More On: Mark Zuckerberg
A senior fellow at Harvard Business School says that Mark Zuckerberg is a bad leader who has surrounded himself with sycophants and fallen into the trap of 'chasing money' and 'being the wealthiest guy around.'
Bill George, who was CEO of the medical technology company Medtronic before taking a fellowship at Zuckerberg's old school, said that the Meta boss is "continuing to derail" his company.
George told Yahoo! Finance, "I think the money got to his head."
George said that Zuckerberg, whose net worth is estimated by Forbes to be $60.8 billion, is to blame for Facebook's market share loss to TikTok, a newer app that is gaining popularity quickly.
George told CNBC Make It, "I don't think Facebook will do well as long as he's there."
"He is probably one reason why so many people are leaving the company. He has really gotten lost."
Meta Platforms Inc. has been asked to say something by the Post.
George, who wrote "True North: Leading Authentically in Today's Workplace, Emerging Leader Edition," told Yahoo! Finance that Zuckerberg made a mistake when he fired Sheryl Sandberg, his longtime COO and No. 2.
“He has Sheryl Sandberg there. He had some senior mentors on the board. He pushed them all out.”
Sandberg said in June that she is leaving Facebook, which she helped turn into a worldwide phenomenon. Sandberg will stay on the board of directors for Meta.
“He’s got a group of young people that are more like Mark’s followers,” George said. “It’s too bad that Mark is really derailing right in real time.”
When asked what Zuckerberg needs to do differently, George said, "An organization needs to make it clear: 'This is what we stand for. Even if you don't agree, this is what this company stands for."
"And I think he has been through a lot of pain. And, to be honest, young people are leaving Facebook."
George said that Zuckerberg is like other business leaders who give up their values and ideals to make as much money as possible.
Zuckerberg helped start Facebook in 2004 while he was still a student at Harvard. He then dropped out to work on the social media site.
Under his direction, the company has grown to have almost 3 billion users all over the world. As of Monday, the market value of the company was $454 billion.
But Facebook's stock price has dropped by more than 55% since it hit an all-time high of almost $384 per share last year. This is because the company changed its name to Meta to focus on its growth in the metaverse.
Monday at 1:20 p.m. Eastern, the price of Meta's stock was down 1.47 percent. It was worth just under $169 per share.
Zuckerberg said earlier this year that his company would start getting rid of workers who didn't meet strict production standards.
Meta put a stop to hiring new people and cut costs. According to the most recent earnings report, sales in the second quarter were down 1% from the same time last year, and operating profits were down 32%.
Because of how popular TikTok has become, Instagram, which is owned by Meta, has had to make changes to its platform that look like the video-sharing app.
But social media influencers with millions of followers on Instagram don't like the changes that are being planned for the service.