The crypto world is likely to experience a paradigm shift with the introduction of big players such as Facebook, Wall Street, etc. This sector will see much more certainties as the entry of such biggies would lead to the elimination of speculators. But the outgoing chief product officer of Facebook is quitting over creative differences with chief executive Mark Zuckerberg. Along with him, Chris Daniels, formerly on the charge of WhatsApp, is also quitting Facebook. The departure of persons at such crucial places at this crucial timing of expansion means a lot for Facebook.
In a farewell note Cox wrote, “For over a decade, I’ve been sharing the same message that Mark and I have always believed: that social media’s history is not yet written, and its effects are not neutral. It is tied up in the richness and complexity of social life. As its builders, we must endeavor to understand its impact – all the good and all the bad – and take up the daily work of bending it towards the positive and towards the good. This is our greatest responsibility… I’m proud of the team who will succeed me… They are strong leaders, serious thinkers, good managers, and most importantly, deeply good people. I trust that, along with Mark, they will carry on the work of building out our platforms in a way that honors the responsibilities we have to the billions of people who rely upon our tools each day.”
As per the sources, the trouble began when Zuckerberg pitched the idea to integrate all the company’s applications like WhatsApp, Instagram, and Facebook Messenger and create a single, private platform with a focus on data security and discouragement of public posting. Facebook has been facing difficulties since the stories of Cambridge Analytica broke in. Facebook was alleged of interfering in elections of major democratic nations.
The idea got setbacks from many senior executives on Facebook. Some believed that Facebook’s popularity and growth factors would be in danger. The fear also ranged to losing autonomy over many products.
Zuckerberg in a statement said that starting a new step would also be the start of a new chapter. He said that he was sad to lose such great people, but he also hoped that it would give many new players to show their leadership.
Zuckerberg’s action has received mixed responses from many in the sector. Ben Horowitz – a venture capitalist at Andreessen Horowitz – said the commitment towards privacy and data security of Zuckerberg is commendable. The move is naturally not liked as it is for the first time Facebook is departing from its culture. He said, “Love him or hate him; Mark Zuckerberg is demonstrating two important things by moving Facebook in this direction: 1. He has the courage to do what he thinks is right in the face of extremely strong dissent. This is perhaps the most important quality in a leader, in that you don’t.”
It should be noted that the departure of these two biggies from Facebook is most likely to affect Facebook’s new plan to make an entry into the cryptocurrency. Facebook has been keeping its lips tight about the new venture, and it would surely feel the absence of experienced hands in making the biggest entry to the fintech sector.