Co-founder Saverin doubtful of Facebook’s rapid growth
Singapore, Singapore (4E) – Eduardo Saverin, one of Facebook’s co-founders, is doubtful of the social network’s fast growth. Saverin spoke in a conference in Singapore about the company’s problem.
“The biggest risk is growing too fast. When you grow too fast, it’s hard to iterate, educate,” Saverin said, according to Bloomberg.
Facebook’s chief executive officer Mark Zuckerberg has made it no secret that he wants to increase the spending of the company. He announced that he plans to spend over a billion dollars this year for its rapid expansion. Last year, Facebook increased spending by 67 percent.
Facebook is boosting its investment on mobile advertising and presence. The company wants advertisers to have multiple tools to promote products.
Saverin renounced his U.S. citizenship two years ago to become a permanent resident of Singapore. He believes there are rising threats Facebook should to be wary of.
“There’s always multiple threats to Facebook. There’s a lot of technology companies out there with tremendous resources and engineering and very experienced talent that are trying to enter this space,” Saverin added.