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Meta Plunge Knocks Zuckerberg Out of Top 10 Billionaires

Bezos is set to get $20B richer

(Newser) - Share price swings have brought the fortunes of two tech billionaires up—and down—by amounts equivalent to the GDPs of small countries. Shares in Meta, Facebook's parent company, plummeted 26% on Thursday, bringing Mark Zuckerberg's net worth down by around $29 billion to $85 billion, reports Reuters...

Facebook&#39;s Brutal Day Helps Sink Stock Market
Facebook's Brutal Day
Helps Sink Stock Market
MARKETS
Feb 3, 2022 3:14 PM CST

Facebook's Brutal Day Helps Sink Stock Market

Parent company Meta has a historically bad day

(Newser) - The stock market had a rough day on Thursday, thanks largely to a historically bad day for Facebook parent company Meta . Its shares fell 26%, which wiped out more than $220 billion in market value—"the largest drop in history for any company," per the AP . As for...

Meta Loses $200B in Market Value Within Hours

Facebook's daily users fell in Q4 for the first time

(Newser) - For the first time in its 18-year history, Facebook is losing more daily users than it's gaining—and Meta and its CEO are feeling the burn. Shares in the company plunged more than 20% in after-hours trading Wednesday, wiping out $200 billion in market value, after Facebook reported losing...

Zuckerberg Just Expanded His 'New Monarchy' in Hawaii

He spends $17M to add 110 more acres to his estate

(Newser) - Mark Zuckerberg just added even more property to his Hawaii compound, a site that's been embroiled in controversy since he began scooping up land there in 2014. The Guardian reports the 37-year-old CEO of Facebook parent company Meta and his wife, Priscilla Chan, have dropped $17 million to tack...

Artist: 'Metaverse' Insta Handle Blocked After FB Name Change

Australia's Thea-Mai Baumann used the 'metaverse' handle, then suddenly got blocked

(Newser) - For nearly a decade, Thea-Mai Baumann, once the owner of an augmented-reality company called Metaverse Makeovers, used the Instagram handle "metaverse" to showcase her creative work. Last month, however, the Australian artist says she suddenly wasn't able to access her Insta, and she suspects Facebook's recent rebranding...

Facebook Exec: Don't Blame Us for Misinfo, Blame Yourselves

Incoming Meta CTO Andrew Bosworth says individuals bear responsibility for the spread

(Newser) - We all agree, for the most part, that the spread of misinformation has worsened today's politics and handling of contemporary health issues like COVID. What we may not all agree on, however, is the role that social media plays in promoting that spread. Andrew Bosworth, for instance, a longtime...

Facebook: Scientist Behind Misinformation Doesn't Exist

Account claimed US was pushing its scientists to blame virus on China

(Newser) - A disinformation network with ties to China used hundreds of fake social media accounts— including one belonging to a fictitious Swiss biologist—to spread an unfounded claim that the US pressured scientists to blame China for the coronavirus, Facebook said Wednesday. The company based in Menlo Park, California, did not...

Teen Brand Quits Social Media: 'Something Has to Change'

Lush will shutter IG, FB, TikTok, Snapchat on Black Friday, won't come back til user safety is improved

(Newser) - While most brands are revving up their social media for Black Friday, Cyber Monday, and the rest of the holiday shopping season, one teen favorite just made a shocking announcement: It's shuttering its social media entirely on the day after Thanksgiving. At least for now, says Lush Cosmetics—known...

Bipartisan Group of AGs Is Investigating Instagram

They say Meta ignored research about dangers posed to young people

(Newser) - A group of state attorneys general is investigating the photo-sharing platform Instagram and its effects on children and young adults, saying its parent company Facebook—now called Meta Platforms—ignored internal research about the physical and mental health dangers it posed to young people. The investigation is led by a...

Facebook to Delete Faceprints of 1B Users

Company is shutting down its facial-recognition system

(Newser) - Facebook said Tuesday it will shut down its face-recognition system and delete the faceprints of more than 1 billion people, per the AP . The move comes as the company has come under intense scrutiny for causing harm with its technology. “This change will represent one of the largest shifts...

Facebook Mocked Over &#39;Meta&#39; Name Change
Internet Delights in Mocking 
Facebook's New Name
THE RUNDOWN
Oct 29, 2021 7:06 AM CDT

Internet Delights in Mocking Facebook's New Name

'Changing name to Meat,' Wendy's quips

(Newser) - Facebook has been accused of driving people apart—but commentators were near-unified in mocking the company after CEO Mark Zuckerberg revealed its new virtual-reality focused name Thursday. There were countless jokes about the name Meta, as well as concerns about what Zuckerberg is planning for what he calls the "...

Facebook Rebrands Itself &#39;Meta&#39;
Facebook Has a New
Company Name
Oct 28, 2021 1:29 PM CDT

Facebook Has a New Company Name

It's 'Meta'

(Newser) - Let the rebranding begin: Facebook CEO Mark Zuckerberg said Thursday that his company is rebranding itself as Meta in an effort to encompass its virtual-reality vision for the future , per the AP . The move comes widespread criticism that the company has knowingly caused social harm on its platform across the...

Media&#39;s Facebook-Is-Evil Claims Don&#39;t Add Up
Media's
Facebook-Is-Evil
Claims Don't
Add Up
OPINION
Oct 26, 2021 8:58 AM CDT

Media's Facebook-Is-Evil Claims Don't Add Up

Robby Soave at 'Reason' calls the Facebook Papers a 'nothingburger'

(Newser) - Facebook is taking a tremendous amount of flak this week thanks to the Facebook Papers—reporting from nearly 20 media outfits based on internal documents released by whistleblower Frances Haugen. The Washington Post has key takeaways here , but the upshot of coverage is that Facebook "prioritizes its business over...

Zuckerberg Fires Back in Announcing $9B Earnings

Facebook CEO says younger users will become the priority

(Newser) - Facebook delivered a third-quarter earnings report Monday that exceeded analysts' expectations, though revenue was off. The company reported, per MarketWatch : Stronger earnings. Facebook said quarterly earnings hit $9.19 billion for the quarter, or $3.22 a share; that figure was $2.71 a share a year ago. Weaker revenue....

Facebook Whistleblower to UK Lawmakers: 'It's Making Hate Worse'

Frances Haugen speaks to committee preparing social media crackdown

(Newser) - Facebook whistleblower Frances Haugen told British lawmakers Monday that the social media giant stokes online hate and extremism, fails to protect children from harmful content, and lacks any incentive to fix the problems—testimony that provides strong momentum for efforts by European governments working on stricter regulation of tech giants....

Facebook Employees Raised Alarms About Far-Right Sites

And more on the controversial social network

(Newser) - In the latest edition of its ongoing "Facebook Files" series, the Wall Street Journal takes a look at a trove of internal message-board conversations that reveal strife at the social media company over its treatment of Breitbart and other conservative news sites. Employees regularly questioned Breitbart's inclusion on...

New Facebook Whistleblower Supports Other's Testimony

Washington Post interviews former employee

(Newser) - Another former Facebook employee has told the SEC that profit and growth are more important to the company than stopping misinformation and hate speech. The allegations by a former member of Facebook's Integrity team were made in a new affidavit for the Securities and Exchange Commission, which carries penalties...

Frances Haugen's Fight Has a Billionaire Backer

EBay founder Pierre Omidyar's organizations are giving financial support to Facebook whistleblower

(Newser) - Frances Haugen's fight against Facebook is receiving funding from a billionaire: tech critic and eBay founder Pierre Omidyar. Omidyar's global philanthropic organization Luminate gave $150,000 last year to nonprofit Whistleblower Aid, which is handling Haugen's legal representation , Politico reports. However, Whistleblower Aid is also seeking donations...

Donald Trump&#39;s Social Media Platform Is Coming
Introducing
Donald Trump's
Social Media Platform
THE RUNDOWN
Oct 21, 2021 1:17 AM CDT

Introducing Donald Trump's Social Media Platform

TRUTH Social is coming next month

(Newser) - Former President Trump's long-promised social media platform will be here soon. Trump announced the forthcoming launch of TRUTH Social in a press release Wednesday, saying the site's parent company, the newly created Trump Media & Technology Group, aims to "create a rival to the liberal media consortium...

Facebook May Not Be Facebook Much Longer

Per Verge report, Zuckerberg may announce name change next week for parent company

(Newser) - If Facebook was trying to spin attention away from its recent woes by stirring up talk of its planned "metaverse" on Monday, Tuesday brought more of the same. This time, the whispers emerge from the Verge , which late last night cited a source claiming that CEO Mark Zuckerberg will...

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