The rats are scurrying off the Silicon Valley ship. A number of big names have departed their various companies, Jack Dorsey at Twitter being one of them. The latest is Facebook’s Sheryl Sandberg, the Chief of Operations credited – and criticized – for growing Facebook’s ad market.
ABC News reports that Facebook (now known as Meta) COO Sheryl Sandberg has announced her intention to step down from the position she has held since 2008. Sandberg wrote in a post on Facebook announcing the decision: “I am beyond grateful to the thousands of brilliant, dedicated people at Meta with whom I have had the privilege of working over the last 14 years. Every day someone does something that stops me in my tracks and reminds me how lucky I am to be surrounded by such remarkable colleagues. This team is filled with exceptionally talented people who have poured their hearts and minds into building products that have had a profound impact on the world.”
Sandberg has been credited for Facebook’s growth in the online ad market, massively boosting advertising revenue and turning the division into an industry powerhouse. Sandberg joined the company in 2008, just one year previously Facebook’s revenue barely exceeded $150 million. In 2021, Facebook generated around $117 billion.
The company’s advertising business has faced scrutiny, however. In 2020, the Federal Trade Commission sued the company alleging that it sustained a monopoly through anti-competitive practices. A federal judge allowed the lawsuit to proceed in January. Facebook is also facing another lawsuit claiming that it colluded with Google to dominate the online advertising business.
Making the boss look bad is never a good move.
The shifting of the wind in the tech world has gotten more interesting, that’s for sure.