Economist Podcasts
The Intelligence: as Zuck would have it
Nov 28, 2023
Henry Tricks, a global business columnist for The Economist, and Alessandro Ford, an expert on Latin America, dive into the recent turnaround of Meta under Mark Zuckerberg’s leadership. They explore the illegal gold rush in Venezuela, where desperate workers turn to dangerous mining amid economic turmoil, and discuss the connection between mining and crime. Additionally, they touch on the cultural significance of North Korea's women's football team, examining how their success serves as propaganda amidst complex social dynamics.
22:32
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Quick takeaways
- Mark Zuckerberg's decisive actions and strategic initiatives have led to a remarkable turnaround for Meta.
- Illegal gold mining in South America is fueled by factors such as poverty, global demand, and support from powerful actors.
Deep dives
Meta's Remarkable Turnaround
Meta, the social media giant that includes Facebook, Instagram, and WhatsApp, experienced a remarkable turnaround over the past year. After facing challenges and missing earnings estimates, CEO Mark Zuckerberg made transformative business decisions by slashing spending plans, laying off workers, and quickly launching internal initiatives to use AI and galvanize Meta's core business. These decisions, along with the introduction of features like Reels and gen AI avatars, improved user engagement and boosted Meta's financial performance. The company reported third quarter earnings of over $34 billion, a significant rise of more than 20% year on year.
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