Facebook Loses Peach Fuzz

October 8th, 2008 | Sources: Information Week, Wall Street Journal

Subjects: ,

Last week, co-founder and head engineer Dustin Moskovitz left Facebook to start a new software company. Joining him in the venture will be Facebook engineer Justin Rosenstein.

Their departure follows by a few months the exit of Facebook’s chief technology officer and a former chief operating officer.

As its early employees move on, Facebook has added grizzled vets from Google, Yahoo and other established tech companies. With the seasoning have come things like new performance review systems, formal training programs and recruiting processes.

Moskovitz founded Facebook with Mark Zuckerberg in 2004 while they were roommates at Harvard.  Zuckerberg indicated he will continue to seek advice from Moskovitz as they move forward separately.

Facebook has never been more popular. It now has 100 million users and a staff of 700. It has increased advertising revenue to $350 million, although much of that comes from a single display-ad agreement with Microsoft which took a small ownership position in Facebook when the deal was consummated.

Meanwhile, a lot of Facebook employees have November 1 circled on their calendars. That’s the day the company starts permitting employees to sell some shares in Facebook at its internally determined valuation of $4 billion.


 

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