar told the Times. Meta didn't immediately reply to Business Insider's request for comment from Zuckerberg or LeCun.
Persons: Mark Zuckerberg, Yann LeCun, Meta, —, OpenAI, Zuckerberg, Instagram, LeCun, Meta didn't, Josh Hawley of, Richard Blumenthal, Meta wasn't, OpenAI —, didn't, Paris Hilton, Snoop Dogg Organizations: New York Times, Facebook, Meta, Service, Times, 4chan, Tech, Google, Microsoft, Paris Locations: Menlo Park , California, Josh Hawley of Missouri, Connecticut
☆ My dream job wasn't worth it: Former employees at Meta, McKinsey, and JP Morgan share how they burned out and left
  + stars: | 2023-10-29 | by ( Aria Yang | ) www.businessinsider.com   time to read: +7 min
Insider spoke to five people who left Meta, McKinsey and more on why they left and what they do now. One said he only wishes he left his $120,000-a-year finance job sooner. Lu ultimately made the decision to leave because she wanted to explore and grow in other aspects of her career, but she said leaving McKinsey came with its tradeoffs. Read more: I quit my $370K job at Meta after having panic attacks and hitting the lowest point of my life. Read more: I quit my $120K finance job and make more money with YouTube videos.
Persons: —, Vivian Tu, she's, Angelina Lu, Lu, Eric Yu, Meta, pinky, Yu, Read, Elizabeth Rosenberg, Rosenberg, Vincent Chan, Chan Organizations: Meta, McKinsey, Service, JPMorgan, McKinsey & Company, YouTube
☆ Meta's latest round of layoffs could hit as soon as this week, as the company tries to finalize headcount before Zuckerberg goes on parental leave: Bloomberg
  + stars: | 2023-03-07 | by ( Cheryl Teh | ) www.businessinsider.com   time to read: +3 min
These cuts could happen as soon as this week before CEO Mark Zuckerberg goes on parental leave. Meta already laid off 11,000 workers or approximately 13% of the company's headcount in November. This fresh round of headcount cuts is happening because of Meta's financial targets, and is separate from Zuckerberg's push for "flattening" Meta's organizational structure, Bloomberg's sources — who were granted anonymity to talk about internal matters — said. A Meta spokesperson declined to comment on further layoffs, the expected number of job cuts, and which divisions might be impacted. The spokesperson did not immediately respond to Insider's follow-up query on when these reported job cuts might happen.
☆ Apple's new App Store rules over 'boosted ads' provoke Facebook again
  + stars: | 2022-10-26 | by ( Kif Leswing | ) www.cnbc.com   time to read: +4 min
Apple recently updated its App Store Guidelines with changes that, yet again, impact Facebook's ad business. "For many years now, the App Store guidelines have been clear that the sale of digital goods and services within an app must use In-App Purchase," an Apple spokesman told CNBC. But most, like Twitter , already use Apple's in-app purchase mechanism that lists boosted posts for $9.99 on Apple's App Store. For Meta, it thinks Apple's recent clarification crosses a line in taking a piece of advertising revenue, not just app sales. Meta points to previous Apple executive statements, some made as part of the Epic Games trial over App Store rules, where it said it didn't take a cut of ads.
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