Facebook’s Zuckerberg signs Giving Pledge; commits to give away majority of wealth

By on December 9, 2010 at 10:45 AM.

Facebook’s Zuckerberg signs Giving Pledge; commits to give away majority of wealth

The Wall Street Journal is reporting that Facebook founder and CEO, Mark Zuckerberg, has signed the Giving Pledge, committing to donate the majority of his fortune to charitable organizations. The Pledge, which asks its signers to give away the lion’s share of their wealth during their lifetime, was organized by Microsoft founder Bill Gates and Wall Street mogul Warren Buffet. Other notable signatories of the pact include: Oracle CEO Larry Ellison, New York mayor Michael Bloomberg, AOL co-founder Steve Case, and film director George Lucas.

Mr. Zuckerberg, who has been quoted as saying wealth is both an “advantage” and a “responsibility,” made his first sizable donation of $100 million to New Jersey’s Newark Public School system this past September. “There’s so much that needs to be done, it would be better to start now,” said the CEO in a prepared video.

Although his company’s valuation is based on a future IPO, Mr. Zuckerberg’s net worth is estimated at $6.9 billion. More →

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Hands-on with the new Facebook messaging system

By on November 17, 2010 at 11:46 AM.

Hands-on with the new Facebook messaging system

Our friends over at Facebook were nice enough to hook us up with an invite to the initial roll-out of the company’s new messaging service announced this week. We’ve been messing around with the system for a few hours and thought we would put together some initial impressions for those who are interested or curious. Hit the jump and let’s get to it. More →

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Forrester Research CEO: Mark Zuckerberg’s skills as a CEO are overrated

By on November 9, 2010 at 8:58 AM.

Forrester Research CEO: Mark Zuckerberg’s skills as a CEO are overrated

George Colony, founder and CEO of Forrester Research, keeps a blog that “contains ideas, observations, and analyses to help drive the success of other CEOs.” In a post yesterday, Mr. Colony bluntly stated that Facebook CEO Mark Zuckerberg is, to date, “a one-trick pony.” In acknowledging that Facebook is an excellent concept, Mr. Colony also writes that Mr. Zuckerberg has not “morphed” Facebook all that much from its original form. It is still the same idea, and for that reason, the market-research company’s CEO is skeptical.

“We didn’t declare Andy Grove a great CEO based on Intel’s domination of the dynamic random access memory market,” writes Mr. Colony. “But when he survived a close brush with bankruptcy, pivoted the company into microprocessors, and teamed with Microsoft to dominate personal computers, we recognized what a great CEO he had become.” The article also cites Steve Jobs’ ability to turn his creativity into “important products across three generations of customers and four unique generations of computing,” as an example.

“Zuckerberg appears to have the raw material to be a great CEO,” the post continues, “but we won’t know if he is or isn’t until he creates a new popular product or morphs Facebook into a monetary engine that justifies its current irrational valuation.” It seems as though Forrester’s CEO is saying what many — especially those on Wall Street contemplating a Facebook IPO — are thinking.

Now, George Colony may be getting a bit ahead of himself, as both Andy Grove and Steve Jobs have had decades to prove their mettle. But the article does foster great discussion points about Zuck, Facebook, and the privately held company’s $33 billion valuation. So sound off! We want to know what you think about the world’s largest social network, its CEO, and its current price-tag.

Thanks, C!

[Image credit: The New York Times] More →

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Facebook's Zuckerberg worth $6.9 billion, passes Apple's Jobs on Forbes 400 list

By on September 23, 2010 at 8:20 AM.

Facebook's Zuckerberg worth $6.9 billion, passes Apple's Jobs on Forbes 400 list

We do wonder what it is like to be 26 years old and have a net worth of $6.9 billion. Seems like a pretty awesome problem to have. Forbes is reporting that Facebook founder and CEO Mark Zuckerberg is now ranked thirty-fifth on the Forbes 400 list; a list that details the richest Americans. One notable tech persona that Mr. Zuckerberg leapfrogged is Apple CEO Steve Jobs. Mr. Jobs is currently ranked forty-second on the list with an estimated net-worth of $6.1 billion. The young, social-networking tycoon isn’t just hoarding his cash though. The Wall Street Journal is reporting that the Facebook CEO is expected to announce a $100 million donation to the Newark Public School System. Currently the Newark, NJ system is the lowest performing system in the country; only half of its 40,000 students graduate high school. Nice work Mr. Zuckerburg, we’ll hit the proverbial “like” button for your charitable works. More →

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HP files civil complaint against former CEO Hurd

By on September 7, 2010 at 7:00 PM.

HP files civil complaint against former CEO Hurd

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HP has filed a civil complaint against embattled CEO Mark Hurd, alleging that the former chief can not fully perform his newly assigned duties with employer Oracle without divulging HP’s trade secrets. Hurd received a severance package from HP which is estimated to be worth roughly $26 million. An excerpt from HP’s civil complaint reads as follows:

Despite being paid millions of dollars in cash, stock and stock options in exchange for Hurd’s agreements to protect HP’s trade secrets and confidential information during his employment and following his departure from his positions at HP as Chairman of the Board, Chief Executive Officer, and President, HP is informed and believes and thereon alleges that Hurd has put HP’s most valuable trade secrets and confidential information in peril.  Hurd accepted positions with Oracle Corporation (“Oracle”), a competitor of HP, yesterday as its President and as a member of its Board of Directors.  In his new positions, Hurd will be in a situation in which he cannot perform his duties for Oracle without necessarily using and disclosing HP’s trade secrets and confidential information to others.

HP released a statement saying: ““Mark Hurd agreed to and signed agreements designed to protect HP’s trade secrets and confidential information. HP intends to enforce those agreements.” More →

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Ousted HP CEO named co-president of Oracle

By on September 7, 2010 at 11:44 AM.

Ousted HP CEO named co-president of Oracle

Talk about landing on your feet. HP’s former CEO, Mark Hurd, was forced to resign after allegations of personal misconduct were made public by the company’s board. Hurd was sent packing with a mere $28 million in cash and stock for his efforts; efforts that lasted just over five years at HP. The forced resignation of Hurd was denounced as “cowardly” by Oracle CEO Larry Ellison, and now it looks like Ellison is putting his money where his mouth is. The AP is reporting that Hurd has been named co-president of Mr. Ellison’s company, Oracle. “Mark did a brilliant job at HP and I expect he’ll do even better at Oracle. There is no executive in the IT world with more relevant experience than Mark,” said Ellison. “Oracle’s future is engineering complete and integrated hardware and software systems for the enterprise.” Oracle is the top database reseller in the world and, with Hurd’s expertise, is looking to expand its business into different areas. More →

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Oracle CEO Larry Ellison calls HP CEO firing "cowardly"

By on August 11, 2010 at 1:01 AM.

Oracle CEO Larry Ellison calls HP CEO firing "cowardly"

Last Friday, HP CEO Mark Hurd resigned amidst sexual harassment allegations that his former employer chose to make public. Monday, in a letter to the New York Times, Oracle CEO Larry Ellison did not mince words about his thoughts on the forced resignation of Mr. Hurd. “The H.P. board just made the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago. [...] In losing Mark Hurd, the H.P. board failed to act in the best interest of H.P.’s employees, shareholders, customers and partners. The H.P. board admits that it fully investigated the sexual harassment claims against Mark and found them to be utterly false.” Ellison went on to say, “publishing known false sexual harassment claims is not good corporate governance; it’s cowardly corporate political correctness.” Hurd, who had been with HP for five years, is set to receive a severance package of cash and stock worth an estimated $28 million. At least he won’t go away empty handed? More →

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