Zillow CEO Spencer Rascoff said Wednesday that Facebook's long-term approach to business is a smart move.
Rascoff, who owns Facebook stock, praised the social media company's long-term approach. With the acquisition of WhatsApp and Oculus, Facebook is preparing to take advantage of changing communication and entertainment tools, according to Rascoff.
"Facebook makes long-term bets," Rascoff said on CNBC's "Squawk Alley." "They buy Oculus because they think 10 years from now the way people interact with the Web might be through virtual reality."
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A dual stock structure helps Facebook take longer-term decision, he added, backing Zuckerberg in a challenge over the issue by some shareholders.
"It's true when you're publicly traded having a dual-class stock allows you to be more long-term oriented," Rascoff said.