‘Living in the future’: Mark Zuckerberg revamps company values ​​as Meta faces investment issues, Technology News

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CEO Mark Zuckerberg has revamped the values ​​of the Meta company as it faces investment problems.

Touting the pivot and a holistic approach, he unveiled a corporate overhaul after its shares posted the biggest one-day drop in market value.

The huge drop, wiping more than $200 billion from Meta’s market capitalization and roughly $29 billion from CEO Mark Zuckerberg’s net worth, has spread to the wider tech sector and dragged the market down. Nasdaq Composite Index.

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“‘Focusing on long-term impact’ emphasizes long-term thinking and encourages us to extend the timeline of the impact we have, rather than maximizing short-term gains,” said writes Zuckerberg in his article.

“We must tackle the challenges that will have the most impact, even if the full results will not be visible for years.”

Zuckerberg has an iron grip on Facebook Inc. He owns the majority of the company’s voting shares, controls its board of directors, and surrounds himself with more and more executives who don’t seem to question his vision.

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

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

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

“Meta, Metamates, Me is about being good stewards of our company and our mission,” Zuckerberg wrote.

“It’s about taking care of our business and others.”

Facebook last reworked its professed values ​​in 2007, according to the co-founder and head of the company.

Critics derided Facebook’s rebranding as an attempt to distract from an avalanche of damaging revelations from whistleblower Frances Haugen.

The “Facebook Papers” revealed numerous instances where researchers and grassroots workers uncovered deep-rooted issues that the company then overlooked or ignored.

(With agency contributions)

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