“Moving Fast”, “Building Great Things” and “Live in the Future” were among the new Meta Inner Values introduced by Meta Mark Zuckerberg on Tuesday, as the company grapples with the growing pains in its pivot toward virtual reality and “metaverse.”
Speaking at a comprehensive meeting on Tuesday, the CEO revealed a number of new logos and internal branding changes at the company, which was previously called Facebook social networking site.
in the post Mutual On his private Facebook page, Zuckerberg said Meta is now a “metaverse company, building the future of social connectivity” rather than primarily a social media company. The company now too Connection Its employees are “metamates,” which according to one executive is a reference to the naval motto “ship, ship’s companion, self.”
After the last name change, Zuckerberg said he wanted to recalibrate the company’s policies and values - which have not been updated since 2007. He also encouraged workers to “focus on the long-term impact” – possibly a signal to investors’ concerns about the immediate fallout from the hub.
“Focusing on long-term impact,” he wrote in his letter, “emphasizes long-term thinking and encourages us to extend the timeline for the impact we have, rather than improve near-term gains.” “We must tackle challenges that will be most impactful, even if the full results are not seen for years.”
The meeting comes as employees Confrontation The company’s rapid transformation away from the social media business it spent decades building. Engineers at Instagram and Facebook have reportedly been encouraged to apply for jobs in the company’s artificial reality and metaverse divisions, and Meta has hired thousands of new workers from rival companies like Apple.
Employees aren’t the only ones who are afraid of changes: Investors are also cautious. dead stock Take a historical plunge After its latest earnings report, which resulted in the company losing more than $230 billion in market value.
But Zuckerberg appears to remain steadfast in his belief that the metaverse is a worthwhile project, and has already invested $10 billion in the project. On a recent earnings call, he assured investors: “I am pleased with the momentum and progress we have made thus far and am confident these are the right investments for us to focus on moving forward.”
Meta not only changed the internal rules, but also changed the external brand. On Tuesday, it said it had renamed News Feed — one of its most popular products — changing the name to simply “Feed.”
It also announced on Tuesday that it has officially acquired Kustomer, a customer service management platform (the acquisition has been in the works since it was announced in November 2020).
As part of the proposed settlement, which still has to be approved by a judge, Meta has agreed to delete all data it “improperly collected” during that time. The company, which generated $39.37 billion in revenue in 2021, will pay $90 million to users who have sued, after deducting attorney’s fees.
“Reaching a settlement in this case, which is more than a decade old, is in the best interest of our community and our shareholders and we are pleased to move past this issue,” Meta spokesperson Drew Pusatri said in a statement. Tuesday.
The Associated Press contributed to this report
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”
First Republic shares fall as Yellen says it is not considering “universal insurance” on bank deposits
How NFTs Are Taxed: The IRS Plan
Pay for Large Deposit Insurance on Capitol Hill