Meta Platforms Inc. (NASDAQ:META) CEO Mark Zuckerberg has formed a new advisory council to provide guidance on the company's AI and technological advancements.
What Happened: The Meta Advisory Group, as it will be known, will consist of four executives, including Patrick Collison, CEO and co-founder of Stripe Inc., Tobi Lütke, CEO of Shopify Inc. (NYSE:SHOP), former GitHub CEO Nat Friedman and Charlie Songhurst, an investor and former Microsoft Corporation executive, reported Bloomberg.
The group will meet regularly with Meta's management team to offer insights and recommendations on technological advancements, innovation, and strategic growth opportunities. The members will not receive any compensation for their services, a Meta spokesperson confirmed.
In an internal memo note that was shared by employees, Zuckerberg stated, "I've come to deeply respect this group of people and their achievements in their respective areas, and I'm grateful that they're willing to share their perspectives with Meta at such an important time as we take on new opportunities with AI and the metaverse."
It's not clear how often the product advisory group will meet, though Zuckerberg said it would advise Meta's management team "periodically" moving forward.
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
Why It Matters: Meta's AI-focused products include hardware devices such as the Quest virtual reality headsets and Ray-Ban smart glasses, as well as software products like Meta's AI assistant, which is available to consumers through several of its apps.
During Meta's first-quarter earnings call last month, Zuckerberg announced plans to increase the company's capital expenditures to further its AI development. "We've gotten more optimistic and ambitious on AI," he said at the time.
The tech giant reported first-quarter revenue of $36.45 billion, marking a 27% increase year-over-year. This figure surpassed the Street consensus estimate of $36.16 billion.
Photo by Frederic Legrand – COMEO
Check out more of Benzinga's Consumer Tech coverage by following this link.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.