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☆ Tech Companies Are Ruining Their Apps, Websites, Internet
▼ + stars: | 2023-03-27 | by ( Ed Zitron | ) www.businessinsider.com time to read: +13 min

Google, Amazon, Meta, and other tech companies have monetized confusion, constantly testing how much they can interfere with and manipulate users. Abandoning the core productIn the 2000s and early 2010s, tech companies actually produced new, interesting products. This fueled Silicon Valley's explosive growth: Companies saw their valuations soar, revenue growth was exponential, and new users were joining by the boatload. There are ways to integrate new technology into a core product that doesn't end in disaster. Netflix was able to iterate on their core product — letting people watch movies — in a way that actually made that experience better.

☆ Social Media Platforms Are Asking Users for Money. They Probably Don’t Mean You.
▼ + stars: | 2023-03-24 | by ( Laura Forman | ) www.wsj.com time to read: 1 min

Social-media companies are finally asking users to pay up. As of last month, the option to pay for Facebook’s new subscription service will run you nearly $12 a month in some countries despite co-founder Mark Zuckerberg’s 2010 declaration that his social-media network will always be free. Facebook parent Meta Platforms is also rolling out an optional subscription service for its photo sharing app, Instagram. Snap Inc. has added a subscription service for Snapchat. Elon Musk’s Twitter, bleeding cash, recently upgraded its legacy subscription service, Blue, and LinkedIn has had subscription offerings for well over 15 years.

☆ The average TikTok user in the US is an adult 'well past college age,' CEO says
▼ + stars: | 2023-03-22 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

TikTok CEO Shou Zi Chew said the average TikTok user in the US is "an adult well past college age." Over 60% of Gen Z adults use TikTok daily, a 2023 report from Morning Consult found. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. TikTok CEO Shou Zi Chew revealed this week that the app's average user in the US is "an adult well past college." Now, it's estimated that over 60% of Gen Z adults use TikTok daily, compared to over 20% of US adults who use the app daily, according to a January 2023 data research report from Morning Consult.

The NYSE FANG+ index is headed for its best week in one year. Semiconductor maker AMD is up 17.8% week to date, headed for its best week since July 24, 2020, when AMD jumped 26.1%. Facebook-parent Meta advanced 12.3% this week, on pace for its best week since Feb. 3, when the social media stock gained 22.9%. AMD 5D mountain AMD shares 5-day Microsoft shares are 11.4% higher week to date, headed for its best week since Nov 11, 2022 when the Xbox maker jumped 11.6%. Amazon shares are up 10% this week, headed for its best week since Jan. 13, when AMZN soared 14%.

☆ YouTube lifts restrictions on Trump's account
▼ + stars: | 2023-03-17 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

Google -owned YouTube will allow former President Donald Trump's account to post new videos as of Friday, lifting restrictions put in place following the Jan. 6 insurrection at the U.S. Capitol. In 2021, then-YouTube CEO Susan Wojcicki said Trump's restrictions would be lifted when it believed the risk of real-world violence had subsided. The account was not terminated from the site, but could not upload new videos under the restrictions. The company also noted that Trump's posts on YouTube tend to differ from those on other platforms, often including reuploads from news networks. As of Friday, Trump's YouTube account has more than 2.6 million subscribers.

☆ Restaurants and hotels are driving US job economy. Here are thousands of open roles as the hospitality sector offsets steep staffing cuts in big tech.
▼ + stars: | 2023-03-14 | by ( Danni Santana | Nancy Luna | ) www.businessinsider.com time to read: +4 min

The leisure and hospitality sector continues to drive US job gains, the Labor Department said. Still, the US Travel Association estimates about 2 million open roles in leisure and hospitality. The leisure and hospitality sector encompasses restaurants, hotels, arts, entertainment such as theme parks, and other tourism-oriented businesses. Overall, the US Travel Association estimates about 2 million open roles remain unfilled in leisure and hospitality. Here's a look at who is hiring in restaurants and hospitality at large chains.

☆ AI Tech Like ChaptGPT, Bing, Bard Is a Bigger Threat Than Social Media
▼ + stars: | 2023-03-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +13 min

Nowadays, the promise of social media as a unifying force for good has all but collapsed, and Zuckerberg is slashing thousands of jobs after his company's rocky pivot to the metaverse. Much like social media in 2012, the AI industry is standing on the precipice of immense change. And as Altman and his cohort charge ahead, AI could fundamentally reshape our economy and lives even more than social media. If social media helped expose the worst impulses of humanity on a mass scale, generative AI could be a turbocharger that accelerates the spread of our faults. Social media amplified society's issues, as Wooldridge puts it.

☆ Stocks making the biggest moves midday: BuzzFeed, First Republic, Meta and more
▼ + stars: | 2023-03-14 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

(Photo by Justin Sullivan/Getty Images)BuzzFeed — Share of the internet media company lost about 10% on a weak first-quarter revenue outlook. Buzzfeed expects first-quarter revenue of $61-$67 million, compared to expectations of $83.6 million, according to FactSet. Meta Platforms — Meta shares gained 6% after CEO Mark Zuckerberg said Tuesday the social media company plans to cut 10,000 employees. First Republic , PacWest Bancorp, Western Alliance Bancorp , Comerica — Regional banks rallied sharply Tuesday after being hit hard last Friday and Monday. Shares of San Francisco-based First Republic rose about 50%, while PacWest jumped more than 60% and Western Alliance Bancorp gained more than 40%.

☆ Silicon Valley Bank depositors are saved at the last minute
▼ + stars: | 2023-03-13 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +4 min

By now, you've probably heard a lot about the sudden, bank run-driven collapse of Silicon Valley Bank, one of the tech industry's most stalwart and trusted institutions. Tech startups say they can't access their cash deposited in Silicon Valley Bank. Before the FDIC stepped in to save the day (for depositors, anyway), the collapse of Silicon Valley Bank sparked fear, uncertainty, and panic as startups suddenly lost access to whatever cash they had stashed there. Here's the latest from Insider on the Silicon Valley Bank meltdown:Read more about the financial panic that swept Silicon Valley over the weekend here. Can Silicon Valley succeed where the CDC failed?

☆ Facebook's top exec Tom Alison breaks down his top priorities for 2023 and his pitch to creators
▼ + stars: | 2023-03-08 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +5 min

Tom Alison, head of Facebook, wants the platform to be a more welcoming home to creators. Insider spoke with Alison about Facebook's priorities as uncertainty around Meta layoffs mounts. "We want Meta to be a great home for creators," Alison said. "You layer in some monetization tools on top of that and they can use Facebook to extend their income," Alison said. "We're going to be integrating and embracing more messaging functionality within Facebook," Alison said.

☆ 5 side hustles that can make you hundreds a month with only a few hours of work and no up-front costs
▼ + stars: | 2023-03-05 | by ( Jen Glantz | ) www.businessinsider.com time to read: +7 min

Jen Glantz is an entrepreneur who has tried various side hustles to pass time in the winter months. But as a full-time entrepreneur whose income varies drastically month to month, I feel guilty when I'm not making money during my free time. Plus, many of these extra gigs can be done on the weekends, so they don't disrupt the flow of my work schedule. I often put the same items on both platforms to double the exposure and increase the potential of a sale. I stopped doing this once I met my partner and we started traveling more in the winter season together.

☆ Big media is gearing up for battle with Google and Microsoft over AI chatbots using their articles for training: 'We are actively considering our options'
▼ + stars: | 2023-03-03 | by ( Lucia Moses | ) www.businessinsider.com time to read: +9 min

Publishers want Google and Microsoft to pay them for the use of media content to train their AI. Media companies are also studying how to change their business models to protect themselves from the bots' threat. Within media companies, the topic is being discussed at the highest levels, from the C-suite to the boardroom. Executives are also strategizing with peers and competitors about the possibility of forging a united position against the tech companies, according to multiple publishing sources. The same year, an Australia law forced tech companies to pay news outlets for linking to their articles.

☆ Amazon is pausing construction on its second headquarters in Virginia
▼ + stars: | 2023-03-03 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +3 min

CNN —Amazon is pausing construction on its second headquarters in northern Virginia, the company confirmed in a statement to CNN on Friday. John Schoettler, Amazon’s real estate chief, said the company is pushing back the groundbreaking of the second phase of the sprawling new headquarters. The first phase is still under construction and expected to open in June. “We’ve decided to shift the groundbreaking of PenPlace (the second phase of HQ2) out a bit,” Schoettler said in a statement. Amazon’s search for a second headquarters kicked off in 2017, spurring a major competition as local officials across the country competed for the e-commerce giant to bring jobs and other benefits to their communities.

☆ Salesforce: A New Dawn. CEO Marc Benioff is pivoting the cloud company from family to profitability.
▼ + stars: | 2023-03-02 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

I'm Diamond Naga Siu, and I'm not just talking about the Selena/Hailey 'mean girls' saga — I'm fascinated by the Salesforce spectacle. CEO Marc Benioff recently oversaw the departure of two leading candidates to inherit the Salesforce throne. Now, under their careful watch, Benioff needs to guide the company through a cost-cutting period — something he's never done before. This is quite the turn, considering he was still emphasizing Ohana after laying off 10% of the company in January. CEO Marc Benioff announced on Wednesday that the company is starting a "new day."

☆ TikTok's potential ban in U.S. could be boon for Meta and Snap
▼ + stars: | 2023-03-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +4 min

Jonathan Raa | Nurphoto | Getty ImagesInvestors in Meta , Snap and other U.S. digital media companies have been looking for signs of a rebound after a tumultuous 2022. Meta climbed 1% on Wednesday, and Snap was unchanged. She said that Meta's Facebook, Snap and Google's YouTube could be "huge beneficiaries" if the ban ultimately takes place. watch now"A U.S. ban on TikTok is a ban on the export of American culture and values to the billion-plus people who use our service worldwide," a TikTok spokesperson said Wednesday. Andrew Boone, an analyst at JMP, said that Meta likely stands to benefit the most should TikTok face a U.S. ban.

Managers are being told to expect demotions, putting them in "direct competition" with reports. A current employee told Insider that, in recent weeks many managers at Facebook have been told they will have their teams taken away. "Folks with years of management experience are being told they have to train on a position they haven't done in years," the person told Insider. Yet the photo-sharing app remained "less bloated" than Facebook, as one former employee told Insider, with roughly 20,000 employees. Facebook currently operates according to a "matrix model," one person familiar with the structure told Insider.

☆ Tesla, tech and travel stocks have ginormous gains this year
▼ + stars: | 2023-02-28 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Beaten-up travel stocks have also enjoyed solid gains this year, as investors bet that the worst-case fears of an imminent recession may turn out to be for naught and consumers catch up on missed travel. Some fear this ferocious rebound in consumer and tech stocks may be happening too quickly. “That means there are broader opportunities outside of tech and growth stocks and more in the value and small cap sectors.”Growth stocks, and tech in particular, make more sense as investments if the Fed were set to start slashing interest rates. Add all that up and it could mean that the recent rebound for Tesla, big techs and media firms and other consumer stocks could be short-lived. “Inflation and interest rate uncertainty means we continue to believe value stocks, including the global energy sector, will outperform growth stocks,” Haefele said.

☆ Facebook is becoming more like Instagram as Mark Zuckerberg whittles down manager ranks and further layoffs loom
▼ + stars: | 2023-02-28 | by ( Kali Hays | Sydney Bradley | ) www.businessinsider.com time to read: +5 min

Facebook is expected to see layoffs amid Mark Zuckerberg's new mandate to "flatten" the company. Facebook, founded by Meta CEO Mark Zuckerberg twenty years ago, is in the process of being further streamlined, two people familiar with the company told Insider. The company's goal is to have Facebook's structure more closely resemble that of Instagram, the people said, as Zuckerberg looks to cut costs and declares 2023 to be the "year of efficiency." "It's not surprising," another person familiar with the company said of plans to change the structure at Facebook. The current organizational structure at Facebook is essentially what's known as "a matrix" model, one of the people familiar said.

☆ New Zealand launches global fundraiser for post-cyclone reconstruction
▼ + stars: | 2023-02-27 | by ( Lewis Jackson | ) www.reuters.com time to read: +1 min

SYDNEY, Feb 27 (Reuters) - New Zealand will launch an international fundraising appeal for the massive reconstruction work needed after Cyclone Gabrielle tore across the country's north earlier this month, forcing thousands of people into shelters and killing eleven. The appeal will fund longer term recovery projects and target wealthy expatriates, businesses and anyone with affection for New Zealand, said Prime Minister Chris Hipkins on Monday. The appeal will be modeled after the 2011 Christchurch earthquake fundraiser, which collected over NZ$94 million ($57.94 million). A national state of emergency, only the third declared in the country's history, will continue in cyclone-hit regions. ($1 = 1.6223 New Zealand dollars)Reporting by Lewis Jackson; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Googlers are begrudgingly testing Bard and making memes out of their new task.
▼ + stars: | 2023-02-27 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Since it's a tough time in the tech industry right now, I hope this resonates with some of you, too. Thomas Maxwell/InsiderGooglers are begrudgingly testing their company's ChatGPT competitor. CEO Sundar Pichai asked every employee to spend multiple hours testing Google's new chatbot Bard. They were tasked with improving Bard by asking it questions and flagging bad answers, in addition to their normal responsibilities. Some made memes from the conversations they've had with Bard, continuing a trend of internally mocking the chatbot.

☆ Biggest security benefits, risks with new Meta, Twitter verified identity subscriptions
▼ + stars: | 2023-02-23 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +12 min

As Twitter and Meta Platforms move to paid subscriptions for social media identity verification and security, the battle to stay safe online continues. With social engineering and phishing the primary sources of social media account compromise, it's unlikely verified accounts will actually be more secure. "Twitter is only eliminating the SMS-based two-factor authentication capability, and does offer two additional methods for two-factor authentication that are stronger and more reliable than SMS-based authentication," Ramzan said. When signing on for a social media account, try to give away as little personal information as possible, Buzzard said. Aura recommends social media users disable third-party apps that are connected to their social media accounts.

☆ How Putin's Russian goon squad used Mexican gig workers to troll an American election
▼ + stars: | 2023-02-18 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +25 min

Posting to social media sounded like an easy work-from-home gig, so he applied. This post from the Prigozhin-backed Social CMS network in Mexico referred to America as "we." He verified his account by providing chat transcripts, screenshots, contracts, and internal company documents. But just because Social CMS didn't yield an immediate, large-scale impact doesn't mean it should be ignored. "I didn't know who are you," wrote the person who is listed in the corporate directory as Prigozhin's media liaison.

☆ Facebook, Gibson Dunn sanction order is light on dollars, heavy on message
▼ + stars: | 2023-02-10 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

CompaniesCompanies Law firms Meta Platforms Inc FollowFeb 10 (Reuters) - To Facebook parent Meta Platforms Inc (META.O) and its lawyers at Gibson, Dunn & Crutcher, $925,000 isn't a whole lot of money. Chhabria, as you've probably heard, ordered Facebook and its lawyers to pay that sum to plaintiffs' lawyers as recompense for their bad-faith litigation tactics. "Does anyone really think that Facebook was planning on taking this case to trial?" This is, by far, the most likely explanation for Facebook and Gibson Dunn’s conduct." Facebook and its lawyers fell into their roles with ease, and then they took things way too far.”Gibson Dunn and Meta both declined to provide a statement on Chhabria’s order.

☆ Amazon is the latest threat to Facebook as ad targeting suffers
▼ + stars: | 2023-02-10 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +11 min

"So many people start their shopping on Amazon," Hassett said in an interview. People take selfies in front of the logo of Facebook parent company Meta on November 9, 2022 in Menlo Park, California. Liu Guanguan | China News Service | Getty ImagesFor Loftie, Amazon and Google provide better value because a shopper is showing intent by searching for a particular item. "In the near term, we expect Meta ad share to decline further in '23 given macro headwinds and the pivot to Reels," they wrote. Rachel Tipograph, CEO of marketing technology firm MikMak, said there are other unforeseen costs tied to Amazon advertising.

☆ Meta's layoffs were expensive — it may have spent more than $88,000 per employee to cut 11,000 from the ranks
▼ + stars: | 2023-02-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Facebook CEO Mark Zuckerberg cut 13% of the company's workforce in November. Facebook/MetaIn November 2022, Meta laid off more than 11,000 employees, or 13% of its workforce. It's possible the company spent around $88,000 a person in cutting those employees. The number comes from dividing the $975 million that the company paid in "Severance and Other Personnel" costs by 11,000, approximately the number of employees the company cut in November. In the company's fourth-quarter earnings release posted Wednesday, CEO Mark Zuckerberg warned that Meta's management theme for 2023 was 'Year of Efficiency.'

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