Facebook CEO Mark Zuckerberg said the company plans to start a new 'North Star' initiative to target products towards the market of young adults age 18-29
call Monday, announcing a significant $10 billion investment in the “metaverse,” with higher expenses to follow in subsequent years, a change in how the company reports earnings, and most critically a new strategic “North Star”: Serving young adults age 18-29, rather than the older adults that have driven the company’s growth in recent years.
Zuckerberg said the plan to focus on young adults will take years, and will mean that its user growth will be impacted in coming months and years. He also said that the strategic decision was made in part by competition from TikTok, which he called “one of the most effective competitors we have ever faced.”
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