The Intelligence from The Economist The Intelligence: as Zuck would have it
Nov 28, 2023
Henry Tricks, a writer for Schumpeter at The Economist, shares insights on Mark Zuckerberg's impressive pivot with Meta. He discusses the surge of illegal gold mining in Venezuela, driven by dire economic conditions and global demand, and the implications for organized crime. The conversation also highlights North Korea's women's football team, showcasing their unexpected success amid political strife. Tricks connects these narratives, exploring themes of resilience and transformation in challenging environments.
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Meta's Metaverse Miss
- Meta's share price dropped significantly after missing earnings estimates and losing money on its Reality Labs division.
- Mark Zuckerberg's singular focus on the metaverse was a key factor in the decline.
Zuckerberg's Turnaround
- Mark Zuckerberg, despite media attention on other matters, led a turnaround at Meta.
- He cut spending, laid off workers, and embraced AI.
AI-Driven Engagement
- Zuckerberg used AI to improve user engagement and quickly launched AI features.
- This included Reels, a TikTok-like video app, and generative AI tools.