The Mark Zuckerberg Interview | Acquired

So how many interviews with Mark do you think you watched before tonight?

Oh, to prepare? 30 to 40.

The best ones are the 04 to 06 vintage, but they're also different.

It's almost like every three to four years is a new era that is markedly different from all the previous eras.

Totally. And I think we might've witnessed the beginning of a new era right in front of us on stage.

Oh, yes, absolutely.

All right. Should we do this?

Let's do it. Who got the truth?

Is it you? Is it you?

Is it you? Who got the truth now?

Is it you? Is it you?

Sit me down. Say it straight.

Another story on the way.

Who got the truth? Welcome to the Fall 2024 season of Acquired, the podcast about great companies and the stories and playbooks behind them.

I'm Ben Gilbert. I'm David Rosenthal.

And we are your hosts.

Listeners, we have something very special for you today.

Our interview with Mark Zuckerberg from Acquired live at Chase Center.

Ooh. Mark is the iconic founder, CEO of our time.

And this conversation was just too good to hold on to any longer.

So we are getting it out quickly before we release the full video of the entire show, which speaking of the full show was utterly amazing.

We had surprise appearances from Jensen Huang, Daniel Eck, Emily Chang.

And of course, we had the one and only Mike Taylor, the artist who sings, who got the truth performing live.

It was incredible. We've got basically a whole film production that's now happening behind the scenes with another 90 minutes of content beyond just this Mark interview.

We should have that out in the next couple of weeks.

So stay tuned for that.

First though, a huge thank you to our partners this season.

You know our presenting partner, J .P.

Morgan Payments. And we are also pumped to have two more great returning sponsors this season.

StatSig, the world's first product acceleration platform that thousands of companies from OpenAI to Series A startups rely on to ship fast, learn more, and make smart decisions.

You can find out more about them at StatSig .com slash Acquired.

Sounds a lot like Meta.

And Crusoe, which is the world's best climate aligned AI cloud and data center operator that is leading the industrial build out of AI.

Find out more about them at Crusoe .ai slash Acquired.

As always, come discuss this afterwards with us in the Slack.

Acquired .fm slash Slack.

And if you want to be notified when every new episode drops, sign up at Acquired .fm slash email.

All right. One more thing before the interview.

We need to say a huge, huge thank you to the entire J .P.

Morgan Payments team for securing the Chase Center for this, for orchestrating the entire evening.

Our partnership this year has been absolutely incredible and gone, I think, way beyond what either of us ever could have imagined.

Yeah. For those who don't know about J .P.

Morgan payments, they empower businesses to accept money, hold money, send money, protect money from fraud, and gain unique insights from money flows to help your company grow.

Yep. And the payments business specifically, like most things at J .P.

Morgan, is the largest and most trusted payments provider in the entire world.

They move $10 trillion a day.

That's almost 25 % of all U .S.

dollar payment flows in the global economy.

Pretty much every single company that we cover on Acquired works with J .P.

Morgan Payments in some way.

You can never outgrow them.

They partner with startups and small companies like us, like you would be, Ben, all the way up to the largest enterprises in the Fortune 500.

Yeah, we've got more to share about their new payments products and technology this season, like the pay by face biometric payments that we saw live at Chase Center.

Yeah, that was super cool.

Yep. So that you can learn which may be the right fit to solve your payments challenges and grow your business.

The other thing we got to say is like, Ben and I really worked side by side all year with their incredible team to make this evening happen.

And we really got to know them.

Max, Umar, Dustin, Hannah, Vinny, Nick, Amy, Carly, and so many others.

It's like we were one team.

You guys rock. Yeah, for the first time, we actually got to experience what it would be like if Acquired was a large world class organization and not just, you know, our little team.

And what happened at Chase Center is really the physical embodiment of that.

Thank you guys for being the best partners we could ever imagine.

And a very special shout out to Dustin Sedgwick, J .P.

Morgan Payments CMO, who's a long time listener of the show and a good friend of ours.

And he's just been the driving force behind all of this.

Without him, Chase Center wouldn't have happened.

We're so grateful for our incredible relationship with you and all of J .P.

Morgan. Yup. So, please enjoy our conversation with Mark Zuckerberg and to take us in the Chairman and CEO of J .P.

Morgan Chase, Jamie Dimon.

Hello Acquired listeners.

Welcome to the Chase Center and to Acquired Live.

I'm Jamie Dimon, Chairman and CEO of J .P.

Morgan Chase. I'm happy to kick off the show tonight and welcome all of you to one of my favorite arenas.

It's been a great partnership all year between J .P.

Morgan Payments and Acquired, storytelling and educating about some of the greatest companies in the world.

For many of them, just like many of you in the crowd, we're thrilled to call you friends and partners of the firm.

Sorry I couldn't be there in person tonight but I hope everyone enjoys the show.

Ben and David, over to you.

Mark. Hey. It's great to have you here.

It's great to be here.

I was watching Jensen's video, correcting the record, and I was thinking to myself, we might need to book the next one of these for all the things I'm going to interrupt you to apologize for, as I say tonight.

No, just kidding. I don't apologize anymore.

We've noticed. Well, okay, wait, wait.

Here's the question.

If you knew what you knew today...

What's up? If you knew what you know today, would you have started Facebook?

Oh, God. I mean, look, I think...

Coming out hot, David.

Yeah, no, I mean...

He started it. Literally.

I think there's something to Jensen's original sentiment, which is that the entrepreneurial journey is very challenging, especially the early days when you're running a startup and there's the sense that what you're doing could just die at any moment and the volatility, everything's just getting thrashed

so much. It's not...

You obviously look back, you have all these fond memories, but it was not the most fun part of the journey or the part of my life that I wish I could go back and relive.

So I mean, I do think that there's something to what Jensen was saying that I thought was very honest and that when I heard him say it the first time, I was like, yeah, I get that.

It's like, I think there are a lot of people for whom, if you knew how painful it would be along the way, you wouldn't get started.

But then I think that that's one of the things that's good about human nature is you can underestimate how painful things are going to be.

That way you can go and do good things.

Well, on that topic, we have a lot to talk about.

Yeah. I think this is actually very appropriate.

First, we have to ask you about your shirt and what you're wearing.

Yeah, you know, I started working with people to design some of my own clothes.

And so I figure, you know, look, we're going to design eyewear, we're going to design other stuff that people wear.

Let's get good at this.

And so this one, I actually I worked with this great fashion designer, Mike Amiri, and he's got a great story.

So I wouldn't be surprised if you're doing one of these with him one day.

And this one is so I've kind of started working on this series of shirts with my some of my favorite classical sayings on them.

So this one is Pafemathos, learning through suffering.

It's a little family saying and also Aeschylus.

Was that your family saying growing up or is that your family?

Well, let's pull that thread.

No pun intended, I promise.

What does learning through suffering mean to you?

Well, I think you learn what matters to you and what's important and kind of your place in the world through repeatedly hitting your head against different challenges.

And I mean, I think that that is sort of that's the journey.

Right. And that's the entrepreneurial journey.

It's also, I think, part of the beauty of building things.

And but something that Jensen talks a lot about, too, right?

It's like I feel like you, you know, when you go to start a company, you never want kind of writes down what they would like their values to be.

But values are not what you write down on the wall.

It's like your lived behaviors.

And you only really learn what you care about when you have to make hard trade offs and face challenges.

So, yeah, you learn the most important things through facing challenges.

Well, speaking of facing challenges, we want to talk about a number of those because we counted by our count, I think you have faced more existential challenges than any meaningful company in history through your first 20 years first, though.

Dubious distinction.

We will make our case to you of why?

And enumerate them.

You're still here, but first, I kind of think my you know, like that old Nike Michael Jordan ad where he's talking about how he's failed over and over and over again.

And that's how he succeeds.

That one really resonates with me, too.

Thanks to you guys.

I got a pair of these this summer and I genuinely love them.

Tell us the story of how these came to be.

Yeah, so thanks. I'm excited about them, too.

So, you know, we met.

We've been building social experiences for 20 years now.

And originally, it took the form of a website, then mobile apps.

But the thing is, I never thought about us as a social media company.

We're not a social app company.

We are a social connection company, right?

I mean, we talked about what we're doing is building the future of human connection, and that's not only going to be constrained over time to what you can do on a phone, right on a small screen.

So, when you think about, you know, when we got started, OK, we were like a handful of kids.

You know, we weren't able.

We didn't have the resources at the time to go define whatever the next computing platform is.

And also, Facebook originally got started around the same time as a bunch of the early smartphones in those platforms got started.

So, we didn't really get to play any role in developing that platform.

And one of the big themes, I think, for the next chapter of what we do is I want to be able to build what I think are sort of the ideal experiences.

Not just what you're allowed to build on some platform that someone else built, but what is actually, if you can think from first principles, what is the ideal social experience?

So, I think what you would like to have is not a phone that you look down at that kind of takes your attention away from the things and the people around you, you know, not just a small screen.

I think what you ideally have is glasses.

And through the glasses, there's one part of it where the glasses, they can see what you see and they can hear what you hear, and in doing so, they can be the perfect AI assistant for you because they have context on what you're doing.

But then part of that is also that the glasses can project images, basically like holograms, out into the world.

And that way, your social experiences with other people aren't constrained to these little interactions.

You can have a phone screen.

In the not -so -distant future, you can imagine, because you guys have demoed some of the stuff that we've done, like a version of this where we're having a conversation like this, but maybe one of us isn't even here.

They're just like a hologram and we have glasses.

And there's the question of delivering a realistic sense of presence.

There's something magical in the realm of building social experiences around the feeling of human presence and being there with another person and this physical perception, right, where we're very physical beings, right, people like to intellectualize everything, but a lot of our experience is very

physical. And this physical sense of presence that you are with another person, doing things in the physical world, is something that you're going to be able to do through holograms, through glasses, without being taken away from whatever else you're doing.

Just kind of have that mixed in with the rest of the world.

It's going to be, I think, the ultimate digital social experience.

And I think it's also going to be the ultimate incarnation of AI, because you're going to have conversations where it's like, all right, there's some people, it's like maybe like I'm physically here, there's a person, you're like a hologram there, there's an AI that is kind of embodied as someone is there.

And the glasses will enable this.

So, okay, so how are we going after this, building this?

This is like some huge project.

We've been working on it for 10 years.

And there are a lot of different challenges to solve, to get there.

There's like you have to build a novel display stack, these aren't just screens, like the kind that are in phones, there's this long lineage, they're connected to the screens that have been in TVs and monitors and things for a long time, there's been this massive optimization of the supply chain, there's

like brand new display stack around holographic displays, that basically need to get created.

And then they need to be put into glasses, they need to be miniaturized.

And the you also in the glasses need to fit chips, microphones, speakers, cameras, eye tracking, to be able to understand what you're doing, batteries to make it last all day.

New novel RF protocols.

Yeah, it's like, okay, it's a pretty big challenge.

So we're like, all right, let's go try to go for the big thing.

Right, and we've been working on that for a while.

And we're pretty close to being able to show off kind of the first prototype that we have of that, and I'm really excited about that.

At the same time, we also came at it from this lens of all right, so that's like a lot of new technology that needs to get developed.

A lot to pack into a form factor, because the glass have to be good looking too.

So what if we just constrained ourselves to like, we're gonna work with a great partner, Essalor Luxottica, they make Ray -Ban, they make a lot of the iconic glasses.

Let's see what we can fit into glasses today and make them as useful as possible.

And I actually, I kind of thought when we were getting started with those that it was almost like a practice project for like, for the ultimate AR.

Which, let's be clear, that's what you thought Facebook was.

That's true, that's true.

Yeah, I did. Like, for your real startups some day.

That's true, yeah, no, this is, let's go on a tangent there for a second.

So, I started Facebook in school, came out to Silicon Valley with Dustin and a handful of people working on it at the time.

And we did that because Silicon Valley is where all the startups came from.

And I remember we got off the plane, we were driving down 101, we were like wow, eBay, Yahoo, like this is amazing, all these great companies one day, we're, maybe we'll build a company like this.

And I'd already started Facebook.

And I was like, surely the project that we're working on now is not a company.

And Facebook had some scale at this point.

No, no, no, it was a great project.

I just didn't have the ambition to turn it into a company at the time, that just kind of happened.

But anyway, yeah, I mean, a lot of hard work, obviously.

But I just, at the time, I was kind of like, yeah, no, no, I don't think this is it.

Well, that's your answer of what you have started.

You actually didn't try to start Facebook.

Yeah, I didn't know.

So yeah, so I mean, the glasses though, we thought that this was like, all right, we want to get working with us, the lower Loxotica, so we can start building more and more advanced glasses.

And then they're really good, they look good.

And then AI, like the massive transformation in AI.

For listeners, let's just be really clear.

You guys shipped this product that I'm holding before LLMs, or at least before the public consciousness was aware of the chat GPT moment.

And these were not manufactured and shipped as an AI device.

That came later when they were already in market.

Yeah, a few years ago, I would have predicted that AR holograms would have been available before full scale AI.

And now I think it's probably going to be the other order.

So now it's like, all right, great.

Well, this is actually a great product because it's got the cameras so it can see what you see, it's got the microphone, it's got the speakers, you can talk to it.

I remember calling Alex Himmel, the guy who runs the product group.

That's exactly the story.

I'm like, hey, I think we should probably pivot this and make it so that meta AI is the primary feature of it.

And then I remember I came in the next week and they'd built a prototype of it on Tuesday.

And it was like, all right, good.

Yeah, no, this is good.

This is going to be a very successful product.

He told us a much more high stakes version of that story.

He's like, so I was on the highway with my kids and I get this call on a Saturday from Mark and he's like, those classes, could we put meta AI in them running on device and ship that soon so we can see if that's a good idea or not?

Yeah, that tracks, that's what I just said.

Sounds right. Okay, so thank you for opening up with a story.

The question that I would like to try to answer tonight is why has meta worked as spectacularly well as it has?

I mean, one of the most valuable companies in the world through multiple iterations, multiple technology waves, fighting off, you know, maybe, let's name all the waves in which people said, oh, Facebook and meta are so screwed.

And yet that is not the way it looks today.

MySpace, Twitter Gen 1, Instagram.

Snapchat. WhatsApp.

TikTok. Apple app tracking transparency.

Put in its own whole category.

And now chat GPT. That's mine.

Like there is a widely held public narrative every single time Snapchat discovers stories or there's something where people are like, the cool thing that Facebook the company did is just obsolete now and they're gonna go away.

You very much haven't gone away.

What do you think is the through line of the DNA of the company that allows you to keep winning?

I think it's that we're a technology company that is focused on human connection, not a specific type of app.

So, like, we never thought about ourselves as a website or a social network or anything like that.

For me, building this kind of glasses to enable the future of people being able to feel present with another person, no matter where they actually physically are, is the natural continuation of the kind of apps that we build today.

But it depends on how you define what you are.

And then you need to figure out, well, how do you build?

How do you give yourself the competence to actually go do that?

And that's where I think being a strong technology company comes in.

Because, you know, a lot of companies, I think, think about themselves too narrowly in terms of, okay, well, we're this kind of one thing.

And the reason why we can build all these things is because we have a really strong technology foundation.

And some of that is just me and how I think about stuff.

I mean, I was an engineer before I got started.

I mean, I mostly took, like, systems engineering type classes when I was in college.

So, you know, you talk about, like, Friendster and MySpace and all the scaling challenges they had doing the graph calculations of, like, all right, do you know this person?

Should you show them that?

Friends of friends of friends.

Yeah. Actually, can you take us back and, like, we want to ask you the story of that time.

I mean, it seems quaint now, Friendster, MySpace, but you study computer science, graph, networking, social graphs, that is a very, very difficult computational calculation.

So, I think it's a combination of a product question and a technology question.

I think you can define the product in such a general way that the technology becomes basically impossible to solve.

So, you want to have a smart product definition, but then you want to be competent and better than everyone else at the technology.

And I think that that's something that we've held ourselves to and build a good organization around.

And it's one of the things that I observed as soon as I came out to the Valley, that all these companies that called themselves technology companies were not really set up that way, right?

The companies I was talking about, it's like, they, you know, they, the CEO wasn't technical.

The board of directors had no one technical on it.

They had, like, one dude on the management team who was the head of engineering who was technical, and, like, everyone else wasn't.

It's like, all right, if that's your team, then you're not a technology company.

So, I think one of the things that I've always been pretty careful about is, I actually want, like, a lot of the people on our management team, it's like, you know, split mostly people running either of these big product groups who come up through different technical pathways of the company.

And I think that there's, like, a balance, right?

It's like, you don't want everyone to be an engineer because there's other things that matter too.

But if you don't have enough of your, kind of, share of the company as engineers, then you're not a technology company.

And I think that that also is important to the board.

And I think just, like, in terms of how you weigh decisions and culturally things inside the company matters a lot.

But I think that that's one of the things that has been really fundamental, right?

It's like, we're able to, kind of, go from platform to platform and do these different things because we've invested and cared about the underlying technology.

The product experiences that we build on top of that are an implementation, and they matter.

And for that, I think we also, I think, are a pretty curious and learning -focused organization where, you know, I view the product strategy as less as any one specific thing and more as how do we iterate and learn as quickly as possible how to make each thing better for the people we're trying to serve.

Right, so, like, I define our strategies, we can learn faster than every other company, we're going to win.

We're going to build a better product than everyone else because we're going to get it out first or early.

We're going to have a good feedback loop.

We're going to get a bunch of feedback.

We're going to learn what people like better than other people.

And then, over time, by the time you get to, you know, whether it's version 3 or 4 or 5, I mean, they're not even discrete versions because we ship so frequently.

It's, you just, you learn faster.

So, I think that's basically the formula.

Be a technology company, build good foundation, like, learn from what people are kind of focused on in the world and just iterate as quickly as you can.

In one of my research calls to prep for this, someone described you as a master strategist, which, like, we all sort of acknowledged that at this point.

But that the - I mean, except for, like, all the stuff that I just thought was not going to be that important, that ended up actually being the most important.

Well, but that's the thing.

Part of it is, like, okay, you want to set up the game so that way you optimize, you create your luck.

This is what Jetson told us, like, the apple's going to fall from the tree in some direction.

And if you just set up the game, that you have a hand close enough to catch it.

The comment that someone made to me was, the reason Mark is such a good strategist is because he plays the company as if it's a turn -based strategy game and he just makes sure he gets more turns than anybody else, and he makes sure that he learns more from each turn than the next player does.

Do you feel like that encapsulates, like, meta's product development?

But it does kind of feel like the way that you make bets is, like, well, if we have great engineering, then that can kind of take care of the speed part.

That's, like, you know, many iterations or multiple at bats.

And then the... Well, great engineering and speed and iteration are actually two different values.

They're not necessarily at odds, but I think, like, there are a lot of great engineering organizations that try to build things that are super high quality and have good competence around that.

But, I don't know, there's a certain personality that goes with kind of taking your stuff and putting it out there before it's fully polished.

And look, I'm not saying that our strategy or approach on this is the only one that works.

I think in a lot of ways, we're, like, the opposite of Apple, and clearly their stuff has worked really well, too, right?

But I mean, they take this approach.

It's like, we're going to take, like, a long time.

We're going to polish it.

We're going to put it out.

And maybe for the stuff that they're doing that works, maybe that just fits with their culture.

But for us, I think that there are a lot of conversations that we have internally where you're almost at the line of being embarrassed about what you put out, because you...

It's, you know, obviously, not in the sense that it's, like, you know, you want to put stuff out early enough so you can get good feedback.

You obviously want to test things that are reasonable hypotheses.

So if it's, like, so ineffective, then you're not testing a good hypothesis.

That doesn't work. But I do think a lot of the conversations that we have are, like, okay, well, we can get this to be a lot better if we work on it for, like, another couple of months or whatever.

And I do just think that, like, you want to really have a culture that values shipping and getting things out and getting feedback more than needing always to get great positive accolades from people when you put stuff out.

Because I think, like, if you want to wait until you get praised all the time, you're missing a bunch of the time when you could have learned a bunch of useful stuff and then incorporated that into the next version you were going to ship.

And it's just about making sure that the thing that the company's known for or its brand can withstand all the little damage that you do to it by shipping stuff that's not quite ready.

Well, I would like to hope that it's not damaging to the brand.

But... Well, but innately, it is.

Like, when you're like, oh, I feel bad because I shipped a product that wasn't good enough, you're sort of...

Yeah, no, I don't want to overstate it.

I mean, we don't ship things that we think are bad, but we also don't take...

We want to make sure that we're shipping things that are kind of early enough that we can get good feedback to see what they're going to be most used for.

Like, I think a lot of the AI stuff that we're building now, for example, it actually, you know, it's pretty clear that AI is going to be transformative for a lot of different things.

It is actually less clear what are going to be the initial use cases for a lot of these things that are super valuable.

And so, okay, part of it is like, okay, you put something out, you want to kind of collect feedback and what people are actually...

Where it's resonating.

Now, if what you put out is bad, then you're not going to collect good data because people aren't going to use it for anything because it sucks.

So, but I do think that you have hypotheses for what people might really want to use it for.

And they're not all going to be right.

And you want to kind of go early enough on that as more.

So, I'm building to this question of...

To you, is product creation an act of invention or discovery?

Like, is David always inside that marble and you just need the very best tooling and ability to get things in market and get feedback to discover the statue of David?

Or do you conceive of David in your head and I'm like, I'm going to make this and put it in the world?

Does it have to be one or the other?

I mean, I think it's a combination.

I think you're basically taking some kind of values, either kind of like values that you have or a value for something that you believe should exist in the world and trying to build something that's aligned with that while trying to match it up with what is going to resonate the most with people.

Right, I think if you just do the latter, then I think you just don't have enough conviction to see through hard things.

And if you just do the former, then you probably don't get to product -market fit or optimize what you do because you're not focused enough on your customers.

So, I think both probably matter.

Yeah. As I pore through all these historical examples, there's like the market discovers some other participant in the market discovers the stories format.

And suddenly the whole world is like, oh my god, that is the way that we all, that's the social interaction mechanism.

And that's like a pretty pure discovery where you have products that have stories, they perform very well, that's been discovered.

But there's other times, it feels like everything you're trying to do in reality labs, all 50 plus billion dollars that you've put into it is like we're going to freaking will this thing into existence because I have an idea of the way that I want the world to be.

I'm not really asking for that much feedback.

I'm putting it in the world.

Well, it's a combination.

There's certainly a lot of things that we've invented or created for the first time.

I mean, like in 2006 when we built the first version of News Feed, where before that social networks were basically profiles.

And then we're like, hey, people actually kind of want to get the updates and let's show them that.

And if we rank them, then there's so many updates that this can help people parse through that quickly.

And today, it's hard to imagine any social product without a feed.

So I think that that's obviously, there's some of these things are sort of seminal, I don't want to call it an invention, but like patterns that we basically established first.

And then some of them are ones that other people did, where we take pride in learning from what is working in the world.

We're not embarrassed about learning from things that other people like discovered that were good first, and then we build a better version of it.

And I mean, I think that that's, you know, no one company is going to invent everything, right?

I think if you don't invent anything, then it's hard to kind of be a successful company.

But I do think that there's a mix of this.

There are more smart people outside of your company than inside your company.

If you're not learning from what's going on in the market, then you're missing a lot of opportunities to get valuable signal from people in the community and customers about what they want you to be doing.

Which speaks to the thesis of Facebook as a technology company.

Meta. Meta is a technology company.

We'll get to that later.

Ben and I have been having a conversation.

I want to take this to open source and open source technology and its importance to you.

And Ben posited first to me and then to many other people in our calls over the last couple of weeks that Meta has been the largest beneficiary of open source technology in the modern world.

And I'm curious if you would agree with that and if you would comment on your relationship to open source.

Well, I think almost all of the major technology companies at this point are primarily using open source stacks.

So yeah, I mean, I don't know.

We wouldn't have been able to get built without open source.

I think probably that's true for any new company that's been created since like, I don't know, 19, the late 1990s or something.

For us, open source has been important and valuable.

I mean, you were the first big company built on the lamp stack.

Yeah. Yeah. No, and it's great.

Makes it super easy to develop stuff quickly and iterate quickly.

But we've also had an interesting relationship with this because sequentially as a company, we came after Google.

So Google was the first of the great companies that built this distributed computing infrastructure.

So they came first, they were like, all right, let's keep this proprietary because it's a big advantage for us.

And then we're like, all right, we need that too.

But we built it and then we're like, okay, not an advantage for us because Google already has that.

So we might as well just make it open.

And by making it open, then you basically get this whole community of people building around it.

So it wasn't going to help us compete with Google for any of the stuff that we were doing to have that technology.

But what we were able to do with things like Open Compute were to become the industry standard.

So now you have all these other cloud service platforms that basically use Open Compute.

And because of that, the supply chain is standardized around our designs, which means that it's way more supply, way cheaper to produce, we'd say billions of dollars.

And the quality of the stuff that we get to use goes up.

So all right, that's like a win -win.

But I think in order for this to work, we do a lot of open source stuff.

We do a lot of closed source stuff.

I'm not like a zealot on this.

I think open source is very valuable, but I also think it sort of makes sense for us because of our position in the market.

And the same for AI, I mean around law.

Well, okay, this is where we were going with this.

Yeah, it's a similar deal.

We want to make sure that we have access to a leading AI model.

I think just like we want to build the hardware so that we can build the best social experiences for the next 20 years, I don't think that for us, it's like we've just been through too much stuff with the other platforms to fully depend on anyone else.

And we're a big enough company at this point that we don't have to.

We can build our own core technology platforms, whether that's going to be AR glasses or mixed reality or AI.

So I think that's somewhat of an imperative for us to go do that.

But these things are not like pieces of software that are monolithic, they're ecosystems.

They get better when other people use them.

So for us, there's a huge amount of good and it philosophically lines up with where we are.

We're like, I mean, look, I definitely firsthand have a lot of experiences.

We were like trying to build stuff on mobile platforms.

The platforms are just like, nah, you can't build that.

That's frustrating.

Can we take a real quick detour?

What's up? I really want to ask you something.

We can take a detour.

Okay. You took a detour.

We're gonna take a detour.

Help us with our research here.

The Eve of the IPO.

Okay, this is quite a detour.

Wait, wait. I'm really grabbing the wheel here.

Is this connected or did you just decide that it was your turn to talk?

I'm sorry. I was like really like wound up.

I know. Open source and AI.

If everyone's gonna talk to you back to this.

I think it's related.

I really genuinely do.

Facebook on mobile is HTML5.

In 2012. In 2012. Yeah.

Yeah. I want to ask you what you were thinking going into the IPO with Facebook on mobile being HTML5 and what happened to your IPO at $100 billion market cap over the next three months.

You have a 50 % drawdown.

Probably because of that.

But I guess the related question to what we're talking about now is.

How much is that informing your approach here?

With it was a pretty different different technical issue.

So I mean our legacy was building on web for websites and we were very used to building one thing and being able to continuously deploy it and it fits with our iteration style and so now all of a sudden this like app model comes along and it's like we have to build like different ones for each phone

and like you have to go through approval to get it shipped and we have to wait like weeks before it can ship.

It's like this sucks so we're like alright we have an idea.

Let's build this platform where we can get a web based platform.

So basically build a native shell and you build this web based platform in it and we'll be able to just update our apps every day and we'll ship one thing.

Once and we'll update our apps across Android and iPhone and Blackberry and Windows mobile and all the stuff that existed at the time because it hadn't gotten consolidated yet and like that's going to be that's we're like basically whatever downside we are going to have from not having the most native

thing we're going to make up foreign velocity and by having like way more of our energy focused on one platform.

Well we were wrong.

It turned out that you know having the native integration was actually critical for having the interactions feel good and and that so we basically went through this period where we had to go rewrite our apps from scratch and that coincided with mobile growing dramatically and mobile we didn't have any

revenue because it may seem like it's pretty similar but there's a very big difference on desktop.

You basically have the app and you have a column on the side that we could put ads and on mobile we needed to figure out what does it mean to put ads into the experience like let's be clear the feed ad had not been invented yeah like it's not that was the thing that the team did yeah it's and like advertisers

have like specific formats that they like working with and the idea that we were just going to be like all right now your ad is going to look like a feed story was a idea that now for people you were going to have this organic feed that was the most important part of the product and now we're just going

to start putting ads in it was a challenge for for for the people using the product so we needed to figure that out and we need to get the apps to be better and we basically took I think it must have been like a year or something we're just like look we're going to pause feature development of the company

because it's hard enough to do a rewrite right it's if you look at like the history of the tech industry there are all these examples netscape and you know there's things that like they tried to do a rewrite they needed to reestablish their technical platform and they also tried to add features they

basically just like never terminated so that's a real risk right when you're like like completely changing your underlying platform that there's no you're you're gonna miss it um i was like all right we got to minimize the chance that that happens so we're not going to ship any new features we're just

going to rewrite it make it faster um but while we're doing this like basically mobile is growing so the percent of our traffic that is monetizable is shrinking because web is basically shrinking and and mobile's growing that's your only business model yeah and i was like all right like and you're now

recently you know the thing is it was actually pretty clear what we needed to do yeah i think strategically a lot of the time it's um it's somewhat harder to know what to do when you're winning like when stuff is going well it's like what is the next move to like go from winning to winning more um but when you're

losing it's usually pretty clear what you have to do and i think a lot of it is like is is just do you have the pain tolerance to go do it so a lot of this was like all right the team was like okay um well we're going public and you know it's investors really aren't going to like this if we are like

not making money for a year and a half and it's well a year and a half this short in the grand scheme of things let's do this and we did it and it was a painful year and a half and then we came out of that and we were in great shape so i i think like people inside the company had felt a lot better sooner

because it was pretty clear to people that we were doing the right thing um and they knew that we were executing in a responsible way um it basically focused and we're doing the right thing but i think it's actually when you have something that's working well and you're on one local hill and you need

to jump to another hill that's the stuff that's really culturally hard um but this one i think was it was it was not fun there have been a period a series of periods throughout the company that were not i don't know not not the not the most fun periods but um although that one in retrospect is you know

looks pretty good in retrospect it's like not that bad it's like your market cap only got cut in half for a year and a half like great great yeah i'll take that um anyway where were we well maybe can i so can i connect so david asked hey can you help us with our research can i follow that thread that you

just said hey that that one wasn't so bad there's been a lot of amazing things the company has done there's also been like a lot of criticism if you were to be self -critical of your own company of your own creation of all the criticisms that have happened over the years which do you believe is the most

legitimate and why i mean there's so many things that we've messed up um that there are many criticisms that are legitimate um but if that was a year and a half mistake i think you know one of the things i reflect on over the last like 10 years or so was you know the the political environment just changed

dramatically right it's like before 2016 there was like not a month that went by except for maybe this ipo period where the sentiment about the company was anything but positive and then after 2016 after the election basically there was not a month for a while where the sentiment about the company was positive

and we i think so much of this stuff is correctly understanding your place in the world and in history and you know so i think you know we talked about before how it's like i think we understood that we are a technology company and that you have to be a technology company to build this kind of thing

i think we understood that we're not a social network company we're a human connection company and that will take different forms over time um the political environment i think i i didn't have much sophistication around and i think i just fundamentally misdiagnosed the problem so i i i think that there

was this basic challenge and there were a lot of things i don't want to simplify this too much i mean there are there are a lot of things that we did wrong or some things that we did right but i think one of the things that i look back on regret is um i think we accepted other people's view of some

of the things that you know they were asserting that we were doing wrong or were responsible for that i don't actually think we were and now that's it's um there are a lot of things we did mess up and we needed to fix but i i think that there's this view where when you're a company and someone says

that there's an issue i think the right instinct is to like take ownership for it right say like okay like maybe maybe it's not like maybe it's not all our thing but we're gonna fully own this problem we're gonna take responsibility for it we're gonna fix it but when it's a political problem i actually

think a lot of the time sometimes that there are people who are operating in good faith who are identifying a problem that wants something to be fixed and there are people who are just looking for someone to blame and i i think to some degree if you if if you take responsibility for things because you

think it's a corporate crisis not a political crisis and your view is like okay i'm like i'm going to take responsibility for all this stuff like people are basically like blaming social media in the tech industry for like all these different things in society and if we're saying okay we're gonna really

like do our part to go fixes like this stuff i know there were a bunch of people who just took that and were like oh you're taking responsibility for that let me like kick you for more stuff and and honestly i think we should have been firmer about and clearer about which of the things we actually felt

like we had a part in and which ones we didn't and my guess is if the ipo was a year and a half mistake i think that the political miscalculation was a 20 -year mistake and so it started in 2016 and i think that we have been working super hard to fix a lot of issues and to figure out kind of what the right

tone is for navigating what is a very kind of fraught political dynamic across both the country and multiplied across all these places around the world and i think we've sort of found our footing on and like like what what the principles are like where we think we need to improve stuff but where um

you know where people make allegations about the impact of the tech industry or our company which are just not founded in any fact that i think we should push back on harder and i think it's going to take another 10 years or so for us to kind of fully work through that cycle before our brand and all

of that is back to kind of the place that it maybe could have been if i hadn't messed that up in the first place so but look in the grand scheme of things 20 years isn't that bad either and we'll get through it um and and i think we'll come out stronger um but i do think that is one of the kind of more

interesting critiques that i think people got and we get critiques on both sides on that there are people who don't think we've taken enough responsibility but um but i think certainly there's one line of critique which is you know you you kind of bought into too much of the stuff that you shouldn't

have and um yeah i think it's going to take us a long time to dig out about do you have a reasonable framework at this point okay here's the stuff where i feel like we actually do want to take responsibility for it and here's the stuff where like no that's not our fault yeah i mean at this point i think

a lot of this stuff has been studied so i mean i don't want to go rehash all the different things but um but i think at this point there's been like years of academic research on a lot of these things and you know part of the thing that's challenging is and one of the things that we've learned is we

actually should be trying to support more academics and doing more of this research ahead of time because like when you get to a point where you're being kind of accused of something you're not super credible just standing up yourself and being like i don't think we did this one um you know it's like

so but what has worked over time is like you know you do the research in advance and and you get kind of third -party academics respected folks who get to debate all these different issues and then it's like oh no actually like the evidence just does not show that social media is correlated with this kind

of harm at all so i i think that like or it's you know so i think that that's um i think that that's it's it kind of cuts it cuts both ways to me this brings up another topic we wanted to talk about with you and you just you know you said that's a 20 years isn't that long um i'm young you're you're

young uh we all are this is the advantage of being a college dropout founder yeah no it is when you start when you're 19 it's like hopefully we have more than 20 years and hopefully you have like buffet duration yeah you hopefully you set up the company in a especially at the time truly unique way uh

where you can operate the company and take that you know take that approach um do you mean super voting shares super voting shares is like you know the technical aspect of there i think there are a bunch of technical aspects to it that we're not going to get into in this conversation but effectively

you can take that perspective in a way that if you are a ceo non -founder you know without a structure that you've set up you just can't and i think you know in doing all the research for this a thesis we've developed is that like that is just one of the core fundamental advantages that meta has um so as

you were setting up the company you know when you were so young even when you went public you were so young like why was that so important to you well in 2006 yahoo wanted to buy the company for a billion dollars and everyone on our management team wanted to sell it and the board tried to fire me and everyone

and basically in the next year everyone else on the management team left because they i hadn't done a good job communicating i mean i don't want to blame them i like i hadn't done a good job communicating the long -term vision because i didn't i wasn't thinking about that at the time i like wasn't thinking

in terms of this as a company i was like this is a great project it's awesome like a lot of people like what we're doing i think this will probably continue for a while i think it's going to be pretty important in the world um but i didn't i didn't like know how to think in terms of you know like long

-term financial plans or um like make the case to them why it would be worth more than yeah or just like look we're doing this for the long term we're not planning on selling the company so it's like without having made that case it was understandable that basically yahoo comes around a lot of people

it's like this is like all their startup dreams come true you got to take this offer because i like i just wasn't in a place where i had the sophistication to basically articulate a lot of this stuff around where we were going longer term it probably wasn't super confidence inspiring to them when i

was like hey i think we should turn this down because we're gonna do this so um so after that i was like all right well i don't want to get fired for my own company for wanting to build it so let's uh try to set up a governance structure that makes it somewhat harder to do that um so learning through

suffering wow and being very cash generative very early such that you had a very real going concern on your hands and you just didn't didn't need to cut off your arm and sell it to someone in order to yeah build your business yeah like i think i think this is a fundamentally misunderstood thing about oh

facebook the startup it is the prototypical startup you are the iconic startup founder of this century and there's a lot of people that want to start a startup for a lot of the glamorous reasons of starting a startup you hated being a startup and wanted to stop being a startup as fast as possible and be

a like going concern yeah i mean i think we're having a lot more fun now it's like good to work on all the stuff it's awesome but what is your advice to all these founders who sort of romanticize the idea of of starting a company and kind of raising all this money obviously starting a company is not bad

right i mean i think that there's different schools have thought on how to do it i think some people think okay i want to go start a company so i'm going to like go dive into this idea and i just think that that's a little bit dangerous because there's this issue which is you have to be able to be nimble

and pivot around until you can like figure out what works right it's i mean part of the reason why i didn't think facebook was going to be the company early on was because when i was in school i built like 12 different things right that i were just things that i wanted to exist and i was like all right

this is fun okay let's build another thing it's like okay this one's fun people are still using that i'll like help up keep this one but i had like a bunch of other ideas for stuff i was going to build too so i just like i didn't i didn't like know how to think about what a company was going to be and then

it was so um i think there's something about maintaining flexibility that's that's helpful you know once you hire a bunch of people you know it's a lot easier when you can just have meetings in your own head about what direction you want to go in and it's like and there's a lot less pride and like people

dug in when you're just like okay i'm going to change direction it's like you know people haven't like invested their ego and like no we were going in this direction and like now i must be convinced it's like nah i just so i i do think that that's a thing where you want to like keep things lean and and be

able to do that and that's one of the reasons why we tried to get the company back to being you know whatever the leanest version of a large company is that we can we can be but um but i do think there's something to that where it's like it's obviously it's not it's not super fun not having the resources

to do what you want to do but i think it also is problematic to have more people working on something than you should have for the stage that it's at because then the people who are working on it don't have the agency to actually like make the changes and do the things that they need to which is less

fun and then you can attract the best people to go work on those things because it's less fun and so i do think you got it you just have to dial it right you're spending a gajillion dollars on reality labs and it's a technical term it's not making that much money so i'm gonna i'm gonna play mark back

to you sure of it's not appropriate to have all these people and resources working on things for more than the stage warrants i'm being a little facetious here but i'm curious how you why you categorize it differently i mean well i think some of the stuff by the time you're the scale that we're at is also just

about like what do you want to do over the next 10 to 20 years and what do you think are going to be important and you know we were talking about like making your own luck and all that and how you know it's like i think there are some broad strokes that we can have a sense of where things are going

i'm pretty sure glasses and kind of like holographic presence and ar is going to be a completely ubiquitous product right it's just like everyone had phone before replaced it with a smartphone and then a lot of more people got smartphones if all we get is all the people in the world where you have glasses

upgrading to glasses that have ai in them then like this is already going to be one of the most successful products in the history of the world so and i think it's going to go a lot further than that so i know there's that there is the thing about controlling our own destiny it's strategically valuable

you know we did this calculation or estimate at some point where it's like how much money do we lose from our core family of apps to the various like taxes that the platforms have to like when they tell us we can't run the ad business the way that we think we should be able to when they tell us we can't

ship certain products so that way like people use the things less or like them less and um i it's hard to exactly estimate it but i think we might be like twice as profitable if we own the platform or something so i think from that perspective that's worth a lot just from like a pure like dollars perspective

which is not primarily how i come at this stuff but even like now i've learned a thing or say since the yahoo days so now i at least am able to like like um i might not be able to convince the all the investors that we should be investing to the extent that we are in reality labs if i didn't control

the company but at least i can sort of articulate a case for why i'm confident that it's going to be good over time but for me it's always been way more about the product experience and what you can enable and build and you know one of the shifts and this is sort of like a value shift um over time is you

know one of the things that um you know some of the early oculus guys used to say to me that there's a difference between building good things and awesome things and and like good is good right it's helpful it's useful it's things that people use on a day to day basis because it adds something to their

lives but awesome is different awesome is uplifting and inspiring and just like leads you to just be way more optimistic about the future and is just like this uplifting thing about humanity and so i think a lot of what we've done with social media so far is is very good where we've got we've built

these products more than three billion people use them on a you know near daily basis right it's like it's like 3 .3 billion on a day yeah yeah so yeah and so that's and they use it because it is useful in their life right and in all these different ways i mean obviously people vary people use it for different

things but it's useful and it helps people and it helps people stay connected it helps people build businesses it helps people form communities it's good there aren't that many people on a day -to -day basis who get out of bed and they're like fuck yeah social media like that's right it's i mean that's

not like um so i i kind of think for the next for my next stage right for the next stage of the company the next like 15 years i want us to build more things that are awesome in addition to things that are good and i think that they both matter um but to me this is like a little bit of a kind of the next

stage of what i want our company to stand for and be and so i think a lot of the reality lab stuff that we're doing is going to be in that bucket um a lot of the ai stuff that we're doing i think is going to be in that bucket there are a bunch of things in the apps that are going to be in that bucket

too um new apps too but um but i don't know i think that there's there's just something that's like fundamentally pretty good about that and that's maybe it's also just like where i am in my life right i'm i'm like like to think i'm young i'm a little older right but it's but it's like i i do think

that at this point you know it's not just a meta thing also you know in my personal life a lot of what i personally value is doing things that are inspiring with people who i find inspiring all right and so there's the personal version of this it's like i get to work on you know interesting science

problems with like priscilla and my wife and like and a bunch of awesome people you know i get to design shirts with like some of the best fashion designers in the world right it's like i and statues yeah sculpture of my wife bringing back the roman tradition of designing sculptures of people you love

um i'm not at all being facetious like yeah really cool no i but i mean i think daniel arsham is like a really talented guy and i was like that's a person who i'd love to work with on something let's go find a project you know building you know i have one of my side projects is you know we have this cattle

ranch in kawaii and i'm trying to see if we can raise the highest quality beef in the world and there's like all this stuff it like starts with like it's it's awesome we got we got this steer chonk he's like he's he's just the man he's the man we're having a hard time keeping him on the ranch because we

every time we put him in a steel enclosure and he sees a female cow he busts through the steel enclosure but i feel like that's the kind of bull that you want to make the highest quality beef in the world and we're just working with you know trying to do really high quality awesome things with awesome

people that's like if that's what i get to do for the next 15 or 20 years then like that's gonna be a good 15 or 20 years was was there a moment like what changed like when did this become your priority and why i can't it feels so radical that it how could it have possibly been gradual or was this just

like mark all the time and we just couldn't see the real mark i don't know i i think that there might have been something around the way the company shifted in operations around covet i mean it's like the covet like all these tech companies went remote temporarily and it was an interesting period to

just like get some more time like a step back i'm a pretty introverted person and i do think it's i need to be careful where like i get a lot of value and energy and ideas from being around other people but i also need time with myself and with covet i kind of got that and it was a time of reflection um

where i was able to think about this stuff and we were also going through this very difficult political time in the country and and our company was at the center of a lot of those things i think that that that was a cause of a bunch of reflection and then i think that a bunch of the things that we'd

spun up earlier but it's smaller scale right so the reality lab stuff that we started in 2014 really um the fairer stuff around you know fundamental ai research um that yeah 2012 13 2012 13 some time around then these things they kind of got started and they were growing and it was it kind of reached

this moment which is like are we gonna double down on this and do this or are we gonna kind of like do this as a hobby and i was like no i think we should do this all right it's i mean this is like this like this is going to be a really important part of what we do and we had to make a really important

set of decisions what we knew is going to be really painful you know to go double down on those things and build out the ai infrastructure that we needed to and scale up some of the reality lab stuff and i knew that a lot of the investors would hate it at least in the short term before it's clearly

the right thing to do um the what i didn't know was that at the time i thought they were going to not like it but i thought it was going to be okay because i didn't think there was also going to be a recession at the same time um so that like really it's like i mean look like like you've learned who you

are through challenges right it's like we we had like a really you know it's like okay like losing half of your market cap is is quaint compared to losing 80 percent of your market cap or whatever it was right it's um you know so um but so i mean these are all intentional decisions right it's like i

mean there are a lot of conversations that we had which are like should we go forward with this and the answer that i came out with is yes i this is what i believe in i think this is going to be important for the world i think it's going to work over time we're no stranger to going through painful periods

in some ways it makes the company better let's do it we're starting to enter uh looking at the clock like conclusion lightning round territory i've had one like lurking in the back of my head yeah it makes sense to me that you would rebrand the company something that is not facebook given how broad

the family of apps was that you've got let's imagine you were going to rebrand it today you've got ai going on you've got ar going on you've got vr going on um would you pick the name meta if you were going to rename the company today i like meta it's a good name you know finding good short names i

mean this actually was a thing that we talked about for a while because it was pretty clear that if facebook is continuing to grow in importance in the world which i think a lot of people don't appreciate and it's kind of mind -boggling at the scale that it's at but the the others i mean when it you

know we went through a period where it's like we had facebook and a handful of small apps so now we have like you know four apps that have a billion people or more using them you know hopefully in the next three years five with threads if that continues scaling and um um this was a conversation that we

had a bunch where it's like does it make sense for the name of the company to be one of the apps as the other apps as it's really becoming a family of apps and it was important to me this was also coinciding with a lot of a lot of the challenges that we were having where the political brand challenges

different things and a lot of people were proposing that from the perspective of running away from the facebook brand right they were like oh well like is the does the facebook brand have issues do we need a new brand and i was like we don't run away from that right it's like like it might make sense

one day to not have facebook be the lead brand for the company because we do so many different things but i'm only going to do this when we come up with a brand that is going to be evocative of the future that we're trying to build because we run towards something we don't run away from things and when we

got to meta then i was like all right we're here and it was around the time when we were doubling down on the investment and where there was all the controversy and it's like look like if we're doing this we're going to lean into this and we're going to do it so let's do it and if i were to make the case

to you i feel the core competency of meta is you are able to discover products in the world you have great ideas you work on them you discover interesting products and you mark are not someone who wants to define yourself by anything you want to have like your hands on a bunch of great controls and maximize

your degrees of freedom see where the best freaking spaceship possible to go maneuver your way over there it seems like i would pick a brand that almost doesn't pigeonhole me into a specific future i might be looking for something that's more like look i i want to maximize my maneuverability yeah i

get it um but i don't know that's just i we align around a vision and a mission of what we're trying to do when we run towards it that's always been how we've operated yeah and in many ways doing what i just suggested would kind of be running it's like well we don't believe in it that much and you're

like no yeah no i i mean we're a company that like puts a flag down around what we're doing and we're gonna go do it it's like put a wall in front of us there's gonna be a mark shaped hole in the wall uh speaking of lightning rounds and mark shape holes um you are accelerating what used to be your annual

challenges i always i mean when when we were all kids uh and we didn't know each other i mean i was so inspired you would do your annual challenges you would post about them and i was like wow that's like pretty damn cool and then we all get a little older and we all have kids on the stage now and we

all have companies on the stage now and there's some large some small the demands on your time like it for me especially i think lots of people that's like that space gets sucked and you have expanded it how what do you mean well you used to do annual challenges and i feel like you're now doing weekly

challenges you're designing t -shirts you're making sculptures you're raising i just like i'm trying to try to do inspiring things i mean it's yeah i don't know um i'm also really competitive who's your competition for this what do you mean i was just thinking about uh about other things that i'm doing

i'm like what have i what have i started doing i like got into all these like more extreme sports and fighting and stuff and like i don't know i mean there's there's we face a lot of competition and a lot of different aspects of what we do um something there's the social media competitors there's the platform

competitors i think apple is a bigger competitor than people realize they kind of think hey they're doing a different type of thing but i don't know i think over the next 10 15 years i i think that kind of like battle over ideological battle over what should the architecture be of the next set of platforms

are they going to be the closed integrated apple a model that apple has always done which again i mean like there's multiple there are multiple good ways to build things right so i think if you look at the different generations of computing um pc's mobile they've all had sort of a closed integrated

version and an open version and the thing that i think there's just a ton of recency bias around is because iphone basically won you know i know that there are more android phones out there but i mean but iphone is sort of like the intellectual leader and by far like has all the let's take it as a conceit

yeah um i think there's the recency bias and probably like almost everyone here has an iphone and right i think because of the recency bias there's sort of this view that's like oh no this is just the superior way to do things but i i don't actually think that's a given but in in the pc or windows with the open

ecosystem was the leader and part of my goal for the next 10 15 years the next generation of platforms is to build the next generation of open platforms and have the open platforms win and i think that that's going to lead to a much more vibrant tech industry now there are advantages of of doing a closed

and integrated model i think apple will have a place for sure i expect them to be our primary competitor and i think it will not be just a product competition i think it's like a in some ways very deeply values driven and ideological competition around what the future of the tech industry should be

and you know how open these platforms whether it's things like lama and ai or the glasses or different things should be for developers like an individual someone getting started in their dorm room like me to not have to ask for permission to go build the next set of awesome things i've got a closing

question if you're please thank you so so we have a lot of builders in the audience tonight a lot of founders uh were in probably the most interesting technology environments and the early mobile days in terms of opportunity it's been 20 years you might have to go back a little bit but what advice do

you have for founders today on something that's different than trying to pattern match mark zuckerberg from 2004 given we live in a different world today yeah i don't know i mean just do something that you care about and i mean if you're trying to run our strategy try to learn as quickly as you can but but i

mean if there's like i think part of what i'm trying to say is i think there are different ways to build stuff right it's like our way worked for me and our team you know it's different things have clearly worked for other companies i don't know one day one day my daughter went to we went to it took

her to a taylor swift concert and she she was like you know dad i kind of want to be like taylor swift when i grew up hell yeah i was like you you can't that's not available to you i was like but and she she thought about it and she's like all right when i grow up i want people to want to be like august

chan zuckerberg and i was like hell yeah hell yeah so i think that that's um yeah i don't know i think it's like look learn from other people's successes and failures but do your own thing i love that love that well that is the perfect place to leave things um um we made you something that you already

have a very amazing well -designed shirt uh i hope you have room in your life for more than one i do you know i'm so i used to only wear one type of shirt now i've moved on so david and i made you a custom one of one shirt that represents tonight thank you it is size zuck so no one else can you know

there's that can never be made again and we've got these coordinates on the back the first one gps coordinates gps coordinates the first one represents kirkland house where you wrote the first line of code for facebook and the second one is the chase center awesome so thank you for joining us tonight

wow what a night absolutely crazy i mean mark has done many interviews this year both with other podcasts and in traditional press but that felt different if for no other reason than it happened live in front of a 6 000 person audience in an arena but i wasn't expecting it to feel that different yeah

i mean it was i think the wildest experience of my life being up there i don't even know what else could compare pretty insane well listeners as you may have noticed thanks to our sponsors this conversation was uninterrupted and we do want to reflect a little bit and share some of our thoughts and our

you know how we're feeling looking back on this conversation with you but first we do want to share a word on stat sig and cruso so statsig so mark's most famous catchphrase is probably move fast and break things but like we talked about with him despite instilling this in facebook's engineering culture

facebook doesn't actually break very often how certainly not anymore and really relative to its peers not even throughout its past yeah facebook invested hundreds of thousands of engineering hours in a set of internal tools these tools let any engineer set up new metrics ship new features and measure

performance in real time that means anyone could just ship a new feature but they always had metrics to use as guardrails and they could always roll back a feature if anything broke oh man there are legendary stories of engineers shipping features like in their first week at boot camp as interns or new

hires at facebook and meta over the years and you might wish that you could do the same on your team and build products like they build products at facebook ship fast make database decisions iterate rapidly but you need the right tools so you're stuck right well enter statsig statsig has built the world's

first product acceleration platform combining tools like feature flags product analytics experimentation and observability all in one place helping you move faster and make smarter decisions even better statsig was literally founded by an ex meta team who wanted to help everyone build like the best

and bring these same tools to the market today many of the world's leading tech companies rely on statsig including openai microsoft notion anthropic figma plus thousands of early stage startups david every time we work with statsig this list gets more and more impressive like now it is purely you know

a list companies it's awesome so if you're ready to accelerate your growth and democratize product building at your company go to statsig .com slash acquired and when you get in touch just tell them that ben and david sent you thanks statsig and now for cruiso cruiso is a climate aligned cloud platform

built specifically for ai workloads and powered by clean energy they build and operate gpu data centers powered by low cost stranded energy that otherwise goes to waste or worse gets emitted as greenhouse gases it's crazy when acquired first started working with cruiso this was a cool idea now they're

like one of the most important companies in the world with an ai cloud that's superior to the hyperscalers and a whole bunch of the largest companies in the world trusting their ai infrastructure to them yeah it's easy to think about ai it's like oh that's a bunch of phds at meta or openai or anthropic

or whatever you know tinkering with model weights in their office and hitting compute but there's this whole other industrial side of ai that's everything that happens after you press go on the model training and that's energy cooling construction all the physical infrastructure behind ai and cruiso is powering

that by producing or repurposing huge amounts of power we are talking gigawatts in their development pipeline which is nuclear reactor amounts of power for less cost than other providers and was zero or in some cases actually negative emissions it's super important if you listen to zuc and others talk

about what the bottleneck to ai progress is it's actually not compute but energy and cruiso is solving that problem it's just an awesome company we are super proud to work with them and to be investors in the company you can work with cruiso either through their managed ai cloud which is great for startups

and enterprises who want to complete end -to -end platform for ai or directly as a data center customer which several of the largest companies in the world are now doing so just going over to cruiso .ai acquired that's c r u s o e dot ai acquired or click the link in the show notes and tell them that ben

and david sent you okay so david reflections on this conversation the biggest thing that i kept thinking going into the night as we're talking with mark as we're talking with his team you know people kept saying we don't really do this mark doesn't really do this and i kept thinking yay he kind of does

because he's one of these podcasts this year and he does facebook meta connect like he's done big events before of course right he does a good number of in -person press interviews too it's not like he doesn't talk to the traditional press even though that has kind of become a narrative it's not really

true however mark has not done an external several thousand person live thing like this this is a very unusual format and kind of an uncomfortable one even for you and i like we're so used to stopping starting being thoughtful in our answers and like this is a show you're performing there are no breaks

there's no retakes yeah right but mark and like all the meta execs really embraced it a bunch of the executive team came like they took off this whole day and actually some stuff we did the night before too a bunch of the board members were there a lot of people important to mark were there his family

came they made it an event right i thought this was a big deal for us i was kind of shocked to the degree that mark also thought it was a big deal for him which is super cool totally agree that's one i was also surprised and delighted that he was willing to dive into history with us yes we totally did

not expect that he's so like usually so maniacally focused on the future and in our conversations to prep with him before the event he was like i think of you guys as a history podcast you know let's talk about the future like okay okay but we want to ground it in history and he showed up and was totally

ready to go back and i think that made the talking about the present and the future even better totally because you could create these through lines i mean as funny as your interjection on let's go back to the ipo moment was it opened up the door to have like these comparative moments too is what meta doing

today is that similar to something that you've done over and over should we be watching for a pattern here or are you very different today than you were historically the way that he was talking about that stuff on stage felt very authentic and i just haven't heard him speak in that way before at least

publicly i think it was also a great way to let us all get a window into his psyche which kind of brings us to another point which is like he is still in it oh what other founders of companies like that i mean is jensen who else you know it's the two of them yeah i think the casual observer to meadow

might observe like you know mark's been running it for 20 years and most of the time these founders kind of like go do something else they become executive chairman or they like stepped into a board role or they own four percent of the companies there's some pattern there and for mark i think it was plain as

day on stage uh he is more in it than ever and i don't think he thinks he's like halfway through his journey like i don't think he's 20 years in at 40 i'll be done i don't get that sense either i think meta is his vehicle by which he wants to live his entire life and he wants to make things with this group

of people that he wants to make period and that is kind of the product strategy i got chills when he said the 20 -year mistake and then i got even more chills when he said but 20 years actually isn't that long yeah it's a pretty illustrative comment totally i was appreciative that he engaged with us

on the be critical of the company because honestly i was asking that as research for when we inevitably do our meta episode i think he gave us a regret not a criticism but we were live on stage in front of 6 000 people and it's it's not really the right format for that yep totally that said obviously

a very interesting answer i think related though back to the he's still in it in some sense reality labs you could look at like his blue origin a hundred percent it's just within meta i'm glad you caught this too other big tech ceo founders have their moment running the company they take a board role

they go do another thing and oftentimes it's big and important for the world and capital intensive and mark is doing that but inside meta with reality labs i think it'll be super fascinating 20 to 50 years from now to reflect back and say what were the unintended or perhaps intended outcomes of co -mingling

multiple huge swings under one corporate umbrella versus having people who are either ceo of multiple companies concurrently or you know step down from one to run the other for mark i kind of feel like again meta is his vehicle for executing the things that he thinks are awesome products and of course

it's not just awesome products but like things that could let him have more control over his universe he's clearly a guy who values having a lot of degrees of freedom and doesn't like being boxed in i loved your turn based strategy game oh get more turns learn more on each turn like oh man starcraft

pro player 101 there yes but it'll be interesting to see the the knock on effects of having reality labs in the meta organization versus as a new venture totally all of that brings me to you know frankly just my biggest overwhelming takeaway from the whole experience which is ben you've developed a really

great research interview question that you use on all the sources that we talk to now which is you ask what is the one thing that is most misunderstood about this company this organization etc and everybody at meta for years always would say mark and i never totally got it until this evening he's both

a singular individual himself but it's not just that it's that a true superpower of the company is that it is architected from top to bottom legally financially organizationally culturally culturally to reflect and amplify his immense strength which i think is probably true of like apple steve jobs

bill gates microsoft and vidia jensen yes but we are right up close to the ways in which meta is a sort of an amplifier almost like it's a way for you to take the gain on mark's output and turn it up you know ten thousand x yes and i think what was so striking about it to me versus you're absolutely

right all those other companies it is generally accepted in the public narrative about apple under steve jobs about nvidia under jensen that that is the case i don't think it is about meta and mark i don't think people understand i didn't understand that until this experience are you saying meta is still

very much a mark zuckerberg production i'll see myself out well put there we go uh well listeners thank you so much for joining us on this journey come talk about it with us in the slack acquired dot fm slash slack would love to hear all of your thoughts as well join our email list acquired dot fm slash

email that will let you basically know every single time a new episode drops or when we are doing something like chase center again to be the first to know about that god if we ever do something like that again we've got a merch store check it out on acquired dot fm we've got acq2 our second show where we

are always interviewing earlier stage companies than meta but where we think there are great insightful conversations with founders and ceos and david i know you've got some thank yous one last thing final thank yous thank you to mark thank you to basically the entire meta executive team who helped

with the evening thank you to armez for dressing us which was my favorite easter egg of the night yes so fun thank you to jamie diamond jp morgan chase and jp morgan payments for making it all possible it was truly a dream come true and that is because of our incredible partnership deed it was well

listeners we'll see you next time yes in a couple of weeks with the full show we are pumped to drop it we'll see you next time who got the truth is it you is it you is it you who got the truth now

[Acquired Live: An In-Depth Conversation with Mark Zuckerberg]-[The Mark Zuckerberg Interview]

📋 Summary

The Evolution of Meta: A Conversation with Mark Zuckerberg

The Philosophy of "Learning Through Suffering"

Meta as a Technology Company

The Reality Labs Bet and Future Vision

Navigating the Political and Corporate Landscape

Governance and Long-Term Thinking

Conclusion: The Next 20 Years

🎯Key Sentences

📝Key Phrases

📖 Transcript