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Elon Musk shared a video of himself carrying a bathroom sink into Twitter's headquarters. Twitter staff were notified on Wednesday that the Tesla CEO would be in the office during the week. ET to close his $44 billion Twitter deal or face a trial. Musk captioned the video: "Entering Twitter HQ — let that sink in!" I'll be in the SF office shortly too, excited to see all of you!
Facebook warned that its Reality Labs metaverse business will lose even more money in 2023. It lost $10 billion over the whole of 2021, and the company said spending costs for Reality Labs are only going to keep growing. "We do anticipate that Reality Labs losses in 2023 will grow significantly year-over-year," the company said. He specifically asked Facebook to limit metaverse spending to $5 billion a year. A main part of the immersive digital world Mark Zuckerberg is attempting to build out is avatars.
Luckey founded Oculus and sold it to Facebook for $2 billion in 2014. He wants the metaverse to be built, but says Facebook's current product Horizon is "not good." Luckey sold Oculus, a virtual-reality startup, to Facebook in 2014 for $2 billion. Luckey was fired from Facebook in 2016, which he said happened because of his political donations to an "unpopular" cause. He said the amount of money Zuckerberg is putting behind the project alone means there's a chance Horizon Worlds will get better and the metaverse will be a success.
The crypto trading platform has already made several investments and acquisitions this year. Sam Bankman-Fried is hunting for more acquisitions for his crypto trading platform FTX, and Coinbase could be a target. Bankman-Fried went on to bring up Coinbase when asked about future acquisitions, noting that trading platform has 20 times the number of users of FTX. He said while FTX has a higher number of hyper-involved crypto traders, Coinbase has some broader appeal that FTX could use. "We don't see much point to get more highly engaged crypto traders," Bankman-Fried said.
Elon Musk promised bankers he plans to close the Twitter deal by Friday, Bloomberg reported. ET on October 28 to close the deal or face a trial. Spokespeople for Musk and Twitter did not immediately respond to Insider's request for comment ahead of publication. Insider's Kali Hays previously reported that the deal was on track to close on Friday, citing two people familiar with the agreement. Musk has until the end of the work week to close the deal and avoid a trial.
Over 500 employees have left Twitter in the past 90 days amid the company's court battle with Elon Musk. Over the past 90 days about 530 workers have left Twitter — about 60% more than had left Twitter during the previous quarter. And nearly 50 more have left the company just this month as the odds of Musk buying the company look increasingly higher. But, Twitter employees have been exiting the company on their own for months. Twitter employees might not be far off in their assessment.
"No one knows who or how this thing is running post-close," one person familiar with the deal said. "No one knows who or how this thing is running post-close," another person familiar with the company and transaction said. "I do not take actions which are disruptive to the health of the company," Musk said during the meeting. Even though Musk likely does need some executives to stay, members of the C-suite have little incentive to do so. To bring so many new features to Twitter, Musk would likely need more than 2,000 people to do it.
Snapchat no longer has an office presence in San Francisco. Snap's San Francisco lease wasn't due to end until November 2024, according to another person familiar with the situation. The move is another blow to San Francisco, formerly a mecca for tech workers and glitzy modern offices. The company opened the 33,000 square foot San Francisco office in 2017, shortly after it went public that year. The company is headquartered in Los Angeles, where it has more than 400,000 square feet of office space in Santa Monica.
This has become something "we have to do," said Matt Idema, vice president of business messaging. Messaging throughout Facebook, led by WhatsApp, generated a relatively paltry $218 million in the most recent quarter. "It's a really big challenge," Matt Idema, promoted last year to vice president of business messaging for Meta, told Insider. Now it's time to bring together WhatsApp, Facebook Messenger, and Instagram Messaging and "treat it like one messaging strategy," Idema said. It held in May its first-ever conference dedicated to its messaging business.
Facebook claims a series of reports by an Indian news site, The Wire, were based on faked documents. On Tuesday, an expert The Wire used in a story denied publicly that he commented in any way to the publication. Stone responded on Twitter saying, "as it's been clear from the outset @thewire_in's stories are based on fabrications." Varadarajan wrote on Twitter that the email account The Wire uses, a protonmail.com address, had been "hacked via the hacking of a MacBook." Kumar of The Wire deactivated his Twitter account.
Zuckerberg is trying to put WhatsApp above Apple's iMessage on interoperability and privacy. He posted a photo of a billboard ad from Facebook that jokes about iMessage limitations that make Android messages show up in green bubbles, while iPhone texts appear in blue bubbles. Apple CEO Tim Cook has resisted making iMessage more interoperable with Android phones because the technical difficulties help sell more iPhones. In an update to its iOS, Apple prompted its more than 1.6 billion device users to opt-out of being tracked by apps. It's not the first time Zuckerberg has attempted to come for Apple's business since it enacted its privacy changes.
Party Round is now Capital and will offer more features beyond fundraising capabilities. Party Round, the fundraising app for startups, has rebranded as Capital, expanding its services beyond a tool to raise cash. Jordi Hays, Capital CEO, said the rebrand was really tied to the company's expanding vision to support other startups as they built Party Round with the idea of becoming a sort of neobank. But now, once they've begun fundraising, Capital can issue a virtual Visa debit card to users so they can start using the cash they just received. Capital has a long history with NFTs; Party Round went viral in 2021 after it launched NFT versions of top VCs.
Mark Zuckerberg made another pitch for his metaverse this week, failing to placate investors. One analyst called it a "desperate" and likely doomed attempt by the company to reinvent itself. But Neil Campling, an analyst and head of research at Mirabaud, summed it up in one word: "desperate." And the Quest Pro, while much more expensive than Quest 2, is "a very fine piece of engineering," he said. Some on Wall Street are also willing to give Facebook more of a chance to prove itself, despite the costs.
Mark Zuckerberg made another pitch for his metaverse this week, failing to placate investors. One analyst called it a "desperate" and likely doomed attempt by the company to reinvent itself. But Neil Campling, an analyst who is the head of research at Mirabaud, summed it up in one word: "desperate." And he said the Quest Pro, while much more expensive than Quest 2, was "a very fine piece of engineering." Some on Wall Street are also willing to give Meta more of a chance to prove itself, despite the costs.
SummarySummary Companies FTSE 100 on longest losing streak since July 2019Taylor Wimpey down on ex-dividend tradingHousing stocks hover at near decade-lowsFTSE 100 down 0.5%, FTSE 250 off 0.1%Oct 13 (Reuters) - UK's FTSE 100 extended its losing run to a seventh straight session on Thursday, as homebuilders took a fresh hit after data showed slowing house prices, while investors were cautious ahead of U.S. inflation data later in the day. The blue-chip FTSE 100 index (.FTSE) fell 0.5%, setting it up for its longest losing streak since July 2019. The midcap FTSE 250 (.FTMC) slipped 0.1% to hold near May 2020 lows. "Add to that all the confidence issues about the direction of fiscal and monetary policies (and) it's a pretty poisonous combination." read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.
MVP partner says the VC firm committed to back Musk's Twitter acquisition earlier this year. Musk attorney says "vast majority of equity investors have been spoken to and are all in." With Elon Musk's Twitter acquisition looking like it's barreling towards a close, he will soon have to come up with $44 billion dollars — a lot of money even for the world's richest person. Alex Spiro, Musk's attorney, said "the vast majority of equity investors have been spoken to and are all in." Are you an investor in the Twitter deal, or an employee with insights to share?
Robert Walters posts higher profit on strong hiring trends
  + stars: | 2022-10-11 | by ( ) www.reuters.com   time to read: +1 min
Oct 11 (Reuters) - British recruitment firm Robert Walters (RWA.L) on Tuesday reported a 22% jump in its third-quarter gross profit, as hiring stayed robust amid intense competition to fill up vacancies. Register now for FREE unlimited access to Reuters.com RegisterThe company's gross profit rose to 112 million pounds ($123.5 million) for the quarter ended Sept. 30, compared with 91.8 million pounds a year earlier. Its quarterly gross profit for UK, however, fell 6%, owing to more challenging market conditions across technology recruitment and resource solutions. Peers PageGroup (PAGE.L) and Hays (HAYS.L), which have also seen a combination of talent shortages and wage hike leading to sharp increase in their net fees, are expected to report their quarterly results this week. Robert Walters, which forecast its annual profit to be in line with current market expectations, also named Leslie Van de Walle as non-executive chair.
Insider analyzed government data to see just how much the company pays for thousands of roles. That's more than half the number of such workers the company hired in all of 2021, according to a previous analysis by Insider. The company is now conducting what some workers are referring to as "quiet layoffs," too, through new performance evaluations. Another, a product analysis manager for internationalization and product experience, is being paid $1.5 million. Those salaries are outliers, but Facebook is still often the highest-paying Big Tech company, with typical salaries between $150,000 and $250,000.
Insider analyzed hundreds of salaries paid to workers in the second quarter of this year. Twitter discloses salary data in visa applications with the US Department of Labor. And, should Twitter in the coming weeks become a private entity under Musk, Twitter workers will no longer receive grants of stock associated with public companies. One engineer hired during the second quarter is getting a salary of $332,000 and most others are being paid around $200,000 and above. See below for a complete breakdown of what Twitter agreed to pay employees in the second quarter.
Facebook CEO's Mark Zuckerberg's vision for the metaverse is one that is "open" and "interoperable." In an effort to get there, Facebook will join with the likes of Microsoft for work tools and games. Facebook CEO Mark Zuckerberg needs his expensive bet on the metaverse to work, and now he's talking up and partnering with rival companies to support that outcome. "I strongly believe an open and interoperable metaverse will be better for everyone," Zuckerberg said at the conference. Besides Microsoft, Facebook teamed up with Zoom and Accenture.
Some Meta staff refer to certain metaverse projects as "make Mark happy," the NYT reported. "Make Mark happy" was shortened into the acronym "MMH," two Meta employees told the NYT. Mark Zuckerberg has changed his priorities one year on since rebranding Facebook to Meta, per NYT. Two workers at tech giant Meta, formerly known as Facebook, told The Times that "make Mark happy" was shortened into the acronym "MMH." Some Meta workers have become unhappy about the company changing its strategies on a frequent basis rather than sticking to a plan, employees told The Times.
Meta workers considered advertising VR headsets to federal student debt relief recipients. Three employees said the ad proposal could boost sales by 20%, The New York Times reported. The Times reported that it did not look like Meta had implemented the idea. What's more, even some Meta employees appear disillusioned with Zuckerberg's plans. Meanwhile, Insider's Kali Hays previously reported Meta was conducting "quiet layoffs" that could impact as much as 15% of the company's workforce.
Elon Musk could be facing up to $100 million in personal legal fees after renewing his offer to buy Twitter. Both Twitter and Musk employed over 50 lawyers in the months leading up to the trial. A lot of the cost, of course, is going straight to the lawyers and major firms Musk and Twitter employed. He added that hourly billing is unlikely to be how Musk and Twitter were solely charged in this case. Are you legal professional involved in Musk vs. Twitter or someone with insight to share?
“It’s fascinating how people seek queerness — and where they seek queerness,” Fuller added. Murnau’s “Faust” and “Nosferatu,” such moments of levity keep viewers engaged while they’re soaking up early Hollywood’s rich queer history. “Whether you’re ideologically queer or sexually queer, you might relate to the monster’s narrative, because you, too, have felt ‘outsidered’ or villainized in some way.” Bryan fuller, 'queer for fear' executive producer“The Dracula costume kit is basically drag. So this, to me, is the experience of being a gay man.”As Alaska’s assessment demonstrates, “Queer for Fear” isn’t interested in just exploring how horror has provided a haven for queer creatives. Because of the Hays Code, LGBTQ creators and those, like Hitchcock, who wanted to include those themes had to do so through subtext, which counterintuitively gave birth to some of the most essential queer horror ever made.
Amazon, Google, Microsoft, and Facebook have scaled back their ambitious "moonshot" projects. Moonshots like Google X and Amazon Grand Challenge allowed tech firms to build innovative projects. Before Amazon, Parviz led a similar team at Google called Google X. Page and Brin championed X projects they loved, helping them gain funding and headcount within the unit. Parviz, who created the once-hyped-up Google Glass, left Google X in 2014 to start Amazon's Grand Challenge.
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