Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

CEO Zuckerberg tweaks Facebook mission to focus on groups

Published 22/06/2017, 19:34
© Reuters. File photo of Facebook CEO Mark Zuckerberg during a town hall at Facebook's headquarters in Menlo Park, California
GOOGL
-
META
-
GOOG
-

By David Ingram

SAN FRANCISCO (Reuters) - Facebook Inc (O:FB) Chief Executive Mark Zuckerberg revised the world's largest online social network's mission statement on Thursday to emphasise support for hobby clubs, civil society organizations and other community groups.

The move comes as Facebook faces pressure from smaller rivals such as Nextdoor and Meetup, whose online networks bring together neighbours and people in the same area with shared interests.

Zuckerberg said on his Facebook page that his company's new mission is to "give people the power to build community and bring the world closer together."

The previous mission was "to give people the power to share and make the world more open and connected." Facebook's pursuit of that mission has been criticized in the past 12 months after the network became one of the main distribution points for so-called fake news, which many think influenced the 2016 U.S. presidential election.

Zuckerberg said in February he wanted to boost the number of Facebook users who are members of what they called "very meaningful" groups. Only about 5 percent were members of such groups, he said then.

The head of Facebook, with 1.9 billion users and $27.6 billion in revenue last year, was in Chicago on Thursday to meet people who run group pages on Facebook.

"If what you're trying to do is run a group that has thousands of people, you need tools to help manage that," he told CNN in an interview. Facebook wants to build those tools, he said.

Alphabet Inc's (O:GOOGL) Google also hosts community groups, as do Nextdoor and Meetup. Nextdoor, a site for neighbours to meet one another and share news and advice, said on Monday it was expanding into Germany after rapid growth elsewhere.

Zuckerberg told CNN that supporting organizations built around neighbours, churches, pets and the like has a larger purpose.

© Reuters. File photo of Facebook CEO Mark Zuckerberg during a town hall at Facebook's headquarters in Menlo Park, California

"Once people are coming together in these smaller groups, that actually grows and it ends up with much bigger changes in the world," he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.