Apple is ‘undervalued,’ tech investor Roger McNamee says
Elevation Partners managing director Roger McNamee, on Thursday, said Apple (NASDAQ:AAPL) is the most exciting tech company right now.
“I actually think Apple is the company everybody should pay attention to,” McNamee told FOX Business’ Maria Bartiromo on “Mornings with Maria.”
Apple, on Wednesday, announced plans to add $350 billion to the U.S. economy and create 20,000 new jobs with the construction of a new campus. Despite having the largest market cap of any other company in the world, in McNamee’s opinion, it is “undervalued.”
“I admire Apple more than any company that’s out there today. I think that they are the one check in our economy—on Google, on Facebook,” he said.
However, McNamee, who was one of Facebook’s earliest investors and also the former mentor to CEO Mark Zuckerberg, had a very different opinion about the social media platform.
“The problem … is really basic,” he said. “This is a company that began with a dream. It wanted to connect all the people in the world, and they’ve done so many things right. But I think there’s something about the culture in Silicon Valley that’s been going on the last 10, 12 years where people feel like it’s okay to change the world and not be responsible for the consequence of what you do.”
Facebook recently announced it’s considering changing how it prioritizes news stories in users’ feeds to give better placement to more trustworthy media outlets. But McNamee believes the company needs to “change its model.”
“Facebook- their motto was ‘move fast and break things.’ And if you sit there and think about that for a minute, that’s not actually a very socially-thoughtful motto,” he said.