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Tag: Mark Zuckerberg

  • Meta to lay off 10,000 more workers after initial cuts in November

    Meta to lay off 10,000 more workers after initial cuts in November

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    Meta will lay off 10,000 more workers and incur restructuring costs ranging from $3 billion to $5 billion, the company announced Tuesday, with CEO Mark Zuckerberg warning economic instability could continue for “many years.”

    Meta shares closed up 7% on Tuesday.

    “Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Zuckerberg said in a message to employees, which was also posted to the technology company’s blog.

    He added that the Facebook parent plans to close 5,000 additional open roles that it hasn’t yet filled. In a nod to continued economic uncertainty, Zuckerberg noted that the company should prepare for “the possibility that this new economic reality will continue for many years.”

    In a SEC filing announcing the cuts, Meta also said it anticipated lowered total expenses in 2023, ranging from $86 billion to $92 billion.

    The new round of layoffs follows a previous round of cuts, announced in November, that affected more than 11,000 workers, which equated to roughly 13% of Meta’s overall staff.

    Zuckerberg has pitched 2023 as the company’s “year of efficiency,” in which the firm aims to become “a stronger and more nimble organization.”

    “We are a technology company, and our ultimate output is what we build for people,” Zuckerberg said. As part of the restructuring, the company will also increase the number of direct reports each manager has.

    Facebook Chairman and CEO Mark Zuckerberg testifies before the House Financial Services Committee on “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors” in the Rayburn House Office Building in Washington, DC on October 23, 2019.

    MANDEL NGAN | AFP | Getty Images

    Zuckerberg told analysts in February that Meta plans “on cutting projects that aren’t performing or may no longer be crucial” while simultaneously “removing layers of middle management to make decisions faster.”

    “A leaner org will execute its highest priorities faster,” Zuckerberg’s message said.

    Still, Meta continues to spend billions of dollars developing the virtual reality and augmented reality technologies required to build the digital universe coined the metaverse. The company’s Reality Labs division that’s tasked with creating the metaverse lost about $13.7 billion in 2022 on $2.16 billion of revenue.

    Amazon announced a new round of layoffs in January, impacting 18,000 employees across multiple divisions.

    TwilioDellZoom and eBay also recently disclosed significant reductions to their workforce. In January, Google revealed plans to lay off more than 12,000 workersMicrosoft announced plans to cut 10,000 employees and Salesforce said it planned to cut 7,000 jobs.

    CNBC’s Ashley Capoot contributed to this report.

    Watch: The regulators were too slow with acting to help SVB

    US regulators were too slow to help SVB, says Bullpen Capital's Duncan Davidson

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  • Mark Zuckerberg Worried Facebook Listening To Him After Being Pushed Shirt That Says ‘I Just Laid Off 10,000 Employees’

    Mark Zuckerberg Worried Facebook Listening To Him After Being Pushed Shirt That Says ‘I Just Laid Off 10,000 Employees’

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    PALO ALTO, CA—Noting the eerie feeling of being surveilled, Meta CEO Mark Zuckerberg reportedly expressed concern Tuesday that Facebook was listening to him after he received a targeted ad for a shirt that read “I Just Laid Off 10,000 Employees.” “How could it even know I just said that? It’s got to be using my goddamn microphone,” said Zuckerberg, adding that he had all his privacy settings turned on, and yet Facebook was pushing this item perfectly suited to his tastes. “It must have been listening to the party I was having to celebrate the layoffs. Sheesh, I’ve got to delete my cookies more often. It’s so invasive to feel tracked like this. It’s a little dystopian how it just showed me a shirt that says ‘I went to HARVARD and destroyed my FRIENDSHIP and love hunting with SPEARS.’” At press time, Zuckerberg confirmed he had bought the shirt from the advertisement.

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  • Meta is laying off 10,000 more workers as part of

    Meta is laying off 10,000 more workers as part of

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    Meta to cut thousands of jobs


    Meta to cut thousands of jobs in upcoming layoffs, after suggesting no more

    03:33

    Meta Chief Executive Officer Mark Zuckerberg on Tuesday said the company is laying off an additional 10,000 workers to hedge against economic instability that could persist for “many years.”

    The move is part of a number of steps, including slowing hiring and canceling some projects, that Meta is taking to cut costs and improve financial performance during what Zuckerberg dubbed its “Year of Efficiency.” 

    The layoffs will be conducted “over the next couple of months,” Zuckerberg said in a memo to employees. 

    Recruiting team members will know by tomorrow whether or not they still have jobs. Meta, the parent company of Facebook and Instagram, will announce layoffs in its tech groups in late April, and across its business teams toward the end of May. The company will also scrap plans to hire an additional 5,000 workers to fill open roles. 

    “This will be tough and there’s no way around that,” Zuckerberg said in his address to workers. 

    “Removing jobs” is one of the ways Meta is executing on its goal of becoming more efficient, according to the memo. 

    The new round of layoffs comes after the company cut about 11,000 jobs — or 13% of Meta’s workforce — in November.

    Zuckerberg said that the earlier round of layoffs has helped the company “execute its highest priorities faster” as a leaner organization.

    At its peak in 2022, Meta employed 87,000 full-time workers.


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  • Facebook-parent Meta plans to lay off another 10,000 employees | CNN Business

    Facebook-parent Meta plans to lay off another 10,000 employees | CNN Business

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    CNN
     — 

    Facebook-parent Meta plans to lay off another 10,000 workers, marking the second round of significant job cuts announced by the tech giant in four months.

    The latest layoffs, announced on Tuesday, come after Meta said in November that it was eliminating approximately 13% of its workforce, or 11,000 jobs, in the single largest round of cuts in the company’s history.

    In a Facebook post Tuesday, CEO Mark Zuckerberg said the job cuts will take place “over the next couple of months.”

    “We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May,” he wrote. In a “small number of cases, it may take through the end of the year to complete these changes.”

    “Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” Zuckerberg said.

    As of September 2022, Meta reported a headcount of 87,314, per a securities filings. With 11,000 job cuts announced in November and the 10,000 announced Tuesday, that would bring Meta’s headcount down to around 66,000.

    Meta is far from the only Big Tech company to undergo layoffs amid higher inflation, recession fears and a whiplash in pandemic-induced demand. In the first months of this year, Amazon, Google-parent Alphabet and Microsoft have all confirmed major job cuts impacting tens of thousands of tech workers.

    Shares of Meta rose more than 4% in early trading Tuesday following the announcement.

    When the first round of job cuts was announced in November, Zuckerberg blamed himself at the time for the company’s over-hiring earlier in the pandemic. Meta  nearly doubled its headcount between March 2020 and September of last year, as the Covid-19 crisis led to a surge in demand for digital services.

    But the situation changed radically for the social media giant and other tech companies last year as pandemic restrictions eased and people returned to their offline lives. Meta’s core business was also hit by privacy changes implemented by Apple and advertisers tightening budgets amid recession fears.

    In its most-recent quarterly earnings report, Meta posted a sharp drop in profits and reported its third straight quarterly decline in revenue. But during the earnings call, Zuckerberg promised investors that 2023 would be the “year of efficiency” for the company, following years of heavy investment in growth and a more immersive version of the internet called the metaverse.

    On that call, Zuckerberg also suggested that more job cuts could be coming.

    “We closed last year with some difficult layoffs and restructuring some teams. When we did this, I said clearly that this was the beginning of our focus on efficiency and not the end,” Zuckerberg said during the earnings call in early February. He added that the company would be focused on “flattening” its org structure and “removing some layers of middle management to make decisions faster.”

    “As part of this, we’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial, but my main focus is on increasing the efficiency of how we execute our top priorities,” Zuckerberg said.

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  • Facebook tests bringing back in-app messaging features as it competes with TikTok | CNN Business

    Facebook tests bringing back in-app messaging features as it competes with TikTok | CNN Business

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    New York
    CNN
     — 

    Nearly a decade after Facebook angered some users by splitting off messaging features from its flagship social networking application and forcing people to download a separate app to chat with friends, the company is now testing out reversing the move.

    In an interview with CNN, Facebook head Tom Alison said the platform is testing bringing messaging capabilities back to the Facebook app so users can more easily share content without having to use the Messenger app. The test comes as Facebook looks to beat back competition from TikTok by bolstering its position both as a platform to discover new content and discuss it.

    “We believe that content feeds into not just you consuming it but being conversation starters and starting that message thread with your friends or being something that you can share into a group of people who share your same interests,” Alison said. “I think the thing that will differentiate Facebook and Instagram from TikTok and others is just the depth of being able to start a conversation with your friends from this content and have that kind of social dimension.”

    The move, which Alison also announced in a blog post Tuesday, comes after Facebook revised its strategy last year amid concerns about a stagnant and aging user base. No longer would the platform simply be about connecting friends and family. Instead, founder Mark Zuckerberg wanted Facebook to become a “discovery engine.”

    Facebook redesigned its home feed to surface more entertaining posts from across the platform, with AI-powered content recommendations, rather than just showing posts from those specifically in a user’s network. (A new, separate tab fulfilled the desire for the latter.) The goal was clear: to keep users engaged longer and help the platform better compete with TikTok and its steady stream of recommended content.

    Nine months later, that shift has begun to pay off, Alison told CNN. The platform last month reported that it hit 2 billion daily active users in the December quarter.

    “A lot of the narrative leading up to this has been that Facebook is in decline or Facebook’s best days are behind it,” Alison said, “and part of what we’re trying to do with this milestone is say, ‘hey, look, that’s actually not true.”

    There have been no shortage of rumors of Facebook’s demise over the years, from its admission of having a “teen problem” a decade ago to the more recent series of PR debacles for the social network and its parent company, Meta. TikTok’s rapid rise and even the success of Facebook’s sister service, Instagram, have also taken some of the shine off the aging social network Zuckerberg launched in a dorm room nearly 20 years ago. But its audience has resumed growing, for now.

    Alison, who has been in charge of the Facebook app since July 2021, said the introduction of the “discovery engine” strategy is just the beginning of a larger shift for the platform, as Facebook works to forge a path to continued growth and relevance over the next two decades.

    “For the last almost 20 years … we’ve been really known for friends and family, but over the next 20 years, what we’re really working toward is being known for social discovery,” he said. “It’s going to be about helping you connect with the people that you know, the people that you want to know and the people that you should know.”

    While Facebook and Instagram have struggled in their attempts to keep pace with TikTok, including through copycat features like Reels, Alison argues Facebook has a leg up on TikTok thanks to its roots in helping people connect with their networks.

    For some creators, for example, Facebook has become a place to create groups of fans and hold conversations beyond the content they share to Instagram and TikTok, Alison said. “I think it’s helping them get closer to their fans on Facebook in a way they can’t do on other platforms.”

    As Facebook plots its evolution, it will have to contend with what Zuckerberg has called the company’s “year of efficiency,” an effort to cut costs after a broader reckoning in the tech industry and investor skepticism around its pricey plan to center its business model around the future version of the internet it calls the metaverse.

    “One of the things that we are embracing with the year of efficiency is prioritization and, frankly, just focusing more effort on some of our bigger bets,” Alison said. The platform has over the past year shuttered some smaller efforts, such as its Bulletin newsletter subscription service, in favor of investing in key areas like AI. “That’s a lot of the culture that we’re kind of instituting across Meta is just like, how do we do fewer things better? And how do we do them, sometimes, more quickly? Efficiency is not just about cost savings.”

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  • The Next Big Political Scandal Could Be Faked

    The Next Big Political Scandal Could Be Faked

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    Is the clip stupid or terrifying? I can’t decide. To be honest, it’s a bit of both.

    “I just think I would love to get Ratatouille’d,” a familiar-sounding voice begins.

    “Ratatouille’d?” asks another recognizable voice.

    “Like, have a little guy up there,” the first voice replies. “You know, making me cook delicious meals.”

    It sounds like Joe Rogan and Ben Shapiro, two of podcasting’s biggest, most recognizable voices, bantering over the potential real-world execution of the Pixar movie’s premise. A circular argument ensues. What constitutes “getting Ratatouille’d” in the first place? Do the rat’s powers extend beyond the kitchen?

    A friend recently sent me the audio of this mind-numbing exchange. I let out a belly laugh, then promptly texted it to several other people—including a guy who once sheepishly told me that he regularly listens to The Joe Rogan Experience.

    “Is this real?” he texted back.

    They’re AI voices, I told him.

    “Whoa. That’s insane,” he said. “Politics is going to get wild.”

    I haven’t stopped thinking about how right he is. The voices in that clip, while not perfect replicants of their subjects, are deeply convincing in an uncanny-valley sort of way. “Rogan” has real-world Joe Rogan’s familiar inflection, his half-stoned curiosity. “Shapiro,” for his part, is there with rapid-fire responses and his trademark scoff.

    Last week, I reached out to Zach Silberberg, who created the clip using an online tool from the Silicon Valley start-up ElevenLabs. “Eleven brings the most compelling, rich and lifelike voices to creators and publishers seeking the ultimate tools for storytelling,” the firm’s website boasts. The word storytelling is doing a lot of work in that sentence. When does storytelling cross over into disinformation or propaganda?

    I asked Silberberg if we could sit down in person to talk about the implications of his viral joke. Though he didn’t engineer the product, he had already seemed to master it in a way few others had. Would bad actors soon follow his lead? Did he care? Was it his responsibility to care?

    Silberberg is in his late 20s and works in television in New York City. On the morning of our meeting, he shuffled into a TriBeCa coffee shop in a tattered sweater with an upside-down Bart Simpson stitched on the front. He told me how he had been busy making other—in his words—“stupid” clips. In one, an AI version of President Joe Biden informs his fellow Americans that, after watching the 2011 Cameron Crowe flop, We Bought a Zoo, he, Biden, also bought a zoo. In another, AI Biden says the reason he has yet to visit the site of the East Palestine, Ohio, train derailment is because he got lost on the island from Lost. While neither piece of audio features Biden stuttering or word-switching, as he often does when public speaking, both clips have the distinct Biden cadence, those familiar rises and falls. The scripts, too, have an unmistakable Biden folksiness to them.

    “The reason I think these are funny is because you know they’re fake,” Silberberg told me. He said the Rogan-Shapiro conversation took him roughly an hour and a half to produce—it was meant to be a joke, not some well-crafted attempt at tricking people. When I informed him that my Rogan-listening friend initially thought the Ratatouille clip was authentic, Silberberg freaked out: “No! God, no!” he said with a cringe. “That, to me, is fucked up.” He shook his head. “I’m trying to not fall into that, because I’m making it so outlandish,” he said. “I don’t ever want to create a thing that could be mistaken for real.” Like so much involving AI these past few months, it seemed to already be too late.

    What if, instead of a sitting president talking about how he regrets buying a zoo, a voice that sounded enough like Biden’s was “caught on tape” saying something much more nefarious? Any number of Big Lie talking points would instantly drive a news cycle. Imagine a convincing AI voice talking about ballot harvesting, or hacked voting machines; voters who are conspiracy-minded would be validated, while others might simply be confused. And what if the accused public figure—Biden, or anyone, for that matter—couldn’t immediately prove that a viral, potentially career-ending clip was fake?

    One of the major political scandals of the past quarter century involved a sketchy recording of a disembodied voice. “When you’re a star, they let you do it,” future President Donald Trump proclaimed. (You know the rest.) That clip was real. Trump, being Trump, survived the scandal, and went on to the White House.

    But, given the arsenal of public-facing AI tools seizing the internet—including the voice generator that Silberberg and other shitposters have been playing around with—how easy would it be for a bad actor to create a piece of Access Hollywood–style audio in the run-up to the next election? And what if said clip was created with a TV writer’s touch? Five years ago, Jordan Peele went viral with an AI video of then-President Barack Obama saying “Killmonger was right,” “Ben Carson is in the sunken place,” and “President Trump is a total and complete dipshit.” The voice was close, but not that close. And because it was a video, the strange mouth movements were a dead giveaway that the clip was fake. AI audio clips are potentially much more menacing because the audience has fewer context clues to work with. “It doesn’t take a lot, which is the scary thing,” Silberberg said.

    He discovered that the AI seems to produce more convincing work when processing just a few words of dialogue at a time. The Rogan-Shapiro clip was successful because of the “Who’s on first?” back-and-forth aspect of it. He downloaded existing audio samples from each podcast host’s massive online archive—three from Shapiro, two from Rogan—uploaded them to ElevenLabs’ website, then input his own script. This is the point where most amateurs will likely fail in their trolling. For a clip to land, even a clear piece of satire, the subject’s diction has to be both believable and familiar. You need to nail the Biden-isms. The shorter the sentences, the less time the listener has to question the validity of the voice. Plus, Silberberg learned, the more you type, the more likely the AI voices will string phrases together with flawed punctuation or other awkward vocal flourishes. Sticking to quick snippets makes it easier to retry certain lines of the script to perfect the specific inflection, rather than having to trudge through a whole paragraph of dialogue. But this is just where we are today, 21 months before the next federal elections. It’s going to get better, and scarier, very fast.

    If it seems like AI is everywhere all at once right now, swallowing both our attention and the internet, that’s because it is. While transcribing my interview with Silberberg in a Google doc, Google’s own AI began suggesting upcoming words in our conversation as I typed. Many of the fill-ins were close, but not entirely accurate; I ignored them. On Monday, Mark Zuckerberg said he was creating “a new top-level product group at Meta focused on generative AI to turbocharge our work in this area.” This news came just weeks after Kevin Roose, of The New York Times, published a widely read story about how he had provoked Microsoft’s Bing AI tool into saying a range of unsettling, emotionally charged statements. A couple of weeks before that, the DJ David Guetta revealed that he had used an AI version of Eminem’s voice in a live performance—lyrics that the real-life Eminem had never rapped. Elsewhere last month, the editor of the science-fiction magazine Clarkesworld said he had stopped accepting submissions because too many of them appeared to be AI-generated texts.

    This past Sunday, Sam Altman, the CEO of OpenAI, the company behind the ChatGPT AI tool, cryptically tweeted, “A new version of Moore’s Law that could start soon: the amount of intelligence in the universe doubles every 18 months.” Altman is 37 years old, meaning he’s of the generation that remembers living some daily life without a computer. Silberberg’s generation, the one after Altman’s, does not, and that cohort is already embracing AI faster than the rest of us.

    Like a lot of PEOPLE, I first encountered a “naturalistic” AI voice when watching last year’s otherwise excellent Anthony Bourdain documentary, Roadrunner. News of the filmmakers’ curious decision to include a brief, fake voice-over from the late Bourdain dominated the media coverage of the movie and, for some viewers, made it distracting to watch at all. (You may have found yourself always listening for “the moment.”) They had so much material to work with, including hours of actual Bourdain narration. What did faking a brief moment really accomplish? And why didn’t they disclose it to viewers?

    “My opinion is that, blanket statement, the use of AI technology is pretty bleak,” Silberberg said. “The way that it is headed is scary. And it is already replacing artists, and is already creating really fucked-up, gross scenarios.”

    A brief survey of those scenarios that have already come into existence: an AI version of Emma Watson reading Mein Kampf, an AI Bill Gates “revealing” that the coronavirus vaccine causes AIDS, an AI Biden attacking transgender individuals. Reporters at The Verge created their own AI Biden to announce the invasion of Russia and validate one of the most toxic conspiracy theories of our time.

    The problem, essentially, is that far too many people find the cruel, nihilistic examples just as funny as Silberberg’s absurd, low-stakes mastery of the form. He told me that as the Ratatouille clip began to go viral, he muted his own tweet, so he still doesn’t know just how far and wide it has gone. A bot notified him that Twitter’s owner, Elon Musk, “liked” the video. Shapiro, for his part, posted “LMFAO” and a laughing-crying emoji over another Twitter account’s carbon copy of Silberberg’s clip. As he and I talked about the implications of his work that morning, he seemed to grow more and more concerned.

    “I’m already in weird ethical waters, because I’m using people’s voices without their consent. But they’re public figures, political figures, or public commentators,” he said. “These are questions that I’m grappling with—these are things that I haven’t fully thought through all the way to the end, where I’m like, ‘Oh yeah, maybe I should not even have done this. Maybe I shouldn’t have even touched these tools, because it’s reinforcing the idea that they’re useful.’ Or maybe someone saw the Ratatouille video and was like, ‘Oh, I can do this? Let me do this.’ And I’ve exposed a bunch of right-wing Rogan fans to the idea that they can deepfake a public figure. And that to me is scary. That’s not my goal. My goal is to make people chuckle. My goal is to make people have a little giggle.”

    Neither the White House nor ElevenLabs responded to my request for comment on the potential effects of these videos on American politics. Several weeks ago, after the first round of trolls used Eleven’s technology for what the company described as “malicious purposes,” Eleven responded with a lengthy tweet thread of steps it was taking to curb abuse. Although most of it was boilerplate, one notable change was restricting the creation of new voice clones to paid users only, under the thinking that a person supplying a credit-card number is less likely to troll.

    Near the end of our conversation, Silberberg took a stab at optimism. “As these tools progress, countermeasures will also progress to be able to detect these tools. ChatGPT started gaining popularity, and within days someone had written a thing that could detect whether something was ChatGPT,” he said. But then he thought more about the future: “I think as soon as you’re trying to trick someone, you’re trying to take someone’s job, you’re trying to reinforce a political agenda—you know, you can satirize something, but the instant you’re trying to convince someone it’s real, it chills me. It shakes me to my very core.”

    On its website, Eleven still proudly advertises its “uncanny quality,” bragging that its model “is built to grasp the logic and emotions behind words.” Soon, the unsettling uncanny-valley element may be replaced by something indistinguishable from human intonation. And then even the funny stuff, like Silberberg’s work, may stop making us laugh.

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  • Mark Zuckerberg looks to ‘turbocharge’ Meta’s AI tools after viral success of ChatGPT | CNN Business

    Mark Zuckerberg looks to ‘turbocharge’ Meta’s AI tools after viral success of ChatGPT | CNN Business

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    CNN
     — 

    Mark Zuckerberg said Meta is creating a new “top-level product group” to “turbocharge” the company’s work on AI tools, as it attempts to keep pace with a renewed AI arms race among Big Tech companies.

    In a Facebook post late Monday, Zuckerberg said the elite new group will initially be formed by pulling together teams across the company currently working on generative AI, the technology that underpins the viral AI chatbot, ChatGPT. This group will be “focused on building delightful experiences around this technology into all of our different products,” Zuckerberg said, starting with “creative and expressive tools.”

    “Over the longer term, we’ll focus on developing AI personas that can help people in a variety of ways,” Zuckerberg said. Those AI features may include new Instagram filters as well as chat tools in WhatsApp and Messenger, he said.

    The planned efforts come amid a heightened AI frenzy in the tech world, kicked off in late November when Microsoft-backed OpenAI released ChatGPT publicly. The tool quickly went viral for its ability to generate compelling, human-sounding responses to user prompts. Microsoft later announced it was incorporating the tech behind ChatGPT into its search engine Bing. A day before Microsoft’s announcement, Google unveiled its own AI-powered tool called Bard.

    Meta, by comparison, has been quiet so far. Yann LeCunn, Meta’s Chief AI scientist, has expressed some skepticism surrounding the ChatGPT hype. “It’s not a particularly big step towards, you know, more like human level intelligence,” LeCunn said in one interview late last month. “From the scientific point of view, ChatGPT is not a particularly interesting scientific advance,” he added.

    Generative AI tools are built on large language models that have been trained on vast troves of online data to create written and visual responses to user prompts. But these systems also have the potential to perpetuate biases and misinformation. Already, both Microsoft and Google’s AI tools have run into controversies for producing some inaccurate or uncanny responses.

    As with Microsoft and Google, there are some risks for Meta in embracing this technology. Last year, before the ChatGPT hype, Meta publicly released an AI-powered chatbot dubbed “BlenderBot 3.” It didn’t take long, however, for the chatbot to start making offensive comments.

    In his post Monday, Zuckerberg said: “We have a lot of foundational work to do before getting to the really futuristic experiences, but I’m excited about all of the new things we’ll build along the way.”

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  • Meta testing new subscription service for verified accounts

    Meta testing new subscription service for verified accounts

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    Meta is testing a new subscription service that would let Facebook and Instagram users pay for a verified account.

    Meta CEO Mark Zuckerberg announced Meta Verified on his social media accounts Sunday. Testing will begin in New Zealand and Australia this week and will roll out to other countries soon, he said.

    For $11.99 per month on the web or $14.99 per month on Apple and Android operating systems, Meta will use a government identification to verify a user’s account and give the account a blue badge. Previously, Meta’s blue badges were free and reserved for notable public figures or businesses.

    Subscribers will also get extra protection against account impersonation and direct access to customer support, Meta said.

    “This new feature is about increasing authenticity and security across our services,” Zuckerberg said in his message.

    Meta said public figures and others who were previously verified won’t be affected by the change. Meta Verified is aimed at influencers and others who use social media for their business but aren’t notable public figures.

    Meta is taking a page from Twitter’s playbook in launching a subscription service. Late last year, Twitter began charging users $8 per month for Twitter Blue, which verifies their account with a blue check.

    On Saturday, Twitter took the service a step further, announcing that Twitter users would lose their ability to secure their accounts with two-factor authentication unless they pay the $8 monthly Twitter Blue subscription.

    Social media companies have been trying to find new revenue sources as online advertising slows. Earlier this month, Meta announced its third consecutive quarter of revenue declines despite an increase in users. Meta announced it was laying off 11,000 workers, or 13% of its workforce, in November.

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  • Meta to launch paid verification service on Facebook and Instagram, following Twitter’s lead

    Meta to launch paid verification service on Facebook and Instagram, following Twitter’s lead

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    Meta to launch paid verification service on Facebook and Instagram, following Twitter’s lead – CBS News


    Watch CBS News



    Meta will begin testing its new subscription service later this week, which will offer a blue badge to verified accounts on its Facebook and Instagram platforms. Louise Matsakis, a technology reporter for Semafor, joins CBS News to discuss what this new subscription plan entails.

    Be the first to know

    Get browser notifications for breaking news, live events, and exclusive reporting.


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  • Meta launching paid verification system for Facebook and Instagram

    Meta launching paid verification system for Facebook and Instagram

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    Meta warns of rise in AI-generated profiles


    Meta reports a rapid rise of AI-generated profiles used by threat actors

    04:01

    Meta, the parent company of Facebook and Instagram, announced Sunday it will begin rolling out a paid subscription program allowing users and businesses to verify their accounts with a blue badge.

    In a Facebook post, CEO Mark Zuckerberg said the new verification system, called “Meta Verified,” will cost $11.99 month on web or $14.99 a month for iPhone users. 

    The announcement comes after Elon Musk, the billionaire Tesla founder and owner of Twitter, created a paid-for verification system known as Twitter Blue after taking over the company last year. Twitter also announced Friday that users who do not subscribe to Twitter Blue will soon have to give up using text messages as a two-factor authentication method to secure their accounts, and instead must use other verification methods.

    According to Zuckerberg, the subscription service will increase authenticity and security across Meta’s services by verifying users accounts with a government ID. He said this will create extra protection against impersonators, and subscribers will have direct access to customer support.

    The new product will be available in Australia and New Zealand starting this week.

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  • Meta Employees Are Being ‘Paid to Do Nothing’: Report

    Meta Employees Are Being ‘Paid to Do Nothing’: Report

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    It’s misery at Meta.

    According to the New York Post, cost-cutting measures and mass layoffs have left employees feeling unliked and demotivated.

    A Financial Times report reveals that the malaise is being felt by workers in the trenches all the way up to senior management. What was promised to be a “year of efficiency” by CEO Mark Zuckerberg has been a year of employees sitting on their hands.

    Project budget approvals have been delayed, leading to a halt in work, according to FT. The outlet quoted insiders who say “zero work” is getting done, including its vital metaverse and advertising initiatives.

    “Honestly, it’s still a mess,” one Meta employee said. “The year of efficiency is kicking off with a bunch of people getting paid to do nothing.”

    Related: Meta Stock Jumps 1 Percent After False Report

    Last year, Meta’s stock fell by 72% as its metaverse push landed with a virtual thud, losing an estimated $700 billion. After laying off around 11,000 employees, Zuckerberg admitted to staffers that Meta over-invested after the pandemic led to a temporary surge in online activity and told employees, “I got this wrong, and I take responsibility for that.”

    Zuck and the Meta gang are not alone. Google, Amazon, Twitter, and Microsoft are among the other tech giants forced to lay off thousands in 2022.

    Related: 23 Weird Things You Didn’t Know About Mark Zuckerberg

    On an earnings call last week, Zuckerberg said he would restructure the company to find efficiencies. “We’re working on flattening our org structure and removing some layers of middle management to make decisions faster, as well as deploying AI tools to help our engineers be more productive,” Zuckerberg said, adding that he will be quick to shut down projects that are not performing or no longer seen as crucial.

    That oughta boost morale.

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    Dan Bova

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  • Meta employees are reportedly bracing for more layoffs amid delays to finalized budgets: ‘It’s still a mess’

    Meta employees are reportedly bracing for more layoffs amid delays to finalized budgets: ‘It’s still a mess’

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    Facebook parent Meta conducted its biggest-ever layoffs last November, shedding about 11,000 workers. But more jobs, it appears, are about to be axed.

    CEO Mark Zuckerberg noted in a Facebook post on Feb. 1, “We closed last year with some difficult layoffs and restructuring some teams. When we did this, I said clearly that this was the beginning of our focus on efficiency and not the end.” During an earnings call that same day, he announced 2023 will be Meta’s “year of efficiency.”

    While Meta workers wonder who will be deemed inefficient, the company has delayed finalizing multiple teams’ budgets, according to the Financial Times. Employees who spoke to the British paper on condition of anonymity said morale at the company was low and little work was getting done on some teams as they await abnormally slow budget decisions. 

    Meta declined to comment when contacted by Fortune.

    “Honestly, it’s still a mess,” one employee told the FT. “The year of efficiency is kicking off with a bunch of people getting paid to do nothing.”

    Other workers told the paper the next job cuts are expected next month.

    Middle managers have reason to be nervous.

    ‘More proactive about cutting projects’

    Zuckerberg wrote in his Facebook post, “We’re working on flattening our org structure and removing some layers of middle management to make decisions faster, as well as deploying AI tools to help our engineers be more productive. As part of this, we’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial, but my main focus is on increasing the efficiency of how we execute our top priorities.”

    One of those priorities is the metaverse, a largely unrealized virtual world that has underwhelmed users and could take years to become profitable, if it ever does. The company’s metaverse division, Reality Labs, notched a loss of $13.7 billion for 2022, up from a $10.2 billion loss in 2021. 

    Investors have tried pressuring Zuckerberg to scale back the metaverse investments, to no avail. 

    In December, John Carmack, a virtual reality pioneer, left his high-level consulting role at Meta, where he worked on the metaverse. He tweeted on the way out, “I have always been pretty frustrated with how things get done at FB/Meta.  Everything necessary for spectacular success is right there, but it doesn’t get put together effectively.”

    Slow going with the metaverse and three consecutive quarters of year-over-year revenue declines, however, are not stopping stock buybacks at Meta. In its latest earnings statement, Meta said it had increased its share repurchase authorization by $40 billion, noting that last year it bought back about $28 billion.

    Many tech companies that over-hired during the pandemic, as demand surged for the services, have conducted large layoffs in recent months, leading to a sense of clashing headlines as the latest U.S. jobs report shows the lowest unemployment in 50 years.

    Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.

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    Steve Mollman

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  • Tech stocks just finished a five-week rally — the longest stretch since market peak in November 2021

    Tech stocks just finished a five-week rally — the longest stretch since market peak in November 2021

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    Tech stocks on display at the Nasdaq.

    Peter Kramer | CNBC

    The Nasdaq just wrapped up its fifth straight week of gains, jumping 3.3% over the last five days. It’s the longest weekly winning streak for the tech-laden index since a stretch that ended in November 2021. Coming off its worst year since 2008, the Nasdaq is up 15% to start 2023.

    The last time tech stocks enjoyed a rally this long, investors were gearing up for electric carmaker Rivian’s blockbuster IPO, the U.S. economy was closing out its strongest year for growth since 1984, and the Nasdaq was trading at a record.

    This time around, there’s far less champagne popping. Cost cuts have replaced growth on Wall Street’s checklist, and tech executives are being celebrated for efficiency over innovation. The IPO market is dead. Layoffs are abundant.

    Earnings reports were the story of the week, with results landing from many of the world’s most valuable tech companies. But the numbers, for the most part, weren’t good.

    Apple missed estimates for the first time since 2016, Facebook parent Meta recorded a third straight quarter of declining revenue, Google‘s core advertising business shrank, and Amazon closed out its weakest year for growth in its 25-year history as a public company.

    While investors had mixed reactions to the individual reports, all four stocks closed the week with solid gains, as did Microsoft, which reported earnings the prior week and issued lackluster guidance in projecting revenue growth this quarter of only about 3%.

    Cost control is king

    Meta was the top performer among the group this week, with the stock soaring 23%, its third-best week ever. In its earnings report Wednesday, revenue came in slightly above estimates, even with sales down year over year, and the first-quarter forecast was roughly in line with expectations.

    The key to the rally was CEO Mark Zuckerberg’s pronouncement in the earnings statement that 2023 would be the “Year of Efficiency” and his promise that “we’re focused on becoming a stronger and more nimble organization.”

    “That was really the game-changer,” Stephanie Link, chief investment strategist at Hightower Advisors, said in an interview Friday with CNBC’s “Squawk Box.”

    “The quarter itself was OK, but it was the cost-cutting that they finally got religion on, and that’s why I think Meta really took off,” she said.

    Zuckerberg acknowledged that the times are changing. From the year of its IPO in 2012 through 2021, the company grew between 22% and 58% a year. But in 2022 revenue fell 1%, and analysts expect growth of only 5% in 2023, according to Refinitiv.

    On the earnings call, Zuckerberg said he doesn’t expect declines to continue, “but I also don’t think it’s going to go back to the way it was before.” Meta announced in November the elimination of 11,000 jobs, or 13% of its workforce.

    Link said the reason Meta’s stock got such a big bounce after earnings was because “expectations were so low and the valuation was so compelling.” The stock lost almost two-thirds of its value last year, far more than its mega-cap peers.

    Navigating ‘a very difficult environment’

    Apple, which slid 27% last year, gained 6.2% this week despite reporting its steepest drop in revenue in seven years. CEO Tim Cook said results were hurt by a strong dollar, production issues in China affecting the iPhone 14 Pro and iPhone 14 Pro Max, and the overall macroeconomic environment. 

    “Apple is navigating what is, of course, a very difficult environment quite well overall,” Dan Flax, an analyst at Neuberger Berman, told “Squawk Box” on Friday. “As we move through the coming months and quarters, we’ll see a return to growth and the market will begin to discount that. We continue to like the name even in the face of these macro challenges.”

    Watch CNBC's full interview with Neuberger Berman's Dan Flax

    Amazon CEO Andy Jassy, who succeeded Jeff Bezos in mid-2021, took the unusual step of joining the earnings call with analysts Thursday after his company issued a weaker-than-expected forecast for the first quarter. In January, Amazon began layoffs, which are expected to result in the loss of more than 18,000 jobs.

    “Given this last quarter was the end of my first full year in this role and given some of the unusual parts in the economy and our business, I thought this might be a good one to join,” Jassy said on the call.

    Managing expenses has become a big theme for Amazon, which expanded rapidly during the pandemic and subsequently admitted that it hired too many people during that period.

    “We’re working really hard to streamline our costs,” Jassy said.

    Alphabet is also in downsizing mode. The company announced last month that it’s slashing 12,000 jobs. Its revenue miss for the fourth quarter included disappointing sales at YouTube from a pullback in ad spending and weakness in the cloud division as businesses tighten their belts.

    Ruth Porat, Alphabet’s finance chief, told CNBC’s Deirdre Bosa that the company is meaningfully slowing the pace of hiring in an effort to deliver long-term profitable growth.

    Alphabet shares ended the week up 5.4% even after giving up some of their gains during Friday’s sell-off. The stock is now up 19% for the year.

    Ruth Porat, Alphabet CFO, at the WEF in Davos, Switzerland on May 23rd, 2022. 

    Adam Galica | CNBC

    Should the Nasdaq continue its upward trend and notch a sixth week of gains, it would match the longest rally since a stretch that ended in January 2020, just before the Covid pandemic hit the U.S.

    Investors will now turn to earnings reports from smaller companies. Some of the names they’ll hear from next week include Pinterest, Robinhood, Affirm and Cloudflare.

    Another area in tech that flourished this week was the semiconductor space. Similar to the consumer tech companies, there wasn’t much by way of growth to excite Wall Street.

    AMD on Tuesday beat on sales and profit but guided analysts to a 10% year-over-year decline in revenue for the current quarter. Intel, AMD’s primary competitor, reported a disastrous quarter last week and projected a 40% decline in sales in the March quarter.

    Still, AMD jumped 14% for the week and Intel rose almost 8%. Texas Instruments and Nvidia also notched nice gains.

    The semiconductor industry is dealing with a glut of extra parts at PC and server makers and falling prices for components such as memory and central processors. But after a miserable year in 2022, the stocks are rebounding on signs that an easing of Federal Reserve rate increases and lightening inflation numbers will give the companies a boost later this year.

    WATCH: Watch CNBC’s full interview with Truist’s Youssef Squali

    Watch CNBC's full interview with Truist Securities' Youssef Squali

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  • Meta posts lower Q4 profit, announces huge stock buyback

    Meta posts lower Q4 profit, announces huge stock buyback

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    SAN FRANCISCO (AP) — Facebook parent company Meta posted lower fourth-quarter profit and revenue on Wednesday, hurt by a downturn in the online advertising market and competition from rivals such as TikTok.

    But the company’s stock soared in extended trading, as its revenue beat Wall Street’s muted expectations and the Menlo Park, California-based company announced a $40 billion stock buyback.

    This is the third consecutive quarter of revenue decline for the tech giant, which laid off 11,000 workers, or about 13% of its workforce, in November. CEO Mark Zuckerberg blamed the layoffs on aggressive hiring during the pandemic, when Meta’s business boomed because people were stuck at home, scrolling on their phones and computers, glued to social media. But as the lockdowns ended and people started going outside again, revenue growth began to falter.

    ″(Our) management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Zuckerberg said in a statement Wednesday.

    Meta’s mega stock buyback appeared to ease investors’ concerns over the company’s spending on the “metaverse” — an immersive digital universe, viewed through a headset, that Zuckerberg predicts will eventually replace smartphones as the primary way people use technology.

    Meta Platforms Inc. said it earned $4.65 billion, or $1.76 per share, in the final three months of 2022. That’s down 55% from $10.29 billion, or $3.67 per share, a year earlier.

    Analysts were expecting earnings of $2.26 per share, according to a poll by FactSet.

    Revenue fell 4% to $32.17 billion from $33.67 billion. Analysts were expecting $31.55 billion.

    Meta ended 2022 with a 1% revenue decline from 2021 — its first year-over-year drop.

    “The downturn was slightly less than we thought it would be, but that’s not necessarily a good sign,” said said Insider Intelligence analyst Debra Aho Williamson. She said that Meta’s 2022 results were “a stark difference” from 2021, when the company’s worldwide revenue grew 37%.

    “Now the challenge is to return to positive territory. Meta needs to stay focused on stabilizing its core platforms, Facebook and Instagram,” she added. “And with losses at its VR division mounting, Mark Zuckerberg is going to have to accept an unfortunate reality: Virtual worlds are simply not what businesses or consumers want right now.”

    Meta’s Reality Labs segment, which includes its virtual and augmented-reality hardware such as its headsets, as well as software and related content, posted a fourth-quarter operating loss of $4.28 billion, compared with a loss of $3.3 billion a year earlier.

    Though revenue declined, Meta continued to add users on its social media apps. Facebook’s daily active users hit 2 billion for the first time — up 4% from a year earlier. Facebook had 2.96 billion monthly active users at the end of the year. Meta’s monthly active users on what it calls its “family” of apps — Instagram, Facebook, WhatsApp and Messenger — were 3.74 billion as of Dec. 31.

    “The growth in monthly users is … a good sign that there is still a small pool of new social network users (or perhaps lapsed users) who are willing to give Facebook a try,” Williamson said.

    For the current quarter, Meta is forecasting revenue between $26 billion and $28.5 billion. Analysts are expecting $27.18 billion. The company also lowered its outlook for 2023 expenses to the range of $89 billion to $95 billion from its earlier guidance of $94 billion to $100 billion.

    Meta’s shares jumped almost 19% in after-hours trading. The stock had closed the regular trading session at $153.12, down 52% in the last year.

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  • Meta shares surge nearly 20% as Zuckerberg pledges to make 2023 a ‘year of efficiency’ | CNN Business

    Meta shares surge nearly 20% as Zuckerberg pledges to make 2023 a ‘year of efficiency’ | CNN Business

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    New York
    CNN
     — 

    For years, Facebook and its CEO Mark Zuckerberg invested heavily in growth, including in areas like virtual reality with unproven potential. But after a brutal year in which the company lost more than $600 billion in market value, Zuckerberg has started speaking Wall Street’s language — and they are rewarding him for it.

    Facebook-parent Meta on Wednesday posted its third straight quarterly decline in revenue and a sharp drop in profit for the final three months of 2022, as it confronted broader economic uncertainty, heightened competition in the social media market and incurred significant charges from a recent round of layoffs.

    But the company nonetheless outperformed Wall Street analysts’ expectations for sales. Moreover, it pledged to focus on “efficiency,” lowered its forecast for capital expenditures in the year ahead and announced plans to boost its share repurchase plan by $40 billion. All of that helped send shares of Meta up nearly 20% in after hours trading Wednesday.

    “Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Zuckerberg said in a statement with the earnings results.

    Meta reported nearly $32.2 billion in revenue for the quarter, down 4% from the year prior but ahead of the $31.5 billion analysts had projected. The social media giant’s quarterly net income was just shy of $4.7 billion, down 55% from the same period in the prior year and below analysts’ expectations.

    Meta announced plans to lay off around 11,000 employees in November. The company also currently has a broad hiring freeze in place and plans to limit hiring throughout the year, Meta CFO Susan Li said on a call with analysts Wednesday.

    In its earnings report, Meta said it has cut its guidance for capital expenditures for 2023 down slightly to between $30 billion and $33 billion, citing plans for lower data center construction spending. It also added that “substantially all of our capital expenditures continue to support the Family of Apps,” a term that refers to Facebook, Instagram and WhatsApp, perhaps in an effort to reassure investors skeptical of its plan to center its business model around the future version of the internet it calls the metaverse.

    For the first quarter of 2023, Meta expects revenue between $26 and $28.5 billion, the upper end of which would represent an increase from the year-ago quarter and would break Meta’s streak of consecutive quarterly revenue declines. The guidance is somewhat better than Snapchat-parent Snap’s from earlier in the week, which said it expects first quarter revenue to fall between 2% and 10% compared to the previous year.

    Zuckerberg explained the focus on efficiency during the analyst call by acknowledging that for the first 18 years of the company’s history, its revenue grew sharply each year. “And then obviously that changed very dramatically in 2022, where our revenue was negative growth for the first time in the company’s history … and we don’t anticipate that’s going to continue but I don’t necessarily think it’s going to go back to the way it was before.”

    He added: “So I think this is a pretty rapid phase change there that I think just forced us to basically take a step back and say, okay, we can’t just treat everything like it’s hyper-growth,” although Zuckerberg said he thinks the shift in mindset “actually makes us better.”

    Meta’s user numbers also marked a bright spot from Wednesday’s report. Facebook now has 2 billion daily active users, and Meta’s family of apps grew its daily active people by 5% year-over-year to 2.96 billion, a welcome sign for the company following concerns about stagnant user growth last year.

    The company’s core advertising business fell just over 4% to nearly $31.3 billion, a “better-than-expected” result that “should refute concerns over the state of the digital advertising industry,” said Jesse Cohen, senior analyst at Investing.com. Li said that ad revenue growth from its top advertising verticals, online commerce and consumer packaged goods, remained negative during the December quarter but fell at a slower rate than in the previous quarter.

    Still, Meta’s average price per ad fell 22% year-over-year during the December quarter, and 16% overall in 2022, as the company grapples with Apple’s app tracking changes and increased competition from the likes of TikTok.

    The company also lost a total of more than $13.7 billion in its “Reality Labs” unit which houses its metaverse efforts. Fourth quarter Reality Labs revenue fell 17% to $727 million, due to lower sales of its Quest 2 headset, the company said.

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  • Trump Potentially Returning To Facebook After Capitol Riot Support Spurred 2-Year Ban

    Trump Potentially Returning To Facebook After Capitol Riot Support Spurred 2-Year Ban

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    Facebook’s parent company Meta will potentially allow former President Donald Trump back on its social media platforms after his actions online on Jan. 6, 2021, during the Capitol riot spurred a two-year ban, a spokesperson told CNN earlier this week.

    Another source told the outlet that this decision could be announced in a matter of weeks and might become the most important one in Meta’s history. Meanwhile, the verdict will reportedly be made by a group of leaders from various parts of the company.

    “His decision to use his platform to condone rather than condemn the actions of his supporters at the Capitol building has rightly disturbed people in the U.S. and around the world,” wrote CEO Mark Zuckerberg in a Jan. 7, 2021, statement about Trump’s ban.

    While Trump was initially banned “indefinitely” and “for at least the next two weeks” from both Facebook and Instagram at the time, the company officially vanquished him in June 2021 for two years — dating back to Jan. 7, according to CBS News.

    While Trump might thus return to these platforms, Nick Clegg, Facebook’s vice president of global affairs, previously said: “If we determine that there is still a serious risk to public safety, we will extend the restriction for a set period of time… until that risk has receded.”

    Zuckerberg initially banned Trump “indefinitely” before issuing a two-year ban in June 2021.

    Clegg added that Facebook will “evaluate external factors” to determine as much, including “instances of violence, restrictions on peaceful assembly and other markers of civil unrest.” Whether Trump’s continued screeds on election fraud qualify remains to be seen.

    “Sadly, Facebook has been doing very poorly since they took me off,” Trump wrote Thursday on his Truth Social platform. “It has lost $750 Billion in value and has become very boring. Hopefully, Facebook will be able to turn it around.”

    “Maybe their first step should be to get away from the ridiculous change in name to Meta, and go back to ‘Facebook,’” he continued. “Whoever made that decision, and the decision to take me off, will go down in the Business Hall of Fame for two of the worst decisions in Business History!”

    Meta’s market value had fallen from a peak of more than $1 trillion in September 2021 to $268 billion the following October, per CBS News. While Trump ultimately created his own platform last February, his possible return has Democrats concerned.

    Last month, Rep. Adam Schiff (D-Calif.) and Sen. Sheldon Whitehouse (D-R.I.) wrote CNN a letter urging Meta to “maintain its platform ban” on Trump in order “to credibly maintain a legitimate election integrity policy,” despite Meta being a private company.

    Whether Trump’s Meta accounts will be reinstated remains to be seen. Facebook’s rules, however, have already determined that his comments will not be fact-checked if he is — should he run for office again — as elected officials and candidates aren’t subject to them.

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  • 2022 Was the (Hopefully Last) Year of the Rich Fake-Genius

    2022 Was the (Hopefully Last) Year of the Rich Fake-Genius

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    Perhaps more than any previous year, 2022 made us realize, in both real life and fiction, that billionaires are not inherently more intelligent and better than everyone else. From Jurassic World: Dominion and The Glass Onion, to Elon Musk and the fall of crypto/NFTs, here’s to hoping we learn our lesson for 2023 and stop trusting these rich idiots.

    Elon Musk

    Somehow, no billionaire has done more for banishing the myth of the rich genius than Elon Musk. His buyout of Twitter has allowed the whole world to see for themselves the ridiculous shortsightedness of his “leadership” abilities, in addition to his general lack of common sense. This crack in the facade is making people look twice at the “richest man in the world.”

    The Twitter account @capitolhunters, which had previously been mostly dedicated to tracking down people involved in the January 6th insurrection, also released a massive breakdown of Elon Musk’s lies about his own education. You can read the thread in full at this link.

    Sam Bankman-Fried & the fall of crypto/NFTs

    Crypto and NFTs have been all over the news for the past few years, but the most recent dip in value for these products seems to be the death toll for the schemes as a whole. Crypto and NFTs may have seemed like fake money from the start but the schemes of Sam Bankman-Fried have resulted in actual people losing their life savings.

    META

    Zuckerberg and Facebook took similar gambles on the METAverse, promising that VR was the future of human interaction. All of this while ignoring the problems of Facebook, such as privacy and data protection. In the end, the METAverse is losing billions, with the people who created it being ordered to use it in an attempt to inflate the usage numbers.

    Jurassic World: Dominion

    While Dominion made some baffling decisions with its use of the dinosaurs, its villains are still at the cutting edge of rich people’s idiocy. Dodgson (yes, that Dodgson) is a pathetic mix of tech mogul and Monsanto CEO. He pretends to care about the world by hiring Ian Malcolm to talk to his scientists about the dangers of the technology they’re using while also actively using that technology to cause a manmade global famine that can only be solved by his product. He also claims to see himself in his delegate, Ramsay Cole, not realizing that Ramsay is a whistleblower with an actual backbone. Fittingly, Dodgson gets the same end that Nedry got all those years ago.

    Glass Onion

    https://www.youtube.com/watch?v=0-nidBOxsUY

    This movie could not have come out at a better time for all of this; Miles Bron is a clear Elon Musk parody but also shares a lot in common with other tech moguls who have been traditionally touted as geniuses. In reality, these so-called geniuses are just conmen who stand on the shoulders of actual geniuses. Without getting into spoilers, this movie also places blame not just on the individual billionaires, but on the army of yes-men enablers they surround themselves with in order to maintain their facade. It’s only thanks to whistleblowers and these billionaires’ own pride that they can be brought down.

    Inside Job

    Slightly lesser known than the previous two, Shion Takeuchi’s animated series about the shadow government shows how even if there were hidden societies secretly running the world, they’d still be just as self-centered, ineffectual, and idiotic as the regular government. While Reagan’s father, Rand Ridley, is technically a genius billionaire, his ego gets in the way of everything he wants, leaving him scratching his head when everything inevitably falls apart. His former business partner, JR is a more traditional rich person who only got as far as he did through a combination of ridiculous paranoia and riding on Rand Ridley’s coattails.

    When Reagan herself finally meets the Black Robes who all secret societies report to, they sell her on the idea of being brought into the fold in order to make her stay Cognito Inc, trying to play off their control as necessary for maintaining order. But in reality, they appear to be using her for some greater plan.

    Honestly, the best lesson we could take from 2022 is to not trust any of these supposed billionaire geniuses. Stop investing in their schemes, stop stroking their egos, and stop giving them the title of genius.

    I know it’s easier said than done, especially when these people control large swaths of the economy. But not treating these idiots with reverence or idolatry is the first step to protecting ourselves from their self-involvement.

    (image: Netflix)

    The Mary Sue has a strict comment policy that forbids, but is not limited to, personal insults toward anyone, hate speech, and trolling.—

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    Kimberly Terasaki

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  • Elon Musk, the Crypto Crash, and the Coming AI Takeover: 2022’s Tech Mayhem Radically Changed Our Lives

    Elon Musk, the Crypto Crash, and the Coming AI Takeover: 2022’s Tech Mayhem Radically Changed Our Lives

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    In the early-20th century, long before there was Twitter and the internet, iPhones and AI, Bitcoin and ChatGPT, when the skies of the Industrial Revolution were filled with dark soot and smokestacks and the streets around the world were a cavalcade of trotting horses and carriages, Vladimir Ilyich Lenin, then the leader of the Bolshevik Revolution and the first head of the Soviet Union, said the following: “There are decades where nothing happens; and there are weeks where decades happen.” If Lenin were alive today, I’m sure the saying would sound a little more like this: “There are minutes where nothing happens; and there are minutes where decades happen.”

    Everything is now an endless scroll that even if you spend an inordinate amount of your day in that vortex of limitless content and news and videos and gifs, you’ll still miss a million things. What was once a day’s worth of news is now projectile vomited onto the internet a million times an hour. Who do we have to thank for this perpetual anxiety? Silicon Valley, of course. And I’m here to tell you this is about to get much worse.

    This was the year of tech chaos. Just take a look at the busiest corner of the internet to see how quickly things can change in today’s technoscape. It has literally been less than two months since Elon Musk purchased Twitter for $44 billion, and since then, more than 5,000 people have been let go from the company (or quit), advertising revenue is down as some companies have reportedly lost confidence in Musk’s leadership, the company has changed directions more times than I can count, and the net worth of Twitter, according to analysts, is now just a measly $13 billion. By the time I finish writing this column, Musk may no longer be CEO of Twitter (after all, he said, based on a Twitter poll, he would step down when he finds a replacement who is “foolish” enough to take over). 

    Of course, Twitter is not the only vertiginous change over the past year. On January 1, 2022, a single Bitcoin was worth $47,738.59. Today, it’s since fallen 65% to be worth just over $16,000—and no one would be surprised if Bitcoin fell to zero, or rose back to $50,000, by the end of 2022. Remember NFTs? At the turn of the year they were all anyone could talk about. There were apes and penguins and movie stills and record albums and squiggly lines and John Cleese had an NFT bridge to sell you, and now, many of these things are in liquidation or have fallen by hundreds of millions of dollars. Jack Dorsey’s first tweet was turned into an NFT and purchased for $2.9 million in March of last year, and by April of this year, was worth only $280. Now the celebrities behind the BAYC, or Bored Ape Yacht Club, including Gwyneth Paltrow, Jimmy Fallon, and Guy Oseary, are being sued in a class-action lawsuit for urging people to buy “losing investments.”

    At the start of the year, Coinbase’s stock, which had just gone public a handful of months earlier, was worth around $250 a share. Today, it has fallen 85% to $34 a share. That’s a drop in market capitalization from $52 billion to $7.8 billion. Tesla stock, and market value, has been more than cut in half during the same time frame, shedding almost half a trillion dollars. The same is true for Meta, which lost hundreds of billions of dollars in value after Mark Zuckerberg decided the future of Facebook was the metaverse, and barely anyone on earth agreed with him. The entire NASDAQ composite, which started the year off at a high of 15,000 points is now bobbing around at about 10,000—compared to the last decade, where the composite has gone in the complete opposite direction.

    There was some upside to all the tech mayhem this year. For decades now, we’ve watched tech companies trample over the laws, and generally just fuck over customers—us!—and get away with it. And yet this year, Elizabeth Holmes was found guilty on four counts of fraud and sentenced to more than 11 years in prison for her crimes. Sam Bankman-Fried, the creator of the FTX crypto exchange, who had espoused that he was running his financial institution worth over $30 billion at its peak only for “effective altruism” (as in, he was making money to give it all away), was arrested too, after he bankrupted the company in what appears to be a Bernie Madoff–level disaster, by allegedly spending billions of dollars of customers money.

    And then there’s the biggest technological change of all over the past year, the advent of AI and ChatGPT, which didn’t even exist a month ago, never mind at the beginning of 2022. These artificial intelligent technologies may still be in their early stages, but the speed with which they are growing and the impact they could have on jobs (especially white-collar and creative jobs) is truly chilling and should give everyone pause. Seeing ChatGPT write legal briefs and short stories and screenplays is truly one of the most astounding—and terrifying—technological advancements I’ve personally seen over the past two decades as a technology reporter. 

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    Nick Bilton

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  • Facebook parent Meta will pay $725M to settle user data case

    Facebook parent Meta will pay $725M to settle user data case

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    SAN FRANCISCO — Facebook’s corporate parent has agreed to pay $725 million to settle a lawsuit alleging the world’s largest social media platform allowed millions of its users’ personal information to be fed to Cambridge Analytica, a firm that supported Donald Trump’s victorious presidential campaign in 2016.

    Terms of the settlement reached by Meta Platforms, the holding company for Facebook and Instagram, were disclosed in court documents filed late Thursday. It will still need to be approved by a judge in a San Francisco federal court hearing set for March.

    The case sprang from 2018 revelations that Cambridge Analytica, a firm with ties to Trump political strategist Steve Bannon, had paid a Facebook app developer for access to the personal information of about 87 million users of the platform. That data was then used to target U.S. voters during the 2016 campaign that culminated in Trump’s election as the 45th president.

    Uproar over the revelations led to a contrite Zuckerberg being grilled by U.S. lawmakers during a high-profile congressional hearing and spurred calls for people to delete their Facebook accounts. Even though Facebook’s growth has stalled as more people connect and entertain themselves on rival services such as TikTok, the social network still boasts about 2 billion users worldwide, including nearly 200 million in the U.S. and Canada.

    The lawsuit, which had been seeking to be certified as a class action representing Facebook users, had asserted the privacy breach proved Facebook is a “data broker and surveillance firm,” as well as a social network.

    The two sides reached a temporary settlement agreement in August, just a few weeks before a Sept. 20 deadline for Meta CEO Mark Zuckerberg and his long-time chief operating officer, Sheryl Sandberg, to submit to depositions.

    The company based in Menlo Park, California, said in statement Friday it pursued a settlement because it was in the best interest of its community and shareholders.

    “Over the last three years we revamped our approach to privacy and implemented a comprehensive privacy program,” said spokesperson Dina El-Kassaby Luce. “We look forward to continuing to build services people love and trust with privacy at the forefront.”

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  • Meta CEO Mark Zuckerberg takes witness stand in FTC case

    Meta CEO Mark Zuckerberg takes witness stand in FTC case

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    SAN JOSE, California (AP) — Mark Zuckerberg, the CEO of Facebook’s parent company Meta, took the witness stand Tuesday in a trial over U.S. antitrust regulators’ effort to stop the tech giant from buying a virtual reality startup called Within Unlimited.

    At issue is whether Meta’s acquisition of the small company that makes a VR fitness app called Supernatural will hurt competition in the emerging virtual reality market. If the deal is allowed to go through, the Federal Trade Commission argues, it would violate antitrust laws and dampen innovation, hurting consumers who may face higher prices and fewer options outside platforms controlled by Meta Platforms Inc.

    Meta, meanwhile, wants to poke holes in the FTC’s argument that there even exists a distinct market for what the FTC calls “VR dedicated fitness apps.”

    During his testimony at the trial in San Jose, California, Zuckerberg seemed to play down the notion that fitness is a distinct, top category in VR. He said, while fitness is one “use case” for virtual reality, other uses — namely games, communication and socializing and work — have been the primary ones that Meta has been focusing on.

    “While we focused on a number of use cases,” Zuckerberg said, there was a common order of popularity — with games, social and work as the top three and “sort of a longer tail” of other uses for VR that includes fitness.

    Whether or not VR fitness apps are a distinct market is key in the case because the FTC is arguing that Meta’s entry into this space through the Within acquisition would stifle competition. If there’s no defined market, it becomes more difficult to prove that case.

    The FTC, however, argues that not only is Meta a potential entrant into this market, but that it had the resources and ability to create its own VR fitness app instead of acquiring the top independent player in the market.

    FTC lawyer Abby Dennis pointed out that in Facebook’s early days, the company Zuckerberg founded in his Harvard dorm room rejected acquisition offers from a host of big tech companies — including Google, Yahoo and Microsoft.

    “You would agree with me that Facebook continued to successfully innovate even though it never got acquired?” she asked Zuckerberg, who replied affirmatively.

    And “the reason why Facebook has been able to succeed for 20 years is because it continues to innovate even though it never got acquired?” she continued, and Zuckerberg responded, “Yes.”

    But the Meta CEO later testified that even though his company was “looking at” developing its own VR fitness app before deciding to acquire Within Unlimited in 2021, the business environment has changed and “there is almost no chance” it would start such a project today.

    Meta, like other companies reliant on online advertising for revenue, saw a big business boost during the pandemic lockdown when people were staying home glued to their phones and computers. But that didn’t last. Online ad spending is on the decline, competition, notably from rival TikTok, is growing, and Meta recently laid off 13% of its workforce.

    Given the current business and economic environment, Zuckerberg said that if Meta had started a project to build a VR fitness app and “it didn’t have any traction,” it would have likely canceled it.

    The case, expected to wrap up Tuesday, is being heard by U.S. District Judge Edward Davila, who also oversaw the trial of disgraced Theranos founder Elizabeth Holmes and her partner Ramesh “Sunny” Balwani. Both were sentenced to over a decade in prison for their roles in the company’s blood-testing hoax.

    Meta had originally planned to close the deal by Dec. 31, but this week it extended that date to Jan. 31, pending the outcome of the case. Meta’s Chief Technology Officer Andrew Bosworth said in Monday testimony that the company needs to get the deal done soon, and if the case isn’t resolved in a timely fashion, it will probably walk away.

    “These things, the longer they are drawn out, the harder it is for both entities to operate,” Bosworth said.

    —-

    AP Technology Writer Michael Liedtke contributed.

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