February 1, 2023

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The Week in Business: Meta Changes

2 min read

Sheryl Sandberg announced Wednesday that she was stepping down as chief operating officer of Meta after 14 years with the company. In that time, Facebook, as it was formerly known, grew into a behemoth, acquiring dozens of companies and extending its influence across the internet. Ms. Sandberg built her personal brand alongside the company, publishing “Lean In,” her best-selling 2013 book about how to succeed as a woman in the workplace. But Ms. Sandberg’s reputation suffered as Facebook faced backlash for its role in the spread of misinformation during the 2016 election, the data breach involving Cambridge Analytica and other scandals. And many of the women who once subscribed to Ms. Sandberg’s philosophy grew disillusioned as they discovered that “leaning in” did not bring about the raises and promotions she spoke of. Ms. Sandberg will remain on Meta’s board.

After announcing only modest increases in oil supplies at recent meetings, OPEC Plus agreed on Thursday to raise production by 648,000 barrels a day in July and again in August — about 50 percent higher than the monthly rise set under a program last year. Biden administration officials said on Thursday that President Biden would visit Saudi Arabia, the world’s largest oil producer and the de facto leader of OPEC Plus, in what appeared to be a move toward thawing relations (though he said on Friday that he “had no direct plans at the moment” to do so). The large increase in production is unlikely to cause gas prices to fall, but some analysts say OPEC Plus’s decision to break from its scheduled increases in output could be a sign of more cooperation from the Saudis and from other countries, like the United Arab Emirates, as Western sanctions on Russia continue to squeeze global supplies.

Jobs stretched into their 17th consecutive month of gains, with the Labor Department reporting on…

Marie Solis

2022-06-05 07:00:07

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