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A man poses in front of a sign of Meta, the new name for the company formerly known as Facebook, at its headquarters in Menlo Park, California, October 28, 2021. With Meta shares sinking to new lows, the social media giant is now the worst performer in the S&P 500 this year as of Thursday. In October, for instance, Meta reported its second straight quarterly sales drop and issued weak fourth-quarter guidance that was below analyst's expectations. But building the metaverse doesn't come cheap with Meta's Reality Labs business unit, which is overseeing its VR and AR initiatives, losing $9.4 billion thus far in 2022. "Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run," Meta said in October.
Robinhood revenue falls marginally on crypto weakness
  + stars: | 2022-11-02 | by ( ) www.reuters.com   time to read: +1 min
Nov 2 (Reuters) - Robinhood Inc (HOOD.O) posted a small drop in third-quarter revenue on Wednesday as the online brokerage, which was at the center of last year's meme stock trading frenzy, took a hit from a fall in crypto trading volumes. A turmoil in financial markets due to a war on inflation by global central banks and the threat of a recession have turned investors risk averse, triggering a selloff in speculative assets such as cryptocurrencies. As a result, trading in cryptocurrencies fell 12% sequentially to $51 million. Trading in options rose 10%, while that in equities was up 7% sequentially as investors took advantage of heightened volatility in financial markets and rebalanced their portfolios. The Menlo Park, California-based company reported a 1% fall in total net revenue at $361 million.
One year and billions of dollars later, the so-called metaverse still feels years away, if it ever manifests at all. And Meta’s flagship social VR app Horizon Worlds can feel like a ghost town (albeit a ghost town with laser tag). Meta’s latest headset, the Quest Pro, is its first effort at combining the immersiveness of VR with the real world. The VR headset market is still tiny compared to, say, an established gadget market like console video games. A visitor to the 2022 Tokyo Game Show tests the Meta Quest 2 VR headset.
Facebook parent company Meta has been ordered to pay $10.5 million in legal fees to Washington state atop a nearly $25 million fine for repeated and intentional violations of campaign finance disclosure laws. The money is to go to the state Public Disclosure Commission, which enforces campaign finance laws. In 2018, following Ferguson’s first lawsuit, Facebook agreed to pay $238,000 and committed to transparency in campaign finance and political advertising. It subsequently said it would stop selling political ads in the state rather than comply with the requirements. Nevertheless, the company continued selling political ads, and Ferguson sued again in 2020.
Earlier this month, she quit her job to pursue a full-time career as a creator and voice actor. This as-told-to essay is based on a conversation with Joy Ofodu, a comedic content creator and voice actor with 113,000 Instagram followers and 103,000 TikTok followers. I used hashtags and trending music, some of those in-house "best practices," but nothing that wasn't available on the @Creators Instagram page. But I could not, for example, take part in a paid Instagram creator program, or a paid TikTok, YouTube, or Snapchat program. A post shared by Joy Ofodu (@joyofodu)At the time of quitting, I had active partnerships, a primary focus, and voiceover gigs.
Facebook Parent Meta Shares Fall to New Multiyear Lows
  + stars: | 2022-10-27 | by ( Will Feuer | ) www.wsj.com   time to read: 1 min
Shares of Meta Platforms slid on Thursday morning to levels not seen since 2016. Facebook parent Meta Platforms Inc. lost more than one-fifth of its market value Thursday after the company reported a drop in quarterly revenue, warned of climbing costs and said losses will accelerate next year at the unit leading the charge on its metaverse ambitions. Shares of Meta slid more than 21% to $102.04 in morning trading, wiping out roughly $76 billion of the Menlo Park, Calif., company’s market value and returning to levels not seen since 2016. The stock has dropped nearly 70% in 2022.
SEATTLE — A Washington state judge on Wednesday fined Facebook parent company Meta nearly $25 million for repeatedly and intentionally violating campaign finance disclosure law, in what is believed to be the largest campaign finance penalty in U.S. history. Where’s the corporate responsibility?”In 2018, following Ferguson’s first lawsuit, Facebook agreed to pay $238,000 and committed to transparency in campaign finance and political advertising. It subsequently said it would stop selling political ads in the state rather than comply with the requirements. “Meta was aware that its announced ‘ban’ would not, and did not, stop all such advertising from continuing to be displayed on its platform,” North wrote last month in finding that Meta violation’s were intentional. North fined Meta $30,000 for each of its 822 violations — about $24.7 million.
Why Khosla thinks short-term goals are a mistakeFocusing on "short term goals will force us to deploy suboptimal technology," Khosla told CNBC. And if it doesn't do that, it's the wrong technology," Khosla told CNBC. Nuclear fusion is one example of the kind of breakthrough technology Khosla considers critical, but which will not be commercialized by 2030. "But I'm not interested in today's geothermal, because it is such a niche — it doesn't scale," Khosla told CNBC. And that's what we need," Khosla said.
Loeb's $14 billion New York-headquartered hedge fund Third Point LLC is opening an office in Tel Aviv on Monday, creating an outpost in a city known for its booming technology sector. For Third Point, one of the hedge fund industry's most successful firms, the Tel Aviv office will become its first international location. Sapir Harosh, who worked in military intelligence and joined TPV from Israeli firm Pitango earlier this year, will head the Tel Aviv office. In April, New York-based General Atlantic, opened its Tel Aviv office. Third Point finished raising its first dedicated venture fund in 2021 and is currently taking in cash for its second venture fund, a person familiar with the fundraising said.
The shift to remote work has caused Silicon Valley service workers to lose their in-person jobs. The move is the latest development showcasing how Big Tech's widespread adoption of remote work is translating to layoffs for Silicon Valley's in-person service workers. NOAH BERGER/AFP via Getty Images)As June 2021, any full-time Meta employees whose job responsibilities can be completed online can apply to become a fully-remote worker. "Unlike other Silicon Valley companies, Meta has refused to mandate that its employees return to work on the main campus. Are you a bus driver, cafeteria worker, janitor, or security guard contracted by a Big Tech company?
A car was found buried Thursday in the yard of a home in the affluent town of Atherton in the San Francisco Bay Area, police said. Landscapers working in the yard discovered the car around 8:50 a.m. Cadaver dogs were brought in and “made a slight notification of possible human remains,” police said in a statement. No human remains have been found, Atherton police Commander Dan Larsen said late Thursday. Teams are working to excavate a vehicle that was found buried Thursday in the yard of a home in Atherton, California.
“Some employees may be maintained or recalled to work," a human resources director at Hallcon wrote in the filing. Murphy said all of the layoffs are coming from one company: Meta. Silicon Valley Rising"All four vendors are losing people," Murphy said, referring to the companies that work with Meta. In July, CNBC reported that Meta had canceled a contract with custodial workers at its headquarters, resulting in job cuts. Murphy said one of the union's efforts is to put pressure on the company to ask employees to return to offices.
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.
California-based tech giants dominate the list of companies where workers feel most satisfied with their pay, according to Comparably's sixth annual report based on employee reviews. 1, Adobe employees report being happy with their compensation across pay, benefits, bonus structures, equity and more. 4 Microsoft said that beginning July 1, it would nearly double its budget for employee salary increases and boost stock compensation to help workers cope with inflation. Top companies have also been able to persevere through a volatile stock market. "The biggest trend we see is that as the overall stock market has been affected, so too does people's perspective of their compensation," Nazar says.
But some very narrow minded and very nationalist types escalated hate against Rohingya on Facebook,” he said. Instead, Meta’s algorithms “proactively amplified and promoted content” on Facebook, which incited violent hatred against the Rohingya beginning as early as 2012. And they are asking Meta to pay reparations for its role in the violent repression of Rohingya Muslims in Myanmar, which the U.S. declared a genocide earlier this year. “These algorithms are really dangerous to our human rights. The Rohingya refugees are seeking unspecified reparations from the Menlo Park, California-based social media giant for its role in perpetuating genocide.
Meta Shuts Down Influence Operations Started in China, Russia
  + stars: | 2022-09-27 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
Meta, based in Menlo Park, Calif., has routinely taken down such networks since Russian trolls used Facebook to interfere in the 2016 U.S. presidential election. Meta Platforms Inc. said Tuesday that it has removed separate networks in China and Russia that were running covert influence campaigns related to U.S. politics and the war in Ukraine. In a post on its blog, the Facebook parent company said it has taken down a small network that originated in China and operated across multiple social media platforms, targeting U.S. voters on both sides of the political spectrum ahead of the 2022 midterm election.
Mark Zuckerberg's leadership is putting Meta on track to fail, a Harvard management expert says — but it's not a lost cause. That's the suggestion for Zuckerberg from Bill George, a senior fellow at Harvard Business School and former CEO of medical technology company Medtronic. Instead, Zuckerberg has become a leader who prioritizes profits, doesn't accept advice and blames others, according to George. In February, CNBC's Jim Cramer said he has "total faith in Mark Zuckerberg" when it comes to Meta's bet on the metaverse. Why a sabbatical may be unlikely for ZuckerbergBut the odds of Zuckerberg actually following George's advice may be unlikely.
Meta Platforms is planning to cut expenses by at least 10% in the coming months, in part through staff reductions, as the social-media giant confronts stalling growth and increased competition, according to people familiar with the company’s plans. The Menlo Park, Calif., company has begun quietly nudging out a significant number of staffers by reorganizing departments and giving affected employees a limited window to apply for other roles within the company, according to current and former managers familiar with the matter, in a move that achieves staffing cuts while forestalling the mass issuance of pink slips.
Meta and Google Are Cutting Staff
  + stars: | 2022-09-21 | by ( Jeff Horwitz | Salvador Rodriguez | Miles Kruppa | ) www.wsj.com   time to read: 1 min
Meta Platforms is planning to cut expenses by at least 10% in the coming months, in part through staff reductions, as the social-media giant confronts stalling growth and increased competition, according to people familiar with the company’s plans. The Menlo Park, Calif., company has begun quietly nudging out a significant number of staffers by reorganizing departments and giving affected employees a limited window to apply for other roles within the company, according to current and former managers familiar with the matter, in a move that achieves staffing cuts while forestalling the mass issuance of pink slips.
Peter Thiel and Mark Zuckerberg have known each other since 2004, when Thiel became Facebook's first major investor. Some believe Thiel acted as Zuckerberg's "puppet master," and Facebook employees noticed that Zuckerberg seemed to rely on Thiel in an unusual and sometimes concerning way. Zuckerberg told Thiel he should resign from Facebook's board of directors in August 2017. Thiel underestimated Facebook's potential and told Zuckerberg to sell the company in its second year. When Yahoo offered to buy Facebook for $1 billion, Thiel told Zuckerberg to take the deal — but then-22-year-old CEO said no.
The 25 richest people in Silicon Valley
  + stars: | 2019-04-10 | by ( Marissa Perino | ) www.businessinsider.com   time to read: +1 min
AdvertisementSilicon Valley is home to many of the world's tech giants — and its high-ranking billionaires. Consistently ranked as one of the most expensive places to live in the US, Silicon Valley encompasses the Santa Clara area and includes company headquarters based in Palo Alto, Menlo Park, and Mountain View. The tech titans — with executives ranging from Google to Uber — who work in these areas are among some of the richest in the industry. AdvertisementThere is some disagreement about the geographical boundaries of Silicon Valley. Keep reading for a look at the 25 richest billionaires in Silicon Valley.
Persons: , Uber —, Read, Mark Zuckerberg, Jack Dorsey, Elon Musk, George Lucas Organizations: Service, Menlo Park, Google, Tech, Forbes, Tesla Locations: Silicon, Santa Clara, Palo Alto, San Francisco, Silicon Valley, Santa Clara County, San Jose
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