Zuckerberg reportedly dismissed the warning, ignoring McNamee for months. The decision may have had at least one major consequence: In 2016, McNamee tried to warn Zuckerberg about the impact of Russian meddling in U.S. Yet as Meta grew, Zuckerberg eventually stopped listening, McNamee told the New Yorker in 2019. McNamee later encouraged Zuckerberg to hire former COO Sheryl Sandberg, who ultimately played a critical role in building the company's advertising business and internal operations.īoth times, Zuckerberg's decisions hewed to McNamee's advice - and both decisions have proven very successful. In 2006, McNamee advised Zuckerberg to turn down Yahoo's offer to buy Facebook for $1 billion. One example: Roger McNamee, the co-founder of private equity firm Elevation Partners and an early investor in Facebook. Still, in the early days, he took at least some advice from trusted advisors. To an extent, Zuckerberg is known for trusting his own gut over conventional wisdom: It's part of how he built Meta into a multibillion-dollar tech giant. Those bosses often don't accept help, advice or feedback, which makes them prone to mistakes. Zuckerberg has become a loner who avoids forming close relationships and pushes others away, George says. Meta's virtual reality division reported more than $10 billion in losses during 2021 alone, and $2.8 billion during the second quarter of 2022 alone.Īt least publicly, Zuckerberg has yet to acknowledge or take responsibility for it, George says - though Zuckerberg did say during a shareholder meeting in May that he expects his company to lose "significant" amounts of money over the next three to five years, as it invests in metaverse technologies. Those factors may have played a role - but it's also likely that heavy spending on metaverse research and development factored in. Zuckerberg and his executives blamed the results on several factors, including Apple's privacy changes in 2021 that have made it harder to target ads to smartphone users, as well as increasing competition from rivals like TikTok. In February, Meta lost more than $232 billion of its market value, marking the biggest one-day drop of any U.S. Instead, they rationalize missteps by placing that blame on others. Zuckerberg falls into not one but three of those categories, George says.įirst: George says Zuckerberg is a rationalizer, the type of boss who isn't willing to acknowledge or learn from their mistakes. George's book looks at five different types of bad bosses. Given his past success, it might be unwise to bet against him, as CNBC's Jim Cramer said on "Squawk Box" in February. In doing so, he helped create the modern-day social media industry - a move he's attempting to replicate now by repositioning his company into the metaverse space. The Meta CEO is largely responsible for his company's meteoric growth to this point, transforming the company he co-founded in 2004 into a tech giant with a $450.46 billion market cap, as of Monday morning. Zuckerberg and Meta did not immediately respond to CNBC Make It's request for comment. And after decades of researching high-profile corporate collapses, he says he sees striking similarities to Zuckerberg and Meta today. In short, George says bosses that lose sight of their most deeply held beliefs, values and purpose as a leader - especially in the name of money, fame or power - are doomed to fail. George has spent the past 20 years studying leadership failures in the workplace, recently compiling those findings into a new book called, "True North: Leading Authentically in Today's Workplace, Emerging Leader Edition." "I think Facebook is not going to do well as long as he's there," George tells CNBC Make It. "He's likely one of the reasons so many people are turning away from the company.
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