Keep pulling the thread on Susan Li.
For long-term, speculative bets like Reality Labs, Meta's finance organization inverts the ROI problem by determining what the future market needs to be worth to justify the current investment level.
Mark Zuckerberg believes it is a strategic imperative for Meta to build the next computing platforms to remain a compelling and successful business.
In late 2022, an investor could have purchased Meta stock for a multiple of three times its projected 2025 net income.
Meta's revenue was negatively impacted by Apple's App Tracking Transparency (ATT) platform changes that began rolling out in 2021.
In 2022, Meta experienced negative year-over-year revenue growth for the first time, driven by Apple's ATT changes and a pullback in post-COVID e-commerce spending.
Meta is making a large capital investment to train what it aims to be frontier AI models.
A key uncertainty for large tech companies over the next few years is whether they can find a reasonable ROI for their massive compute build-outs if primary AI product bets do not succeed.
Susan Li joined Facebook (now Meta) in 2008 and was appointed CFO in 2022.
The senior leadership at Meta is characterized by long tenure, with many leaders having grown up within the company and held multiple roles.
Meta has a strong culture of internal succession planning, identifying talented individuals early in their careers for long-term development.
Mark Zuckerberg is considered "world-class" at giving feedback, which is described as timely, direct, and respectful.
Meta doubled its Average Revenue Per User (ARPU) between 2015 and 2020.