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Across its 20-year history, the company now known as Meta has weathered multiple technology waves, from TikTok to ChatGPT. Meta CEO Mark Zuckerberg shared the formula that gives Meta staying power in a live podcast interview at Chase Center in San Francisco, California in front of 6,000 people earlier this month.
Speaking to Ben Gilbert and David Rosenthal, co-hosts of the business strategy podcast Acquired, Zuckerberg addressed the common thread within Meta's DNA that keeps the company relevant. He said it boiled down to a mindset.
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"I think it's that we're a technology company that is focused on human connection, not a specific type of app," Zuckerberg said. "We never thought about ourselves as a website or a social network or anything like that."
The Meta smart glasses, for example, which have Meta AI built-in, are "the natural continuation of the kind of apps that we build today," Zuckerberg said. He explained that Meta can go from product to product because it has invested heavily in the underlying technology.
"I define our strategy as if we can learn faster than every other company, we're going to win," Zuckerberg said. "We're going to build a better product than everyone else because we're going to get it out first or early… You learn faster."
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Meta's formula for success is to build a good foundation as a technology company, learn from what's happening in the world, and iterate quickly, Zuckerberg explained.
He also shared how Meta competently builds products that resonate with a wide audience.
One component is having enough engineers in the company, especially in leadership positions. While this may seem obvious, Zuckerberg said that when he first came to Silicon Valley, he saw tech companies with non-technical CEOs or a non-technical board.
"If that's your team, then you're not a technology company," Zuckerberg said.
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He elaborated that he was careful to strike the right balance on Meta's management team between engineering and other talent. Being careful about talent mattered to Meta's overall culture and the company's decisions, he added.
Meta is one of the Magnificent Seven group of stocks for its massive valuation and influence over the markets. It had sales of $39.1 billion in the quarter ending June 30, above analyst estimates of $38.3 billion.
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