Facebook is shutting down in 2019.
The social network’s founder, Mark Zuckerberg, says the company has been suffering from an inability to make a lasting profit and to keep people connected.
He has also raised concerns about a shift away from real-time, social networks to more personalised social networks that can help people make connections.
The company has struggled to compete with Twitter, Instagram and other social media platforms.
Its revenue fell 9 per cent to $6.4 billion in the fourth quarter of 2019.
(Justin Sullivan/Canadian Press)”We’ve got to do a better job of making sure we can stay relevant and keep people engaged and stay on top of what’s going on in the world and to be able to make an impact in the broader world,” Zuckerberg said in an interview with The Associated Press in Toronto.
Zuckerberg, who is a board member of Alphabet Inc., will not be returning to Facebook.
His replacement, Sheryl Sandberg, will be the company’s CEO.
Facebook’s stock closed at $62.36 on Friday.
Social media was a key way for Zuckerberg to communicate with people around the world during the 2016 U.S. presidential campaign and he has used it to launch his philanthropic work.
The company says it has more than 30 million active users in more than 190 countries.
But it has struggled in recent years to compete head-to-head with other social networks.
Its revenues fell 9% to $1.3 billion in its fourth quarter.
It has been trying to build a more personalisable social network that can boost engagement and help people connect more quickly.
The Facebook board said Zuckerberg’s new role as chief executive would allow him to focus on the company and help accelerate its growth.
“We’re looking forward to building on the successes that Mark has built over the last decade in building the world’s most valuable social network,” Zuckerberg wrote in the company blog.
Zuck, 57, is a venture capitalist, and he previously ran Facebook as chief operating officer and chief operating strategist.
The company has since diversified its business model.
It is investing heavily in technology to help users more easily communicate, organize and share content.
The board also said that it plans to release an annual report for the year that will include information on its performance in 2020 and 2021.