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This disastrous mindset has hollowed out Silicon Valley's ability to innovate and caused regular people to grow increasingly frustrated with everyday tech. The large platforms have generally ignored this feedback for one big reason: The tech industry has been taken over by career managers. Now Google Search is more profitable and worse, elevating spammy content and outright scams, a problem exacerbated by artificial intelligence. AdvertisementBut today's tech products feel built to sell a dream of the future rather than solve a customer's existing pains. As long as the tech industry is controlled by people who don't build things, it will continue to build products that help raise growth metrics rather than help consumers with tangible problems.
Persons: scammers hawking, Meta's, Hewlett Packard, Kevin Systrom, Mike Krieger, Adam Mosseri, Systrom, Krieger, Mosseri, Mark Zuckerberg, Instagram, Kylie Jenner, Kim Kardashian, Sundar Pichai, Prabhakar Raghavan, Raghavan, Ben Gomes, Gomes, it's, Sam Altman, Helen Toner, Ilya Sutskever, Larry Summers, Fidji Simo, Meta —, , Steve Jobs, Steve Wozniak Organizations: Facebook, Google, Microsoft, Amazon, Oracle, Adobe, Meta, Builders, Apple, Xerox, HP, Department, Reuters Institute, Oxford University, Silicon Valley Locations: Silicon, Silicon Valley
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
Google headquarters is seen in Mountain View, California, United States on May 15, 2023. Google will begin removing links to California news websites from search results for some Californians in response to a bill that would require online ad companies to pay a fee for connecting state residents to news sources. The recent developments have upended many online publishers that count on Facebook and Google for traffic and are particularly painful for publications that rely on advertising revenue. "If passed, CJPA may result in significant changes to the services we can offer Californians and the traffic we can provide to California publishers," Zaidi wrote. Supporters of the California bill say it will help news publishers receive a fair chunk of the ad profits reaped by tech juggernauts like Apple , Google and Meta.
Persons: Jaffer Zaidi, Zaidi Organizations: Google, California Journalism, Facebook, Meta, Google News, Apple Locations: View , California, United States, California, France, Germany, Spain, Australia, Canada, New Zealand
Meta said Thursday that it would remove a dedicated section for news articles in April that will affect Facebook users in the United States and Australia. "The number of people using Facebook News in Australia and the U.S. has dropped by over 80% last year." Meta's decision to remove the Facebook News tab comes after the company said in September that it would eliminate the news section for Facebook users in the U.K., France and Germany. However, Meta said that it "will not enter into new commercial deals for traditional news content in these countries and will not offer new Facebook products specifically for news publishers in the future." A year ago, Facebook represented about 50% the media outlets' social traffic.
Persons: Meta's Mark Zuckerberg, Zuckerberg, Jay Y, Lee, Meta, it's, Chartbeat, Similarweb, Mother Jones, Monika Bauerlein, Bauerlein, Sam Altman Organizations: Meta, Samsung Electronics, South Korean, Seoul Economic, Facebook, U.S, CNBC, Canadian, Nvidia Locations: South Korea, Seoul, United States, Australia, France, Germany
At Mother Jones, a 48-year-old nonprofit magazine specializing in politics and investigations, the implications were dramatic. "The firehose of Facebook traffic was never going to pay for our journalism, for the majority of our journalism," Bauerlein said. Last decade, many publishers saw their "social traffic decline pretty dramatically," with Facebook deprioritizing text-based articles in favor of video content, Cholke said. "If we all end up finding news in the metaverse, then you'll be finding Mother Jones in the metaverse," she said. What Mother Jones won't do, she said, is "bet everything on one platform, because that never works out."
Persons: Mark Zuckerberg, Sen, John Kennedy, Bill Clark, Reuters Mother Jones, Monika Bauerlein, Mother Jones, Meta, Donald Trump, Bauerlein, Jill Nicholson, Nicholson, Zuckerberg, David Carr, Carr, We've, Meta hasn't, It's, Similarweb, Sam Cholke, John S, Adams, Jonah Peretti, " Peretti, Jessica Probus, BuzzFeed's, BuzzFeed, Probus, Cholke, that's, Chartbeat's Nicholson, Mathew Ingram, Facebook, Ingram, Pew, Elisa Shearer, influencers, Jones Organizations: Facebook, Reuters, Mother, CNBC, Google, Meta, Daily, Comcast, Vice Media, Institute for Nonprofit News, Texas Tribune, Montana Free Press, The Texas Tribune, Institute for Nonprofit, Longtime, Columbia Journalism, Pew Research Center, Pew Locations: Washington, France, Germany, Australia, Helena, American
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
Campbell Brown speaks onstage at the Peabody-Facebook Futures Of Media Awards at Hotel Eventi on May 19, 2017 in New York City. Meta said Campbell Brown, the company's top executive responsible for handling partnerships with news publishers, is leaving the company after seven years. Republican lawmakers have alleged that Meta unfairly censors conservative articles and voices. The company said the law is "based on the incorrect premise that Meta benefits unfairly from news content shared on our platforms." Facebook News debuted in 2019 as a way for users to stay current with important news in a dedicated space.
Persons: Campbell Brown, Meta, Brown, Axios, Meta's Nick Clegg Organizations: Peabody, NBC News, CNN, Meta, Facebook Locations: Eventi, New York City, Canada, France, Germany
The Man Who Trapped Us in Databases
  + stars: | 2023-09-22 | by ( Mckenzie Funk | ) www.nytimes.com   time to read: +3 min
Matrix, as Asher’s new counterterrorism system soon came to be known, arguably marked the beginning of our era of analytics. But Asher, enamored with the power of his magical machines, kept talking about the five names they got right. Many critiques of our increasingly algorithmic world focus on where algorithms fail. A third boils down to checks and balances: Algorithms are often proprietary black boxes, closed to outside scrutiny. He was burning through millions more buying up vast data sets that contained ever more granular information on Americans’ lives.
Persons: Isaac, , Asher, Hank Asher, you’re, Organizations: Facebook Locations: It’s
Meta to drop 'Facebook News' tab in some European countries
  + stars: | 2023-09-05 | by ( ) www.reuters.com   time to read: +1 min
The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsSept 5 (Reuters) - Meta Platforms (META.O) said on Tuesday it will discontinue the "Facebook News" feature on its social media app in the UK, France and Germany, later this year. Users will still be able to view links to news articles and European news publishers will continue to have access to their Facebook accounts and pages after the change is implemented in December, Meta said. However, Facebook will not form new commercial deals for news content on "Facebook News", nor offer product innovations for news publishers in these countries. "Facebook News", which curates a feed of news articles, is a dedicated tab in the bookmarks section of the Facebook app.
Persons: Yves Herman, Meta, Yuvraj Malik, Pooja Desai Organizations: REUTERS, Facebook, Big Tech, Thomson Locations: Brussels, Belgium, France, Germany, Canada, Australia, Bengaluru
Facebook is getting rid of the News tab in Europe
  + stars: | 2023-09-05 | by ( Jonathan Vanian | ) www.cnbc.com   time to read: +2 min
Facebook users in the U.K., France and Germany will no longer see a dedicated section for news articles starting in December. The company added that it plans to spend more time and money on short-form video, as best exemplified by its TikTok-like Reels product. News represents less than 3% of what people see in their Facebook feeds, Meta said. Meta debuted Facebook News in 2019, saying at the time that the product "was built to bring people closer to the stories that affect their lives." The decision to deprecate Facebook News is part of a broader move away from the news business.
Persons: Andrew Ross Sorkin, Mark Zuckerberg, Meta Organizations: Meta, New York Times DealBook, Jazz At Lincoln Center, Facebook Locations: New York City, France, Germany, Canada
It could be months before an escalating fight between Meta, the owner of Facebook and Instagram, and the Canadian government gets resolved, but Matthew DiMera, publisher of a Canadian news organization, is already feeling the pain. Mr. DiMera tried to create an Instagram post featuring a news article by his outlet, The Resolve — something news organizations do routinely to promote their work. Instead, he said, he was greeted by the message: “People in Canada can’t see your content,”Meta this week began blocking news from appearing on its platforms in Canada, the latest twist in its standoff with the government over a new law that will require technology companies to compensate domestic publishers for using their content. The law comes at a time when the news industry in Canada, as in much of the world, is shrinking under the pressure of lower advertising revenues, and depends on social networks for much of its readership. “Instagram has been a really great platform for us to connect with people, so losing that is really a huge concern for us,” said Mr. DiMera, who started The Resolve in 2021 to report stories on Black, Indigenous and racially diverse communities.
Persons: Matthew DiMera, DiMera, “ Instagram, Organizations: Meta, Facebook, Canadian Locations: Canada
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
NEW YORK, May 31 (Reuters) - Facebook parent Meta Platforms (META.O) said on Wednesday it would remove news content in its home state of California if the state government passed legislation forcing tech companies to pay publishers. The proposed California Journalism Preservation Act would require "online platforms" to pay a "journalism usage fee" to news providers whose work appears on their services, aimed at reversing a decline in the local news sector. The statement was Meta's first on the California bill specifically, although the company has been waging similar battles over compensation for news publishers at the federal level and in countries outside the United States. In December, Stone said Meta would remove news from its platform altogether if the U.S. Congress passed a bill that closely resembles the proposed California legislation. Google did not immediately respond to a Reuters request for comment about the California bill.
Persons: Andy Stone, Stone, Katie Paul, Kirsten Donovan Organizations: YORK, California Journalism, U.S, Congress, Google, Facebook, Thomson Locations: California, United States, Canada, Australia
Google tests blocking news content for some Canadians
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +2 min
Feb 22 (Reuters) - Alphabet Inc's (GOOGL.O) Google is rolling out tests that block access to news content for some Canadian users, the company confirmed on Wednesday, in what it says is a test run of a potential response to the government's online news bill. "We're briefly testing potential product responses to Bill C-18 that impact a very small percentage of Canadian users. We run thousands of tests each year to assess any potential changes to Search," a Google spokesperson said in an emailed statement to Reuters. A spokeswoman for Canadian Heritage Minister Pablo Rodriguez said Canadians will not be intimidated and called it disappointing that Google is borrowing from Meta's playbook. Tech giants need to be more transparent and accountable to Canadians," the spokeswoman said.
WASHINGTON, Dec 5 (Reuters) - Facebook parent Meta Platforms Inc (META.O) on Monday threatened to remove news from its platform if the U.S. Congress passes a proposal aimed at making it easier for news organizations to negotiate collectively with companies like Alphabet Inc's (GOOGL.O) Google and Facebook. Sources briefed on the matter said lawmakers are considering adding the Journalism Competition and Preservation Act to a must-pass annual defense bill as way to help the struggling local news industry. loadingHe added the proposal fails to recognize that publishers and broadcasters put content on the platform because "it benefits their bottom line - not the other way around." If Congress does not act soon, we risk allowing social media to become America’s de facto local newspaper." Since the News Media Bargaining Code took effect, various tech firms including Meta and Alphabet have signed more than 30 deals with media outlets, compensating them for content that generated clicks and advertising dollars, the report added.
SYDNEY, Dec 2 (Reuters) - An Australian law giving the government power to make internet giants Facebook owner Meta Platforms (META.O) and Alphabet Inc's (GOOGL.O) Google negotiate content supply deals with media outlets has largely worked, a government report said. But the law, which took effect in March 2021 after talks with the big tech firms led to a brief shutdown of Facebook news feeds in the country, may need to be extended to other online platforms, the review said. The report mostly recommended that the government consider new methods of assessing the administration and effectiveness of the law, and did not suggest changing the law itself. "The review shows the Code has been successful balancing bargaining power between news media and digital platforms," said Assistant Treasurer Stephen Jones. "Digital platforms must continue to negotiate in good faith with news businesses to ensure they are fairly remunerated for the news content they create."
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.
Facebook a anunţat marţi lansarea în Marea Britanie, în luna ianuarie, a serviciului său de ştiri Facebook News, care difuzează articole din media preluate contra cost,transmite agerpres.ro. "Negocieri active" sunt de asemenea în curs de desfăşurare pentru lansarea unui astfel de flux de ştiri în Franţa şi Germania, a precizat gigantul american. Serviciul Facebook News a fost lansat în Statele Unite la sfârşitul anului 2019 cu intenţia de a promova jurnalismul şi pentru reabilitarea reputaţiei afectate de acuzaţii de dezinformare, notează AFP. "Vom continua să colaborăm cu editorii din ţările în care condiţiile de pe piaţă şi cadrele legale permit acest tip de investiţii şi inovaţii", a precizat Facebook. În luna august, Facebook a anunţat că va accelera extinderea internaţională a serviciului său de ştiri în următoarele şase luni, începând cu ţări precum Brazilia, Marea Britanie, Franţa, Germania şi India, şi a promis că îi va plăti pe furnizorii de actualităţi.
Persons: Facebook, actualităţi Organizations: Facebook, Facebook News, Google Locations: Franţa, Germania, Statele Unite, Brazilia, Britanie, India
Serviciul Facebook News a fost lansat în Statele Unite la sfârşitul anului 2019 cu intenţia de a promova jurnalismul şi pentru reabilitarea reputaţiei afectate de acuzaţii de dezinformare, notează AFP. "Ne aşteptăm ca mai mulţi parteneri să ni se alăture înainte de lansare", în ianuarie 2021, a notat Facebook. "Vom continua să colaborăm cu editorii din ţările în care condiţiile de pe piaţă şi cadrele legale permit acest tip de investiţii şi inovaţii", a precizat Facebook. În luna august, Facebook a anunţat că va accelera extinderea internaţională a serviciului său de ştiri în următoarele şase luni, începând cu ţări precum Brazilia, Marea Britanie, Franţa, Germania şi India, şi a promis că îi va plăti pe furnizorii de actualităţi. Facebook News propune o selecţie de articole preluate de la ziare, reviste şi site-uri partenere şi este alimentat de o echipă de jurnalişti şi de algoritmi "de personalizare"
Persons: Facebook, actualităţi Organizations: Facebook News, Facebook, Google Locations: Franţa, Germania, Statele Unite, Brazilia, Britanie, India
Facebook lansează un serviciu de știri în Marea Britanie începând cu luna ianuarieFacebook a anunțat marți lansarea în Marea Britanie, în luna ianuarie, a serviciului său de știri Facebook News, care difuzează articole din media preluate contra cost, relatează AGERPRES. Serviciul Facebook News a fost lansat în Statele Unite la sfârșitul anului 2019 cu intenția de a promova jurnalismul și pentru reabilitarea reputației afectate de acuzații de dezinformare, notează AFP. „Ne așteptăm ca mai mulți parteneri să ni se alăture înainte de lansare”, în ianuarie 2021, a notat Facebook. În luna august, Facebook a anunțat că va accelera extinderea internațională a serviciului său de știri în următoarele șase luni, începând cu țări precum Brazilia, Marea Britanie, Franța, Germania și India, și a promis că îi va plăti pe furnizorii de actualități. Facebook News propune o selecție de articole preluate de la ziare, reviste și site-uri partenere și este alimentat de o echipă de jurnaliști și de algoritmi „de personalizare”.
Persons: Facebook Organizations: Facebook, Facebook News, AGERPRES Locations: Franța, Germania, Statele Unite, Brazilia, Britanie, India
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