Economics/Class Relations

Meta boss: All this criticism of our business is ‘lazy’

By Alyson Shontell, Fortune

This week, Fortune hosted its annual CEO Initiative Summit in West Palm Beach, Fla.

 

We heard from politicians and business executives ranging from Joe Manchin to top Meta boss, Nick Clegg. The summit wrapped with a fascinating conversation with Marc D’Amelio, the father of TikTok’s most famous and followed sisters, Charli and Dixie D’Amelio.

 

“I can’t stress enough how normal and great our life was prior to this,” D’Amelio said. In 2019, he and his family were living in the suburbs of Connecticut. His daughters were attending high school and he and his wife would escape for regular date nights.

 

Then his girls started posting short-form videos from their bedrooms, dancing in front of their unmade beds, and followers quickly racked up.

 

Today, Charli D’Amelio has more than 145 million followers on the platform. The family moved to Los Angeles to pursue entertainment careers and have raked in an estimated $70 million.

 

Charli earned nearly $20 million last year and her older sister, Dixie, about $10 million thanks to clothing lines, business ventures, six-figure sponsored posts, a popular Hulu and Snap show, and more.

 

While lucrative, the cost of fame is steep, and it’s one the D’Amelios consider often. Marc D’Amelio has watched his children get bullied and go through mental health struggles as they’ve opened their lives to constant criticism.

 

When asked how he weighs the decision as a parent to support this lifestyle and career for his children, he said his family of four regularly has check-in meetings where they ask, “Are we happier today than we were in our little town in Connecticut?” And for now, that answer continues to be yes.

 

Meanwhile, in a very different discussion with Meta’s Nick Clegg, Clegg stood firmly by Mark Zuckerberg’s metaverse vision and spending. He came out swinging against the press for what he deemed “lazy headline caricature of the health of our existing businesses” and also took shots at Apple, which he believes won’t “get away scot-free” from regulators much longer.

 

You can watch the full interviews with Clegg and other executives from our conference here.

Coinbase CEO Brian Armstrong is obsessed with self-improvement. Can he improve fast enough to turn his company around?

 

With a stock price down 70% this year, grim earnings, and lackluster product rollouts all while during a Crypto Winter, Armstrong faces a big task.

BY ANNE SRADERS

OCTOBER 31, 2022

 
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