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Mark Zuckerberg's net worth plunged by $18 billion Thursday after comments from the Meta CEO on the earnings call sent his company's stock price to its steepest decline since October 2022. Meta said it plans to spend $35 billion to $40 billion Meta on capital expenditures this year, an increase from its prior forecast. Zuckerberg's fortune has swung up and down through the years, as his company's stock has been particularly volatile. His net worth fell by around $100 billion in 2022. In early 2022, he lost almost $30 billion in a single day, when his company's stock price tumbled 26% on weak earnings and disappointing guidance.
Persons: Mark Zuckerberg, Mark Zuckerberg's, Zuckerberg, Meta Organizations: Facebook, Paley Center For Media, Meta, Harvard, Reality Labs Locations: New York
Richard Lewis and Larry David, Best Frenemies Forever
  + stars: | 2024-02-29 | by ( Maya Salam | ) www.nytimes.com   time to read: +1 min
If ever a Hollywood friendship was destined to be, it might have been the one between the comics Larry David and Richard Lewis, who died from a heart attack on Tuesday at 76. That would set the tone that would define their friendship — and their onscreen relationship — for the rest of their lives. “I disliked him intensely,” Lewis told The Spectator last year, calling the young David cocky and arrogant. “We became instant best friends,” David said of Lewis during that 2002 interview, at the Paley Center for Media. In 2010, talking with Howard Stern, Lewis said, “When I became a comic, he loved my work, and I loved his work.”
Persons: Larry David, Richard Lewis, , , ” Lewis, David, Larry, I’m, ” David, Lewis, Howard Stern, Organizations: Paley Center for Media Locations: Brooklyn, York
"Feud" season two shines a light on the late New York socialite Babe Paley and her husband Bill. AdvertisementOne of the first scenes of "Feud: Capote vs. Capote exposed Bill Paley's infidelity in a short story published in 1975Babe Paley (Naomi Watts) and Truman Capote (Tom Hollander) in episode 1 of "Feud: Capote vs. Babe Paley (Naomi Watts) in episode 1 of "Feud: Capote vs. "Feud: Capote vs.
Persons: Babe Paley, Bill, Babe, Truman Capote, Happy Rockefeller, , Tom Hollander, hurrying, Naomi Watts, Capote, Chitty Chitty Bang, Bill Paley, Treat Williams, Paley, Media —, Paley's, Laurence Leamer, Murphy, Jon Robin Baitz, Ina Coolbirth, Slim Keith, Sidney Dillon, Cleo Dillon, Sidney, he's, hadn't, Marie Harriman, W, Averell Harriman, Rockefeller, Rebecca Creskoff, Nelson Rockefeller, Melanie Benjamin Organizations: New York, Service, Paley Center, Media, Basque, New York Times, New, Swans Locations: New, Manhattan, New York, La, Capote's
Cast member Matthew Perry poses at the premiere of the television series "The Kennedys After Camelot" at The Paley Center for Media in Beverly Hills, California U.S., March 15, 2017. REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsNov 3 (Reuters) - Actor Matthew Perry, who died on Saturday at age 54, was laid to rest on Friday at a Los Angeles cemetery in a service attended by relatives and castmates from the hit 1990s television sitcom "Friends," show business media reported, citing photographs. Mourners gathered at the Forest Lawn cemetery in the Hollywood Hills neighborhood of Los Angeles, less than a mile from the Warner Brothers studio where the show was filmed. The cause and manner of Perry's death are to be determined by the Los Angeles County Medical Examiner's Office, following completion of an autopsy with toxicology tests. Reporting by Daniel Trotta in Carlsbad, California, and Steve Gorman in Los Angeles; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.
Persons: Matthew Perry, Mario Anzuoni, Michael Jackson, Lucille Ball, Elizabeth Taylor, Perry, Chandler Bing, York Post's, Jennifer Aniston, Courteney Cox, Lisa Kudrow, Matt LeBlanc, David Schwimmer, TMZ, John Bennett Perry, Keith Morrison, that's, Daniel Trotta, Steve Gorman, Jamie Freed Organizations: The Paley Center for Media, Beverly Hills , California U.S, REUTERS, Warner Brothers, Media, TMZ, Los Angeles, Los Angeles County Medical, Thomson Locations: Beverly Hills , California, Los Angeles, Hollywood, York, Los Angeles County, Carlsbad , California
Shares of Meta initially rose after the report but the gains were erased when Meta's finance chief Susan Li warned analysts about unpredictability in the Middle East. As a result of the conflict in Israel, Meta gave fourth-quarter guidance between $36.5 billion to $40 billion. Meta reported $34.15 billion in revenue for the quarter, up 23%, and the fastest rate of growth since 2021. Evercore analysts said "the BIG negative" from the call was that brand advertising demand has slowed as a result of the war. Despite the slowing brand advertising demand, the Evercore analysts said a lot is "working" at Meta.
Persons: Li, Susan Li, Meta, Mark Zuckerberg, Morgan Stanley Organizations: Meta, Facebook, Paley Center For Media, Deutsche Bank Locations: Israel, New York, Ukraine, Meta
Meta Platforms CEO Mark Zuckerberg speaks about the Facebook News feature at the Paley Center For Media in New York on Oct. 25, 2019. For months, Meta has been working on a Twitter-like, text-based social media network that would compete with Twitter and the bevy of clone apps that have gained prominence since Elon Musk took Twitter private in 2022. News of the plans have inspired a public spat between Musk and Meta CEO Mark Zuckerberg, culminating in a joking challenge to engage in a physical "cage match" fight in Las Vegas. But given deep cuts to trust and safety teams at Meta and throughout the social media industry, content moderation may prove to be a challenge. Many advertisers fled Twitter after controversial content surged in the wake of Musk's acquisition.
Persons: Mark Zuckerberg, Meta, Elon Musk, Here's what's Organizations: Facebook, Paley Center For Media, Twitter, Elon, CNBC, Meta Locations: New York, Las Vegas
Why cutting middle management is a bad idea
  + stars: | 2023-04-11 | by ( Emilia David | ) www.businessinsider.com   time to read: +4 min
The push to cut middle managers will backfire on tech. Companies like Amazon, Meta, and Salesforce embarked on cost-cutting efforts that "flattened" org charts by removing middle managers, starting a trend across Silicon Valley. Middle managers, or what Meta CEO Mark Zuckerberg calls "managers managing managers," saw their roles shrink in the past year as tech companies focus on "individual contributors," increasingly requiring managers to do coding work themselves. But losing middle managers could also impact team morale and how employees look at their futures in the company. It comes despite Musk recently signing an open letter calling for an industry-wide halt to any AI training for several months.
Warner Bros. Discovery sued Paramount Global looking to enforce the streaming rights of "South Park," setting the stage for a legal battle between two media behemoths as the streaming wars intensify. Discovery filed a lawsuit against Paramount, South Park Digital Studios and MTV Entertainment seeking hundreds of millions of dollars for what it believes was a breach of contract. During the bidding process for the "South Park" rights, the filing said, Paramount allegedly asked whether Warner Bros. Discovery plans to launch a combined HBO Max and Discovery+ streaming service this spring.
This is Matt Weinberger, deputy editor of Insider's tech analysis team and your host for today. The one port in this particular storm is Apple, which is still the only major tech company not to do layoffs in recent weeks. Mark Zuckerberg just ushered in a new era of tech. In recent months, layoffs have swept just about every major tech company (except, notably, Apple). Enter Mark Zuckerberg, CEO of Facebook's parent company Meta, who officially rang in the new era on Wednesday when he declared that 2023 would be the "year of efficiency" at the social network.
Other than Apple , it was a brutal earnings week for Big Tech. Alphabet , Amazon , Meta and Microsoft combined lost over $350 billion in market cap after offering concerning commentary for the third quarter and the remainder of the year. Between slowing revenue growth — or declines in Meta's case — and efforts to control costs, the tech giants have found themselves in an unfamiliar position after unbridled growth in the past decade. In Amazon's ad business, revenue growth accelerated to 30% from 21%, topping analysts' estimates. Analyst Aaron Kessler at Raymond James lowered his price target on Amazon stock to $130 from $164 after the results.
A partnership with Apple would allow the NFL to build a relationship with the deepest-pocketed company in the world. But existing restrictions around Sunday Ticket have slowed negotiations between Apple and the NFL in recent months, according to people familiar with the matter. The NFL and Apple, two of the most powerful corporate entities in the world, are used to getting what they want. "We weren't interested in buying sports rights," Cue said this week at a Paley Center for Media panel in New York. Those deals guarantee exclusivity of local games.
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