Mark Zuckerberg
Meta Takes $523M Hit in First Quarter Related to Layoffs, Restructuring
Meta Platforms Inc. said it took a $523 million hit during the first quarter related to the company’s latest round of layoffs, announced in March, that is expected impact 10,000 staffers working across its apps and VR/AR divisions. Total personnel and severance costs stemming from the layoffs are expected to amount to $1 billion, the […]
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Breakthrough Prize Ceremony: Scientists and Stars Come Together in Hollywood
The Breakthrough Prize ceremony, which honors “scientists changing the world” with sizable cash prizes, came to Hollywood for the first time on Saturday night, having previously been held in San Francisco — and the world’s top innovators were surrounded by more stars than one can see in a telescope. The ninth edition of the event — which […]
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Meta to Lay Off 10,000 More Staffers As Part of Mark Zuckerberg’s “Year of Efficiency”
Meta plans to lay off about 10,000 employees in the coming months, CEO Mark Zuckerberg told staff Tuesday. This is the second major round of layoffs at the company, after 11,000 workers were let go this fall, and follows Zuckerberg’s promise to make this the “Year of Efficiency” at the social media platform, which owns […]
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Meta to Test Verified Subscription Service for Facebook and Instagram
Meta Platforms Inc. is launching a “Meta Verified” subscription service on Facebook and Instagram that allows users to verify their accounts with a government ID. The company’s chief executive, Mark Zuckerberg, revealed Sunday on social media that the platform will begin testing the service in Australia and New Zealand. The authentication will also include proactive […]
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Meta Shareholder Calls on Mark Zuckerberg to Limit Metaverse Spending, Cut Jobs
Meta shareholder Altimeter Capital has called on CEO Mark Zuckerberg to cut jobs and reduce spending in the metaverse in order for Meta to “get its mojo back.” In an open letter shared on Monday and addressed to Zuckerberg, Altimeter CEO Brad Gerstner said Meta has “lost the confidence of investors” due to its lackluster […]
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Kanye West Tweet Taken Down for Violating Twitter Rules
Twitter took down one of Kanye “Ye” West’s tweets for violating its rules, the same day Meta confirmed to The Hollywood Reporter that his Instagram account has been restricted for violating the platform’s policies. In a tweet Saturday night, West wrote that he was going to go “death con 3 On JEWISH PEOPLE.” “I’m a […]
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FTC Sues to Block Meta’s Bid to Buy Virtual Reality Firm
Meta’s strategy of acquiring competitors in fledgling industries is drawing more attention from antitrust enforcers. In a lawsuit filed on Wednesday, the Federal Trade Commission sued to block Meta, formerly known as Facebook, from buying game developer Within in a bid to limit the company’s reach in the virtual reality market. The complaint advances relatively […]
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Instagram, Facebook to Delay Taking Commission From Creators to 2024
Instagram and Facebook will begin taking a cut of creators’ revenues in 2024, a year later than originally planned, according to Meta CEO Mark Zuckerberg. The two social platforms will take a commission from offerings like fan subscriptions, paid events, badges and the company’s newsletter platform and Substack competitor Bulletin, where creators currently get to […]
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Facebook to Be Subject of Showtime’s ‘Super Pumped’ Anthology in Season 2
Showtime has renewed its business-centric anthology series Super Pumped for a second season and has selected its subject: Facebook. The drama from Billions creators Brian Koppelman and David Levien and executive producer Beth Schacter will focus its second installment on the relationship between Facebook (now Meta) founder Mark Zuckerberg and COO Sheryl Sandberg. Showtime has […]
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Facebook Rebrands as Meta, Shifts to Virtual Reality Focus
Facebook is changing its corporate name to Meta as the company shifts its focus to virtual and augmented reality, CEO Mark Zuckerberg said Thursday. The rebranded company’s suite of apps — including Facebook, Instagram and WhatsApp — will not change names, but Meta’s stock ticker will change from FB to MVRS beginning Dec. 1. “Starting […]
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Facebook Pledges $10 Billion to Metaverse Project, As Mark Zuckerberg Signals New Focus
Facebook CEO Mark Zuckerberg outlined a new vision for the company on its quarterly earnings call Monday, announcing a significant $10 billion investment in the “metaverse,” with higher expenses to follow in subsequent years, a change in how the company reports earnings, and most critically a new strategic “North Star”: Serving young adults age 18-29, […]
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Ex-Facebook Employee Tells Congress Social Network’s Products Hurt Kids, Fuel Division
A former Facebook data scientist told Congress on Tuesday that the social network giant’s products harm children and fuel polarization in the U.S., adding that its executives refuse to change because they elevate profits over safety. And she said responsibility for that lies right at the top, with Facebook CEO Mark Zuckerberg. Frances Haugen, testifying […]
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