Latest news with #SherylSandberg
Yahoo
12 hours ago
- Business
- Yahoo
Shark Tank's Kevin O'Leary warns Gen Z this job is a slow ‘drift into hell' that'll make you unemployable for life
multimillionaire Kevin O'Leary says that two-thirds of his Harvard MBA students are 'lost souls' who want to go into consulting over entrepreneurship. The Executive Fellow teaching at the Ivy League exclusively tells Fortune that each year, he tries to convince Gen Zers to ditch the path of cushy office jobs and 'mediocrity'–or risk being unemployable for life. Many business school students coming out of Stanford University, New York University, and the University of Pennsylvania are already stepping into their swanky Wall Street jobs. But multimillionaire investor Kevin O'Leary is urging his Harvard students to skip the typical consulting track—and build something of their own instead. 'Look, if you want to drift into hell on Earth, stay 24 months in a consulting firm and you are tainted meat for the rest of your life,' O'Leary tells Fortune. 'No one's going to hire you to make a decision because you never have made one.' 'Why would anybody burn all those hours while someone else makes money, and you do nothing of consequence? I respect all the consulting firms that are out there, but I'm going to do my best to keep people from going into that.' O'Leary is an Executive Fellow at the prestigious Ivy League college, teaching an MBA Elective Curriculum course The Founder Mindset. The school has pumped out some of the most successful entrepreneurs, including Michael Bloomberg, Sheryl Sandberg, Jamie Dimon, and Bill Ackman—but the institution's entrepreneurial spirit hasn't rubbed off on all of its students. O'Leary says that when he asks his Harvard cohort who wants to go into consulting, about two-thirds raise their hands. But the $4.2 billion SoftKey Software Products founder has made it his mission to recruit them into entrepreneurial life—even if his lessons require some harsh truths. 'What I try and do is disrupt a few of them in every class that I go into at the beginning of the program saying, 'If I can get four of you to abandon your drift into mediocrity, then I've done a great job here.' Business consultants will 'never be free' O'Leary understands the draw to the consulting world; he notes these jobs can offer $250,000 to $350,000 salaries right off the bat, despite consultants being worked 'like an animal' for the first three years. But sky-high wages and cushy offices might not be worth the price they have to pay: never producing anything of their own, always working for the big man and putting off potential employers, like O'Leary. 'If you're there for more than two than 24 months, you get the virus. You're tainted—your resume says you were someone of no consequence,' the 71-year-old tells Fortune. 'So I always take those resumes of consultants that want to get into the real world, and throw them in the garbage,' O'Leary continues. 'They haven't done anything, they just wrote reports. Didn't matter.' Being worked to the bone for six-figures is still enticing for some professionals, as many log in 100-hour workweeks for much less. But beyond having an underwhelming resume, O'Leary says consultants will never have freedom working under a boss. 'You can go to the soccer games, go to picnics. You can do whatever, and it's a great life. You can provide for a family,' he adds. 'But you'll never be free. You'll never be financially free.' Entrepreneurship may mean no vacations, sharing an apartment with five roommates, and grinding for years—but once you make it, you can call your own shots. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Phone Arena
a day ago
- Business
- Phone Arena
Remember the Cambridge Analytica scandal? Zuckerberg and Meta settle $8 billion lawsuit
Do you recall the Cambridge Analytica scandal? Yes, I remember it clearly to this day. Now that you mention it, it all comes back. Never heard of it. Yes, I remember it clearly to this day. 0% Now that you mention it, it all comes back. 0% Never heard of it. 0% Receive the latest Apps news By subscribing you agree to our terms and conditions and privacy policy The settlement was announced Thursday during a hearing in Delaware, just as the trial was about to begin its second day. Details of the settlement remain confidential for the moment, and attorneys for the defense offered no comment, while the judge congratulated both sides on resolving the lawsuit, brought by Meta shareholders, accused Zuckerberg, venture capitalist Marc Andreessen, Sandberg, and other former executives of failing to prevent privacy breaches that cost the company billions in regulatory dispute centered on Facebook's failure to follow a 2012 FTC agreement to protect user data, which led to a $5 billion fine in 2019. Shareholders wanted executives to repay the company from their own wealth, but the defendants called the claims "extreme" and denied any trial was expected to feature testimony from prominent figures, including Zuckerberg, Sandberg, Netflix co-founder Reed Hastings, and Palantir co-founder Peter Thiel. Zuckerberg was slated to testify Monday, and Sandberg later in the week. Sandberg was criticized for deleting important emails, which hurt her defense in court. By settling, she and the others avoid having to testify under oath or reveal information that could harm the core of the lawsuit were so-called Caremark claims – lawsuits that say company leaders didn't do their job to keep the company out of legal trouble. Basically, shareholders argue the board ignored big warning signs or didn't set up any system to make sure the company followed the law. These cases are very hard to win because you have to prove the leaders acted in bad faith, not just made allegations stemmed from the Cambridge Analytica scandal, which involved the political consulting firm improperly collecting data from millions of Facebook users without their consent. This data was used to target voters during the 2016 US presidential election and other campaigns. The breach exposed major flaws in Facebook's data privacy practices and sparked global outrage. It led to investigations, significant fines – including a $5 billion penalty from the Federal Trade Commission – and raised awareness about how personal information is handled by social media platforms.I think it's safe to say that it's all forgotten by now – forgotten by regular Facebook users, I mean. Zuck and co. will remember this little stunt for life.
ABC News
a day ago
- Business
- ABC News
Meta investors settle $8b lawsuit with Zuckerberg over Facebook privacy
Meta CEO Mark Zuckerberg has agreed to settle an $US8 billion ($12 billion) lawsuit with a group of shareholders over how top executives and directors handled repeated privacy violations of Facebook users. The settlement was announced on Thursday by a lawyer for the shareholders. The parties did not disclose how much they agreed to settle for nor on what terms. Judge Kathaleen McCormick adjourned the trial just as it was to enter its second day in a Delaware court and congratulated the parties. The plaintiffs' lawyer, Sam Closic, said the agreement just came together quickly. Billionaire venture capitalist Marc Andreessen, a defendant in the trial and a Meta director, was scheduled to testify on Thursday. Shareholders of Meta sued Mr Zuckerberg, Mr Andreessen and other former company officials — including former chief operating officer Sheryl Sandberg — in hopes of holding them liable for billions of dollars in fines and legal costs the company paid in recent years. The Federal Trade Commission fined Facebook $US5 billion in 2019 after finding it failed to comply with a 2012 agreement with the regulator to protect users' data. The shareholders wanted the 11 defendants to use their personal wealth to reimburse the company. The defendants denied the allegations, which they called "extreme claims". Facebook changed its name to Meta in 2021. The company was not a defendant and declined to comment. On its website, the company has said it has invested billions of dollars into protecting user privacy since 2019. A lawyer for the defendants declined to comment. "This settlement may bring relief to the parties involved, but it's a missed opportunity for public accountability," said Jason Kint, the head of Digital Content Next, a trade group for content providers. Mr Zuckerberg was expected to take the stand on Monday and Ms Sandberg on Wednesday. The trial was scheduled to run through the end of next week. The case was also expected to include testimony from former Facebook board members Peter Thiel, Palantir Technologies co-founder, and Reed Hastings, co-founder of Netflix. By settling, Mr Zuckerberg and other defendants avoid having to answer probing questions under oath. Ms Sandberg was found during the litigation to have deleted what were likely her most sensitive emails and she was sanctioned, making it harder for her to tell her side of the story in court. The settlement allows plaintiffs to avoid trying a very difficult case. Meta investors alleged that former and current board members completely failed to oversee the company's compliance with the 2012 FTC agreement. The lawsuit also claimed that Mr Zuckerberg and Ms Sandberg knowingly ran Facebook as an illegal data harvesting operation. The oversight allegations are known as Caremark claims, considered the most difficult to prove under Delaware corporate law. It was the first time Caremark claims went to trial, and even if the plaintiffs had gotten a judgement in their favour, the case would have been appealed to the Delaware Supreme Court. That court has reversed major shareholder victories in recent years. The case followed revelations that data from millions of Facebook users was accessed by Cambridge Analytica, a now-defunct political consulting firm that worked for Donald Trump's successful US presidential campaign in 2016. Those revelations led to the FTC fine, which was a record at the time. On Wednesday, an expert witness for the plaintiffs testified about what he called "gaps and weaknesses" in Facebook's privacy policies but would not say if the company violated the 2012 agreement that Facebook reached with the FTC. Jeffrey Zients, a former board member, testified on Wednesday that the company did not agree to the FTC fine to spare Mr Zuckerberg legal liability, as shareholders alleged. The defendants' legal team also showed the court notes that Mr Zients had taken when he was on the board that seemed to show he was urging the board to make user privacy a top priority, which would undercut plaintiffs' claims. The trial settlement marks the second time Mr Zuckerberg avoided testifying in the court. In 2017, Facebook abandoned a plan to issue a new class of stock as a way for Mr Zuckerberg to extend his control over the company while selling his shares. The decision came a week before Mr Zuckerberg was expected to testify in the Court of Chancery to defend the stock plan. "Facebook has successfully remade the Cambridge Analytica scandal about a few bad actors rather than an unravelling of its entire business model of surveillance capitalism and the reciprocal, unbridled sharing of personal data," Mr Kint said. "That reckoning is now left unresolved." Reuters
Forbes
2 days ago
- Business
- Forbes
Zuckerberg Settles $8 Billion Privacy Case—Avoids Testifying
Meta CEO Mark Zuckerberg and other executives reached a settlement with a group of the company's shareholders Thursday, ending a long-running, potentially blockbuster $8 billion trial over allegations Facebook knowingly harvested user data. Facebook shareholders sued Meta leadership in 2018, alleging the company knowingly harvest user ... More data. Copyright 2024 The Associated Press. All rights reserved. An attorney representing Meta shareholders told Judge Kathaleen McCormick in Delaware's Chancery Court a settlement was reached with Zuckerberg and other members of the company's leadership, multiple outlets reported, though details of the settlement were not immediately available. Sam Closic, the shareholders' attorney, said an agreement was reached quickly, according to Reuters. Facebook shareholders sued Zuckerberg, former COO Sheryl Sandberg and other billionaires tied to the company in 2018, alleging they violated a Federal Trade Commission agreement by sharing user data with third-party apps without their consent. Shareholders requested $8 billion in damages, and the trial was expected to feature testimony from Zuckerberg, Sandberg and billionaires Peter Thiel, Marc Andreessen and Netflix CEO Reed Hastings, all of whom served on Facebook's board. Neither Meta nor attorneys representing the company immediately responded to requests for comment. Zuckerberg, Sandberg and Konstantinos Papamiltiadis, Facebook's former vice president of partnerships, were among those named as defendants. Shareholders also named Andreessen, Thiel, Hastings and other Facebook board members, including former Bill & Melinda Gates Foundation CEO Susan Desmond-Hellman, eBay CFO Peggy Alford and former American Express CEO Kenneth Chenault. Jeff Zients, President Joe Biden's former chief of staff who testified Wednesday, was named alongside Erskine Bowles, President Bill Clinton's former chief of staff, for their roles on Facebook's board. Key Background A lawsuit between shareholders of Facebook, which rebranded to Meta in 2021, arose in 2018 over alleged violations of an agreement the company reached with the FTC. That agreement included a consent order in which Facebook agreed to create a 'comprehensive privacy program' to address privacy concerns. Their claims were highlighted by the company's Cambridge Analytica scandal, during which Facebook user data was harvested through a third-party app and then allegedly used to influence Brexit and the 2016 election. Zuckerberg and other defendants disputed claims of wrongdoing, arguing the shareholders failed to back up their claims of company officials acting unlawfully. Sandberg was sanctioned by Delaware's Chancery Court in January, after she allegedly deleted personal emails that were material to the trial. Sandberg claimed she rarely used her personal email and information from those deleted emails was preserved as other users were copied in on those messages. Forbes Valuation Zuckerberg is the world's third-wealthiest person with a fortune valued at $241.1 billion, according to Forbes' latest estimates. Sandberg has a net worth valued at $2.4 billion as of Thursday, while Andreessen ($2 billion), Hastings ($6.8) and Thiel ($23.2 billion) also rank among the world's richest. Further Reading Forbes Mark Zuckerberg Goes On Trial Today In $8 Billion Meta Privacy Lawsuit—What To Know By Alison Durkee
RNZ News
2 days ago
- Business
- RNZ News
Meta investors, Zuckerberg reach settlement to end multibillion-dollar trial over Facebook privacy litigation
By Tom Hals , Reuters Mark Zuckerberg. Photo: AFP Mark Zuckerberg and current and former directors and officers of Meta Platforms agreed to settle claims seeking US$8 billion (NZD$13.5 billion) for the damage they allegedly caused the company by allowing repeated violations of Facebook users' privacy, a lawyer for the shareholders told a Delaware judge. The parties did not disclose details of the settlement and defence lawyers did not address the judge, Kathaleen McCormick of the Delaware Court of Chancery. McCormick adjourned the trial just as it was to enter its second day and she congratulated the parties. The plaintiffs' lawyer, Sam Closic, said the agreement just came together quickly. Billionaire venture capitalist Marc Andreessen, who is a defendant in the trial and a Meta director, was scheduled to testify on Thursday. Shareholders of Meta sued Zuckerberg, Andreessen and other former company officials including former chief operating officer Sheryl Sandberg in hopes of holding them liable for billions of dollars in fines and legal costs the company paid in recent years. The Federal Trade Commission fined Facebook $5b in 2019 after finding that it failed to comply with a 2012 agreement with the regulator to protect users' data. The shareholders wanted the 11 defendants to use their personal wealth to reimburse the company. The defendants denied the allegations, which they called "extreme claims." Facebook changed its name to Meta in 2021. The company was not a defendant. The company declined to comment. A lawyer for the defendants did not immediately respond to a request for comment. "This settlement may bring relief to the parties involved, but it's a missed opportunity for public accountability," said Jason Kint, the head of Digital Content Next, a trade group for content providers. Zuckerberg was expected to take the stand on Monday and Sandberg on Wednesday. The trial was scheduled to run through the end of next week. The case was also expected to include testimony from former Facebook board members Peter Thiel, Palantir Technologies co-founder, and Reed Hastings, co-founder of Netflix . Meta investors alleged in the lawsuit that former and current board members completely failed to oversee the company's compliance with the 2012 FTC agreement and claim that Zuckerberg and Sandberg knowingly ran Facebook as an illegal data harvesting operation. The case followed revelations that data from millions of Facebook users was accessed by Cambridge Analytica, a now-defunct political consulting firm that worked for Donald Trump's successful US presidential campaign in 2016. Those revelations led to the FTC fine, which was a record at the time. On Wednesday (local time), an expert witness for the plaintiffs testified about what he called "gaps and weaknesses" in Facebook's privacy policies but would not say if the company violated the 2012 agreement that Facebook reached with the FTC. Jeffrey Zients, a former board member, testified on Wednesday that the company did not agree to the FTC fine to spare Zuckerberg legal liability, as shareholders allege. On its website, the company has said it has invested billions of dollars into protecting user privacy since 2019. The trial would have been a rare opportunity for Meta investors to see Zuckerberg answer probing questions under oath. In 2017, Zuckerberg was expected to testify at a trial involving a lawsuit by company investors opposed to his plan to issue a special class of Facebook stock that would have extended his control over that company. That case also settled before he took the stand. "Facebook has successfully remade the 'Cambridge Analytica' scandal about a few bad actors rather than an unravelling of its entire business model of surveillance capitalism and the reciprocal, unbridled sharing of personal data," Kint said. "That reckoning is now left unresolved." - Reuters
