Mark Zuckerberg Disgusted With Social Media; Set To Leave Facebook Later This Year

(ET, Thursday, March 16, 2017) – Mark Zuckerberg helped to create a whole new world when he unveiled Facebook in 2004. Barely 20 years old, the fresh faced college student knew he had something special with his technological find. But even this genius had no way to predict how Facebook would change the world.

Now, just 17 years later, this 32-year-old billionaire is ready to give it all up? Why? According to those closest to the developer, Zuckerberg is disgusted with the way the public has used and abused the platform. “He wanted to create a way for people to connect; not tear them apart,” explained one colleague.

Since its inception, Facebook has enjoyed a wild ride of success. With more than 1.2 billion people logging on every single day, one would think that Zuckerberg fulfilled his dream of global connection. But, according to friends and coworkers, that wasn’t at all what Zuckerberg had in mind when he and a group of friends built the concept (and the reality) of the famous site back in their Harvard dormitory.

“What Mark wanted most was to bring the world together. It’s not good enough if it brings along some people and leaves others behind.” And when it comes to using the platform he created to bully or disparage others, Zuckerberg is completely disgusted. “He hates the way some users utilize the platform to bring others down or even to circulate false accounts of events or history.

”While Facebook itself begins a new chapter in harnessing its platform for the betterment of society, focusing on remaking the site in order to offer global connectedness while fighting isolationism and social ills. Although a manifesto recently released by Zuckerberg himself outlines a long-term plan by his company to revamp the site and “focus on social infrastructure for the community for supporting us, for keeping us safe, for informing us, for civic engagement, and for inclusion of all,” many behind the scenes say that the Facebook founder has no intention of being a part of the changes and will announce his exit from Facebook in the coming months.

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Facebook founder Mark Zuckerberg sued by shareholders over IPO

The lawsuit accuses Mr Zuckerberg, Facebook and several banks led by Morgan Stanley of hiding the company’s weakened growth forecasts ahead of its $16bn initial public offering.

The defendants are claimed to have concealed from investors during the IPO marketing process “a severe and pronounced reduction” in Facebook revenue growth forecasts.

The news comes as Morgan Stanley, the bank in charge of the IPO, is being investigated over possible securites fraud.

The US bank has been accused of failing to warn smaller investors of a more negative assessment of Facebook’s future profits.

It is claimed that several major investors had been pre-warned that a Morgan Stanley analyst had cut the amount of money he expected Facebook to make.

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Sorry, Mark Zuckerberg, but I’ve got a bad case of Facebook fatigue

Possibly I should be wary of criticising Facebook, in case my actions jeopardise whatever hopes there may be of its boss, Mark Zuckerberg, bailing out the eurozone. (He could probably do it, too. The man uses $100 bills as cat litter.)

But, all the same, I’m going to do it. Facebook is past it. In a few short years it’ll be as sad and lonely a ghost town as MySpace. I don’t speak as a long-standing critic. I speak as a former addict.

Yesterday, when it was floated on the stock market, Facebook was valued at $104 billion (£65.8 billion). That’s the greatest amount of money any US company has been worth on its market debut. Evidently, there are quite a lot of people, some of them very rich, who believe that Facebook is worth investing in. I hope that after buying their shares in Facebook they’ve got some money left over, because I’m hoping they’ll also buy shares in the brilliant new company I’m about to float. It’s a unicorn sanctuary run by Santa.

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Facebook valued at $104bn on record-breaking stock market debut

The social network priced its flotation at $38 a share, valuing the company at $104bn (£65.8bn) – more than any other US company has been worth on the day of its market debut.

The busines, which was founded by 28-year old Mark Zuckerberg from his dorm room at Harvard University, raised more than $16bn in the process, marking the second biggest initial public offering there has even been. Only Visa’s was larger.

Shares in Facebook are expected to climb even higher when they begin trading on Nasdaq tomorrow, under the FB ticker, as frenzied demand from investors outweighs concerns over the long-term prospects of the business.

Mr Zuckerberg will mark the start of trading by ringing the stock exchange’s bell remotely from his California headquarters, where around a thousand Facebook staff are devoting the night to a “hackathon” – the sessions the social network runs when it wants to quickly develop a new product.

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Talking Point

Facebook still has everything to prove

By Christopher Williams

Everyone knows the Facebook script by now. Humble beginnings in a university dorm room, explosive growth, worldwide domination of social networking, culminating in a wildy successful stock market flotation and big profits all round. Right?

Maybe not. The IPO is now reportedly scheduled for June, and will doubtless ride a wave of investor excitement to wild success. But the big profits ending, already questionable, was further undermined this week by some pretty disappointing pre-flotation financials.

User growth remains strong. More than 900 million people use Facebook every month, which is undeniably very impressive. But the firm’s bottom line actually weakened in the last 12 months.

It told the Securities Exchange Commission, the Wall Street regulator, that in the three months to March 31 it made a profit of $205m. Which is nice, but not as nice as the $233m it earned in the same period last year, and just a little over 20 cents for each of its members.

Yahoo!, widely seen as an online media business in decline, meanwhile grew its profits in the quarter from $223m to $286m.

A speedbump on Mark Zuckerberg’s road toEl Dorado, perhaps, but this isn’t howSilicon Valleysuccess stories are supposed to go. Google’s profits never dipped year-on-year as it prepared to float, back in 2004.

Facebook’s financial standing look even worse compared to Google when you consider that its revenues actually rose year-on-year, from $731m to $1.06bn. That means its margin was battered in the last 12 months.

Facebook blamed its hiring of an extra 1,000 staff and big increase in its sales and marketing, and research and development spending. Google was making similar investments at the same point in its history, yet profits contuinued to soar.

It’s led some skeptical commentators to ask the question this week ‘what if Facebook isn’t so special after all?‘. What if it’s just not that profitable a business? What if its costs keep rising as it acquires new members in developing countries, who have similar storage and bandwidth demands to their Western counterparts but nowhere near the same value to advertisers? What if it never attains Google-style scalabilty and mega-profitability?

It’s unlikely that any of these questions will rain on Facebook’s $100bn IPO parade, given the anticipation among investors. But in the longer term, it still has everything to prove.

Emma Barnett is away.

Britain won’t create a Facebook until we learn to praise success

Of all the appalling confessions I have made on these pages, what follows is perhaps the most damaging. I have never used Facebook. Never in my life have I logged on or Faced up or reached out across the electronic superhighway to poke any of my Facebook friends, even if I had any. In fact, I can barely tell you what the point of Facebook is meant to be. All I can see is a foaming Pactolus of gold, splashing untold riches on anyone who goes near the thing.

As the internet start-up prepares to float for $100 billion, there are people across America who are expecting bathfuls of dosh to wash into their living rooms. The founder’s roommate is copping a billion simply on the strength of being the founder’s roommate. A web entrepreneur called Sean Parker is getting $4 billion. Even the chap who once painted the offices of the company is in line for about $100 million, they say. The poor old sore-loser Winklevoss brothers – so cruelly mocked in the film – will have the insult assuaged with $300 million. As for the man who dreamt it all up, über-geek Mark Zuckerberg, he is going to be worth $28 billion. Unbelievable.

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