Facebook will lose dominance as a major web company in less than a decade, Eric Jackson, founder of Ironfire Capital said Monday on CNBC's Squawk on the Street.

"In five to eight years they are going to disappear in the way that Yahoo has disappeared," Jackson said. "Yahoo is still making money, it's still profitable, still has 13,000 employees working for it, but it's 10 percent of the value that it was at the height of 2000. For all intents and purposes, it's disappeared."

Jackson said there have been three generations of web companies. The first generation was big web portals, such as Yahoo [YHOO  15.01    0.09  (+0.6%)   ], where content was aggregated in one place. The second was the social web with Facebook [FB  26.90    -0.82  (-2.96%)   ] and the third generation is companies focused entirely on monetizing the mobile platform, something Facebook will continue to struggle with, Jackson said.