Explore our new Generative AI Database, featuring 35+ companies leading the sector.Read more

The People With Power at Facebook’s Calibra

By  |  July 16, 2019 12:21 PM PDT

At Facebook’s new Calibra subsidiary, the group’s leader, David Marcus, relies on a mix of Facebook veterans and people from his Silicon Valley past to figure out how to weave the Libra digital currency into the social media giant’s family of apps. Of the eight people who report directly to him, two used to work at PayPal, where Mr. Marcus was previously president, while others worked on Facebook products like Instagram and the News Feed.

Together, the group—whose leadership team is shown in the chart accompanying this story—oversees one of Facebook’s most important and complicated new initiatives in years. Calibra is the roughly 100-person organization charged with creating a digital wallet app for Libra, the new digital currency also created by Facebook, along with integrating it into Messenger and WhatsApp as a payment system. It is not to be confused with the Libra Association, the Geneva, Switzerland–based independent consortium that will govern the digital currency and which Facebook says will eventually be composed of 100 member companies, including itself.

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Art by Clark Miller
The AI Age e-commerce ai
How to Grease a Chatbot: E-Commerce Companies Seek a Backdoor Into AI Responses
When Andy Wilson’s company received its first successful client referral through ChatGPT, he was shaken to his core.
Chris Britt, co-founder and CEO of Chime.
Exclusive startups Finance
Chime’s Slowdown Highlights Limits of Bank Disruptors
Chime found a way to offer zero-fee banking services without being a bank itself. But that approach is starting to show its limits.
Art by Clark Miller.
Exclusive startups crypto
MoonPay CEO, Other Executives Cashed Out Before Crypto Business Dropped
In November 2021, just as crypto prices were hitting all-time highs, MoonPay—a crypto payments startup that celebrities including Jimmy Fallon and Paris Hilton had praised for its non-fungible token “concierge” service— announced it had completed its first ever outside fundraising: an eye-popping $555 million round at a $3.4 billion valuation from investors including Tiger Global Management and Coatue Management.
Art by Clark Miller
The Big Read markets Finance
The Master of Destruction Rides Again
In the spring of 2022, the irascible Wall Street short seller Marc Cohodes was in a particularly foul mood.
Nvidia CEO Jensen Huang. Photo by Bloomberg
semiconductors ai
Why Nvidia Aids Cloud Rivals of AWS, Google and Microsoft
Nvidia’s business of selling chips for artificial intelligence is going gangbusters, but the company faces a looming problem.
Tim Cook. Photo by Bloomberg
Exclusive apple ar/vr
Apple’s Learning Curve: How Headset’s Design Caused Production Challenges
If Apple unveils its long-awaited mixed-reality headset next week as expected, it will represent the company’s riskiest gamble on a new product since the iPhone.