Zuckerberg Admits Facebook Mistakes, Promises They Will Be Fixed
NEWS ANALYSIS: Had the chief face of Facebook come forward earlier, when the stock was sinking, he might have been able to save his company and its shareholders some substantial value. As it is, the stock rebounded modestly following Zuckerberg's appearance at a San Francisco tech conference on Sept. 11.SAN FRANCISCO -- Facebook co-founder and CEO Mark Zuckerberg on Sept. 11 made his first public appearance since May 19, the day his company went public in New York City and a couple days before he got married. The venue he chose was a one-on-one with TechCrunch blog founder Michael Arrington at the TechCrunch Disrupt 2012 conference here at the Concourse at San Francisco Design Center. Arrington, who left TechCrunch as a full-time staffer after the company was acquired last year but still writes and stays involved in special events, led a wide-ranging discussion with Zuckerberg in which the billionaire entrepreneur showed a more contrite, human side of his personality that had not been previously displayed.
The main points:
- Zuckerberg acknowledged that he's "disappointed" in the performance of the company's stock in its first four months of public sale, something he probably should have mentioned months ago, in order to identify with the pain of stockholders, who saw the stock drop from $38 to $19 in four months;
- Facebook knows mobile is its ticket to future growth and has plans to solve its current problems in that sector; and
- do not expect a Facebook phone anytime soon, possibly ever.