Mark Zuckerberg is a foul chief who has surrounded himself with sycophants whereas falling sufferer to the “risks” of “chasing cash” and “being the wealthiest man round,” based on a senior fellow at Harvard Enterprise College.
Invoice George, who was CEO of the medical expertise firm Medtronic earlier than taking over his fellowship at Zuckerberg’s former college, mentioned that the Meta boss is “persevering with to derail” his agency.
“I believe, frankly, the wealth went to his head,” George told Yahoo! Finance.
George mentioned Zuckerberg, whose internet value is pegged by Forbes at $60.8 billion, is responsible for Fb dropping its market share to upstart rival TikTok.
“I believe Fb shouldn’t be going to do effectively so long as he’s there,” George told CNBC Make It.
“He’s probably one of many causes so many individuals are turning away from the corporate. He’s actually misplaced his means.”
The Publish has sought remark from Meta Platforms Inc.
George — the writer of “True North: Main Authentically in At present’s Office, Rising Chief Version” — advised Yahoo! Finance that Zuckerberg erred by pushing out his longtime COO and No. 2 Sheryl Sandberg.
“He has Sheryl Sandberg there. He had some senior mentors on the board. He pushed all of them out.”
Sandberg introduced in June she is leaving the corporate she helped construct into a world phenomenon. Sandberg will stay on Meta’s board of administrators.
“He’s bought a gaggle of younger individuals which might be extra like Mark’s followers,” George mentioned. “It’s too unhealthy that Mark is absolutely derailing proper in actual time.”
When requested what Zuckerberg must do in a different way, George replied: “A corporation wants to obviously say: ‘That is what we stand for. You might disagree, however that is what this firm stands for.’”
“And I believe he actually has harm lots. And admittedly, younger individuals are transferring away from Fb.”
George mentioned Zuckerberg falls below the class of enterprise leaders who sacrifice their values and beliefs within the pursuit of maximal revenue.
Zuckerberg co-founded Fb whereas he was a pupil at Harvard in 2004 earlier than dropping out to construct the social media web site.
Underneath his management, the corporate has massed almost 3 billion customers worldwide. Its market capitalization as of Monday stood at $454 billion.
However Fb, which has been rebranded as Meta to deal with its growth into the metaverse, has seen its inventory worth fall by greater than 55% because it reached an all-time excessive final 12 months of near $384 a share.
As of 1:20 p.m. Japanese time on Monday, Meta’s inventory worth was down 1.47%. It was buying and selling at simply south of $169 a share.
Earlier this 12 months, Zuckerberg indicated that his firm would start to purge itself of staff who didn’t meet stringent manufacturing requirements.
Meta put in place a freeze on new hires and reduce down on prices. The newest earnings numbers present that second-quarter gross sales fell 1% from the identical interval final 12 months whereas working income fell by 32%.
The surge in recognition of TikTok has pressured Meta subsidiary Instagram to undertake adjustments to its platform that might mimic the video-sharing app.
However social media influencers who command audiences of thousands and thousands on Instagram have chafed on the proposed tweaks to the service.