Facebook has hired former Google exec Mark Zuckerberg as its new chief executive, and the company said it plans to launch a new social network to provide the same kind of personalized content and social media tools for people to use across the company’s business.
The social network will be called Hubbub and will be a “platform for connecting people and sharing experiences,” Facebook said in a statement on Tuesday.
Facebook CEO Mark Zuckerberg is seen during a news conference in New York City, U.S., June 23, 2021.
Facebook said Tuesday that it has hired a former Google executive to lead its new social media network.
(Photo: David Goldman, AP)Mark Zuckerberg, Facebook’s CEO, is leaving the company to become CEO of another tech company, and he will join his former boss as the company continues to diversify into new business areas.
Facebook will make the announcement in a blog post on Wednesday.
It’s not yet clear how much Facebook will charge for Hubbub, or how much of the $1 billion initial investment will go to the company.
Facebook already has a product called Facebook Messenger.
But it could make money through advertising, as the platform could be used by Facebook to promote its own products or services, or by advertisers to reach people with ads they want to show.
It also could help Facebook become more relevant in the social world, which Zuckerberg is trying to do through social media.
Facebook has been working to become more ubiquitous in the world of social media, but that has also been hampered by its reliance on mobile devices, which have limited ability to be personalized.
In addition to Zuckerberg, who was not named in the announcement, Facebook will also hire former Apple CEO Tim Cook, who will be chief operating officer, according to the statement.
Cook previously led Apple’s business unit in Asia.
Cook also was part of the search giant’s early days in mobile search.
He also helped launch Twitter in 2008, and has been a vocal critic of Facebook’s leadership, saying in July that Facebook had taken a “strategic risk” by hiring a CEO who had never worked at a major technology company before.
But he’s been a strong proponent of the company for the last five years, and Facebook has invested more than $10 billion in him to help it continue to grow.
The new CEO will take over from Sheryl Sandberg, who announced her resignation as Facebook’s chief executive earlier this month, after nearly four years on the job.
She was the third woman to run the company since Zuckerberg was hired.