After she spent 14 years at Facebook/Meta and helped transform the company into a profits machine and reached new heights of prominence, Sheryl Sandberg resigned from her position as chief operating officer at the social media giant.
Sandberg won’t be leaving Meta completely and will remain on the board before she leaves her COO position later this year. Javier Olivan, who has led the company’s growth efforts for years, will replace her as the new chief operating officer.
When she joined the company back in 2008 it was still a tech start-up that was beginning to find world prominence, and Sandberg helped the company to transition from a start-up to a social media giant, able to generate almost $120 billion a year in revenue.
Sandberg has been the highest-profile public face of the company alongside co-founder and chief executive officer Mark Zuckerberg, and she has championed the business’s philosophy of growing quickly and sorting out the problems later.
She has spent years trying to build public trust in the company following issues with content moderation and lapses in privacy protection.
In an interview with Bloomberg, she called her time with the company an “honour and a privilege of a lifetime” but jokingly added it was “not the most manageable job anyone has ever had.”
Meta’s shares slipped 2.6% in New York following the announcement while the social media company’s shares have dropped a significant 44% since the start of the year.
Here’s a round-up of what we’re reading:
SA Business
Crypto developer ‘Fluffypony’ to be extradited to SA to face R1.4 million fraud charge – Fin24
Gupta lawyers bow out as IDC’s R287m fight against Oakbay rolls into year five – Daily Maverick
Flying around SA just got more expensive – thanks to the grounding of Kulula and BA, again – Business Insider
Global Business
Vietnam develops ‘world’s first’ African swine fever vaccine for commercial use – Fin24
America has 11.4 million job openings. These are the industries that need the most people. – Business Insider
Beijing Says US Supply Chain Curbs Sabotage China’s Development – Bloomberg
Markets
Asian markets drop on recession fears, output report drags oil down – AFP
Rising US yields help dollar higher – SABC
Wall Street ends lower as economic data fails to ease rate hike angst – SABC
Tech
Bank of England Says Stablecoins Aren’t Stable for Investors – Bloomberg
Inside Twitter, Shuffled Jobs and Elon Musk Tweets Dampen Morale – Bloomberg
Snoop Dogg Buys Two NFTs Created By Ex-Trader at Barclays – Bloomberg
