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 $31 billion. 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. Meta’s Instagram app has a copycat of TikTok called Reels, which the company is now prioritizing.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, 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. 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 Last week, the social media giant announced its own new large language model, LLaMA, stating that its models are different to its rivals because they openly available to researchers and that they are smaller and less expensive to use than larger models.(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 “We have a lot of foundational work to do before getting to the really futuristic experiences, but I’m excited about all of the new things we’ll build along the way.” “We’re exploring experiences with text (like chat in WhatsApp and Messenger), with images (like creative Instagram filters and ad formats), and with video and multi-modal experiences,” he said. Zuckerberg said the new team would build “creative and expressive” tools to be used inside Meta’s products. The new group will be organized under current Chief Product Officer Chris Cox. Subscribe to Charged Retail for freeĬlick here to get the latest retail tech news free in your inbox each day Meta founder Mark Zuckerberg said the unit will combine several teams across the company, he wrote in a Facebook post. It comes after a wave of tech firms including Microsoft and JD.com moved to edge into the space after OpenAI released ChatGPT to much acclaim. Generative AI tools allow computers to write copy and create other media that resembles a human. Meta is creating a new product team to focus on generative AI similar to that of OpenAI’s ChatGPT and Google Bard.
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