Instacart’s new CEO has been appointed. Apoorva Mehta was the founder of Instacart and its executive chairman for almost a decade. She has now handed the job to Fidji SIMO, a board member who will be leaving her position as a key Facebook executive. Investors are looking at an initial offering for this company before the end.
Mehta, who joined the board in January 2021, says that Simo never thought of running the company. This was not an easy decision. This was a difficult decision. Instacart is my entire life’s work. It was easy to decide that it would be a better long-term decision for our future company.
Fidji (left) will be Instacart CEO, while Apoorva Mehta (right), will assume the executive chairman position.
Mehta was 24 years old and had only one Sriracha bottle in his Bay Area refrigerator. Mehta was a former Amazon engineer. He started Instacart at 24 years old and made deliveries via Uber. Mehta has been able to navigate Instacart through near-failures, such as the acquisition of rival Amazon-Whole Foods by its largest customer, Whole Foods, and the five-fold increase in demand during the pandemic of 2020.
Instacart delivers to 55,000 locations in more than 5,500 U.S. cities. It is worth $39 billion. This gives Mehta, a hyper-focused and detail-oriented Mehta, a net value of $3.5 billion. Forbes reported that Mehta’s recent success had made him look further ahead, echoing his earlier statements to Forbes: “I’m playing a 20-year game.”
Simo is the head of Facebook’s flagship application and was named a part of the “new guard” of 2019, making her a key player in that company’s future. Simo, a French immigrant, joined Facebook in 2012. She has been responsible for monetizing and marketing Facebook via web advertising, including its News Feed, videos, and games. Simo will focus on Instacart’s advertising division which was launched in 2019 and brought in $1.5 billion in revenue last year.
“The ROI for advertisers already exists. Simo says that there is literally an advertising product in people’s carts, which is the holy grail of advertising. Simo says, “A lot of my goals are to continue adding new advertising formats and scaling them as quickly as possible.”
They quickly developed a close working relationship while she was on the board. They often got on the phone to discuss a problem. These calls became more frequent over the seven months. Five months later, Simo suggested that she might be interested in leaving Facebook.
Mehta was named to the Forbes 30 under 30 list in 2015. He says he immediately drove to her home in Carmel, California for three hours. Simo recalls that Mehta is very convincing of their spur-of-the moment 9 p.m. meeting. My husband used to joke that I was the most hands-on member of any board when we were doing daily calls with Apoorva. It was very gradual.”
Mehta claims that the shakeup was his own idea and not forced upon him by investors. Instacart now has a leader who has a decade of work experience at a publicly-traded tech giant. Facebook is currently facing antitrust lawsuits from regulators and other political scandals, which have put billionaire founder Mark Zuckerberg under suspicion for its control over personal data.
This is a theme Mehta understands well. Instacart’s success depends on the trust of over 100 grocers, without whom Mehta’s delivery service is ineffective. Simo takes over as the chief executive because Instacart’s intrusions into the advertising space have upset that delicate balance. This is a crucial profit center for supermarkets, and some are concerned that they might have let the fox in their henhouse.
Simo says that he was content in his role and didn’t consider anything else. But, “life happens.” Simo was featured in Marie Claire two years ago, as an executive trying to rebuild trust in Facebook. It was a decision I had to make. It was an incredible adventure.
According to a report by Cyber News, data from 500 million LinkedIn users was scraped and is available online. Insider was confirmed by a spokesperson for LinkedIn that the data is public.
Insider was told by a spokesperson for LinkedIn that the issue is still being investigated. “The posted dataset appears to contain publicly viewable information which was scraped form LinkedIn along with data aggregated or taken from other websites or businesses.” “Scraping LinkedIn members’ data violates our terms and conditions. We are always working to protect our members, their data.”
LinkedIn has 740 million users, according to its website. This means that approximately two-thirds could be affected by the data scraping reported to have occurred with 500 million users.