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Tag: Meta

  • Report: Meta Employees Mandated Back Into Office | Entrepreneur

    Report: Meta Employees Mandated Back Into Office | Entrepreneur

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    Last month, a leaked memo detailed Meta’s updated return to office policy, with some employees being asked to return three days a week with a mandate for accountability.

    Now, those changes have reportedly gone into effect.

    “We believe that distributed work will continue to be important in the future, particularly as our technology improves,” a spokesperson for Meta told CNBC in a statement. “In the near term, our in-person focus is designed to support a strong, valuable experience for our people who have chosen to work from the office, and we’re being thoughtful and intentional about where we invest in remote work.”

    A meeting space at a new Meta office space in the Farley Building in New York, which was expanded on and developed in 2021 despite most companies lessening their office space presence (Getty Images)

    Related: Meta Tells Employees to Find a New Job or Leave After 30 Days in New Ultimatum

    Last spring, Meta CEO Mark Zuckerberg announced that 10,000 workers would be laid off in an internal memo sent to the company in March while expressing his preference for in-office work.

    In June, The Information reported that “a person familiar with the matter” had revealed that the change in Meta’s currently flexible remote work policy was set to take place in September.

    “Our early analysis of performance data suggests that engineers who either joined Meta in-person and then transferred to remote or remained in-person performed better on average than people who joined remotely,” he penned, hinting at what came later this year. “This requires further study, but our hypothesis is that it is still easier to build trust in person and that those relationships help us work more effectively.”

    Related: Leaked Meta Memo Shows Stricter Return-to-Office Policy with Termination Threat for Repeat Violations

    Meta joins the ranks of companies like Amazon and Tesla, which have rolled out strict return-to-office policies in recent months.

    Last week, leaked remarks at an internal company event by Amazon CEO Andy Jassy showed how serious leadership was about having employees return to the office for at least three days a week.

    “It’s past the time to disagree and commit,” Jassy reportedly said. “And if you can’t disagree and commit, I also understand that, but it’s probably not going to work out for you at Amazon because we are going back to the office at least three days a week, and it’s not right for all of our teammates to be in three days a week and for people to refuse to do so.”

    Meta was up just shy of 87.5% in a one-year period as of Wednesday afternoon.

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    Emily Rella

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  • Is the Stock Market Open Today? These Are the Trading Hours for Labor Day.

    Is the Stock Market Open Today? These Are the Trading Hours for Labor Day.

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    Is the Stock Market Open Today? These Are the Trading Hours for Labor Day.

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  • Labor Day is just a ‘milestone’ in the marathon to get workers back to the office

    Labor Day is just a ‘milestone’ in the marathon to get workers back to the office

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    The U.S. Labor Day holiday will mark another milestone in the marathon to bring workers back to the office, but it won’t be a quick fix for landlords, according to Thomas LaSalvia, head of commercial real estate economics at Moody’s Analytics.

    Employers from Facebook parent Meta
    META,
    +0.27%
    to Goldman Sachs
    GS,
    -0.26%
    recently laid out mandates for staff to return to the office more frequently, starting this fall, including the big one — the federal government.

    “A lot of companies are saying that after Labor Day, ‘We expect more out of you,” LaSalvia said, referring to days in the office. Still, office attendance, he argues, likely only stages a fuller comeback if a job or promotion is on the line.

    Amazon.com Inc.’s
    AMZN,
    +2.18%
    Chief Executive Andy Jassy has been trying to drive home the point by warning staff to return at least three days a week, or face the consequences.

    That could prove difficult, with Friday’s U.S. jobs report for August expected to show U.S. unemployment at a scant 3.5%, near the lowest levels since the late 1960s, even if hiring has been slowing. The labor market, so far, appears unfazed by the Federal Reserve’s benchmark rate reaching a 22-year high.

    It has been a different story for landlords facing a roughly 19% vacancy rate nationally and piles of debt coming due, especially for owners of older Class B and C office buildings with a bleak outlook or properties in cities with wobbling business centers.

    See: San Francisco’s office market erases all gains since 2017 as prices sag nationally

    As with shopping malls, LaSalvia said it’s largely a problem of oversupply, with many office properties at risk of becoming obsolete as tenants flock to better buildings and locations staging a rebirth. The trend can be traced in leasing data since 2021, with Class A properties in central business districts (blue line) showing a big advantage over less desirable buildings in the heart of cities (orange line).

    Return to office isn’t going to save the entire office property market


    Moody’s Analytics

    “Little by little, we are finding the office isn’t dead,” LaSalvia said, but he also sees more promise in neighborhoods with a new purpose, those catering to hybrid work and communities that bring people together.

    Another way to look at the trend is through rents. Manhattan’s Penn Station submarket, with its estimated $13 billion overhaul and neighboring Hudson Yards development, has seen asking rents jump 32% to $74.87 a square foot in the second quarter since the fourth quarter of 2019, according to Moody’s Analytics. That compares with a 2% bump in asking rents in downtown New York City to $61.39 a square foot for the same period.

    The push for a return to the office also doesn’t mean a repeat of prepandemic ways. Goldman Sachs analysts estimate that part-time remote work in the U.S. has stabilized around 20%-25%, in a late August report, but that’s still up from 2.6% before the 2020 lockdowns.

    Furthermore, the persistence of remote work will likely add another 171 million square feet of vacant U.S. office space through 2029, a period that also will see tenants’ long-term leases expire and many companies opting for less space. The additional vacancies would roughly translate to 57% of Los Angeles roughly 300 million square feet of office space sitting empty.

    “The fundamental reason why we had offices in the first place have not completely disintegrated,” LaSalvia said. “But for some of those Class B and C offices, the writing was on the wall before the pandemic.”

    U.S. stocks were mixed Thursday, but headed for losses in a tough August for stocks, with the S&P 500 index
    SPX
    off about 1.5% for the month, the Dow Jones Industrial Average
    DJIA
    2.1% lower and the Nasdaq Composite
    COMP
    down 2% in August, according to FactSet.

    Related: Some employers mandate etiquette classes as returning office workers walk barefoot, burp loudly and microwave fish

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  • FlexiSpot Standing Desk Is Your WFH Hack

    FlexiSpot Standing Desk Is Your WFH Hack

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    When you’re working from home all day, it can be hard to find ways to move around. I feel like I’m cooped up in my bedroom, hunched over my laptop at all hours of the day. By the time 5 PM rolls around, my joints are stiff and I’m in a worse mood than I was when I woke up.

    My favorite saying is that I want someone to “crack me like a glowstick” because my back is constantly throbbing. My posture has surely declined, and I can’t say I was doing much to fix it. Until a solution fell directly into my lap.

    I found the FlexiSpot Adjustable Standing Desk, I knew I had to get it. I had heard of all the benefits of using a standing desk – your blood sugar returns to normal levels quicker after eating, you reduce the risks of cardiovascular disease and obesity, improved mood, no back pain.

    But I didn’t really understand the miracle of a standing desk until I used FlexiSpot. It’s a customizable desk that has a motor inside to adjust to any height…so you can sit if you so wish. Pick your size, color of wood, color of legs, add wheels, add a drawer or two, whatever you want.

    I can fit this in the smallest of bedrooms and it gives me space for a desk and some added storage. Ideal for any room in your house, you can even use it as an end table if you really wanted to.

    It’s the perfect gift for the person you love in your life who works from home and is in peril from the sedentary lifestyle. Or, the FlexiSpot Standing Desk can be just for your pleasure.

    Even Mark Zuckerberg and his Meta employees are known to use standing desks. And if it’s good enough for pro fighter Zuck, then it’s good enough for the rest of us. I’ve been standing all day, everyday and it’s all thanks to my FlexiSpot.

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    Jai Phillips

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  • Friday is last day for Facebook users to file a claim in $725 million settlement. Here’s how.

    Friday is last day for Facebook users to file a claim in $725 million settlement. Here’s how.

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    Today is the last day for anyone in the U.S. who used Facebook in the last 16 years to get a piece of a $725 million settlement by parent company Meta tied to privacy violations. 

    The settlement stems from multiple lawsuits that were brought against Facebook by users who claimed that the company improperly shared their information with third-party sources such as advertisers and data brokers. The litigation began after Facebook was embroiled in a privacy scandal in 2018 with Cambridge Analytica, which scraped user data from the site as part of an effort to profile voters.

    Meta denied any liability or wrongdoing under the settlement, according to the recently created class-action website, set up to pay out money to the social network’s users. 

    However, the agreement means that U.S. residents who used Facebook between May 24, 2007, and December 22, 2022, can file an online monetary claim as long as they do so before Friday, August 25, at 11:59 p.m. Pacific time. People who send in a claim via U.S. mail must have their letter postmarked by August 25.

    How do I claim money under the Facebook settlement?

    Go to the claim website to fill out your claim, or else print out the claim and mail it to this address: Facebook Consumer Privacy User Profile Litigation, c/o Settlement Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103. 

    What information do I need to provide?

    The claim asks for basic information:

    • Your name
    • Your address
    • Your email
    • Your phone
    • If you lived in the U.S. between May 24, 2007, and December 22, 2022
    • If you were a Facebook user between May 24, 2007, and December 22, 2022
    • If you deleted your account in that period, the date range when you were a Facebook user
    • Your Facebook user name
    • The payment service you prefer, such as PayPal, Venmo or a prepaid Mastercard

    How long does it take to fill out the form?

    It should take only a few minutes. 

    How do I find my Facebook name?

    You can find it on Facebook’s website by going to “Account” and then clicking on “Settings and Privacy.” From there, click on “Settings,” where you should see “Username.”

    On the mobile app, go to the menu and then click on your display name on top of the screen. Then select the “…” next to “Edit Profile” and your user name appears under “Your Profile Link.”

    Is the Facebook settlement legit?

    Yes, according to Meta. 

    “We pursued a settlement as it’s in the best interest of our community and shareholders,” a Meta spokesperson told CBS MoneyWatch. “We are notifying people through their Facebook notifications about this settlement so they can decide whether to participate.”

    However, the claim settlement administrator is warning to be alert for requests asking for personal information such as your Social Security number — something the administrator will never ask for.  Likewise, requests for payment in order to get part of the settlement are also suspect.

    “[I]t is possible they are efforts to defraud,” according to the claims website.

    Can I update my claim if my information changed?

    Yes. To do so, go to the settlement website and click on “Filed a claim? Click here to edit your claim,” which is at the top of the page.

    You’ll need to provide your confirmation code and claim ID, which is sent to you in a confirmation email after you’ve initially filed your claim.

    If you sent your claim electronically, you can update your claim by emailing: info@facebookuserprivacysettlement.com

    If you sent your claim by mail, you can send your updated your information, as well as your name and contact information, to the following address:

    Facebook Consumer Privacy User Profile Litigation
    c/o Settlement Administrator 
    1650 Arch Street, Suite 2210
    Philadelphia, PA 19103

    Can I file for more than one Facebook account?

    The claim administrator says that if you created but deleted one or more Facebook accounts, and then later created a new Facebook account, you can claim for the full amount of time you had an activated Facebook account during that time.

    However, if you had multiple accounts at the same time, you can’t get a claim for those extra accounts. In other words, no double-counting, according to the claim administrator.

    Can I file for a deceased person?

    Yes, but it takes a few extra steps.

    First, file the claim under the name of the deceased person and fill out their details in the “Your Facebook Account” section of the claim form. 

    Next, you’ll have to provide the claim settlement administrator with a request to change the name to the beneficiary or the estate of the claimant. To do that, you’ll have to provide documentation showing the reason for the name change, such as a copy of the death certificate. Send an email to the administrator through its secure portal with the explanation and the documents that demonstrate the need for the change.

    The secure portal will allow you to send an email to administrative@angeiongroup.com. Use the subject line: “Name Change – Facebook User Privacy Settlement” and include the claim ID from the claim confirmation, as well as the full name of the deceased person. The site will also ask you to register with your email and password. 

    You can also mail the documentation to:

    Facebook User Privacy Settlement
    Attn: Name Change
    1650 Arch Street, Suite 2210
    Philadelphia, PA 19103

    How much money will I get?

    That’s unclear, because the settlement amount per user will depend on how many people fill out a claim, according to the settlement website.

    However, the lawyers involved in the case are likely to take a portion of the settlement as part of their fees. The claim website notes that they could be awarded up to 25% of the settlement — or $181.3 million. If they receive that much, the settlement will be reduced to $543.7 million for the Facebook users who ask for part of the claim.

    Each claimant will get one point for each month when they had an “activated” Facebook account between May 24, 2007, and December 22, 2022. The settlement administrator will add up all the points assigned to all claimants and then divide the net settlement amount by that number. 

    Each claimant will receive that per point amount multiplied by the number of points they were assigned, meaning that people who have been on Facebook for shorter periods of time would likely get a lower settlement amount.

    When will I get the money?

    Not until later this year at the earliest.

    The claims site notes that there is a final approval hearing for the settlement on September 7, when the court will decide whether to approve the deal and award attorneys’ fees and other costs. If the settlement is approved, the case could still face appeals, which would take an unknown amount of time to be resolved, the website notes.

    “Settlement payments will be distributed as soon as possible if the court grants final approval of the settlement and after any appeals are resolved,” it notes.

    Can I opt out of the settlement — and if so, why should I?

    Yes, Facebook users were able to opt out of the settlement, but that deadline passed on July 26. One possible reason for doing so was if you wanted to keep your right to separately sue the company about the issues and allegations in the case, according to the settlement website. 

    How do I object to the settlement?

    The deadline for filing an objection to the Facebook settlement has also passed, with that deadline occurring on July 26. 

    Facebook users were able to send the court reasons why the settlement shouldn’t be approved, but they couldn’t ask it to order a different remedy, according to the settlement website. The court can only either approve or reject the settlement — and if the latter happens, no payments will be sent out and the lawsuit will continue. 

    What if I don’t do anything?

    If you neither file a claim nor opt out of the settlement, you give up your right to file a lawsuit, continue a suit or be part of any other litigation against Facebook about the legal issues involved in the case. You also won’t get to collect any of the settlement money, according to the site.

    Are there people who are excluded from the settlement?

    Aside from those who opt out of the settlement, people who work for Meta, affiliated companies or subsidiaries as well as the attorneys for the plaintiff and their employees can’t join the settlement. The special master, mediators and judges involved in the case can’t participate either. 

    The settlement also doesn’t cover users outside the U.S. or people who weren’t Facebook users at any time between May 24, 2007, and December 22, 2022.

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  • Leaked Meta Memo Shows Stricter Return-to-Office Policy | Entrepreneur

    Leaked Meta Memo Shows Stricter Return-to-Office Policy | Entrepreneur

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    Meta has made revisions to its return-to-office (RTO) policy, and the new mandate says that “repeated violations” could lead to termination, according to a leaked memo viewed by Business Insider.

    In June, the company announced that employees will be assigned to an office and required to be there at least three days a week starting September 5. On Thursday, Meta’s head of human resources, Lori Goler, wrote a memo on the company’s internal platform, Workplace, that the RTO “In-Person Time Policy” will include “accountability” to make the policy “fair and effective.”

    Managers will be reviewing employees’ attendance on a monthly basis to ensure they “meet the requirement,” the memo said.

    “We believe that distributed work will continue to be important in the future, particularly as our technology improves,” a Meta spokesperson told Entrepreneur. “In the near term, our in-person focus is designed to support a strong, valuable experience for our people who have chosen to work from the office, and we’re being thoughtful and intentional about where we invest in remote work.”

    Related: Mark Zuckerberg’s Meta Laid Off 21,000 Employees. Now It’s Reportedly Rehiring Many of Them Who Belong to This Group — Here’s Why.

    The new policy also states that only those who have been with Meta for at least 18 months can apply to be fully remote, given they also have positive performance reviews. If granted fully remote status, workers won’t have designated work space in the office, and “should limit” visits to no more than four times every two months.

    In the memo, Goler emphasized being in the office as vital to collaboration and to “foster healthy relationships.”

    “As with other company policies, repeated violations may result in disciplinary action, up to and including a Performance@ rating drop and, ultimately, termination if not addressed,” Goler wrote.

    Related: The Company That Took Remote Work By Storm Is Telling Employees to Return to the Office

    However, workers won’t need to “make up” time in the office if they’re out of the office for paid time off, sick days, or “unforeseen circumstances,” the memo added.

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    Madeline Garfinkle

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  • Facebook users have just days to file for their share of a $725 million settlement. Here’s how.

    Facebook users have just days to file for their share of a $725 million settlement. Here’s how.

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    Anyone in the U.S. who used Facebook in the last 16 years can now get a piece of a $725 million settlement by parent company Meta tied to privacy violations, as long as they fill out a claim on or before this Friday.

    The settlement stems from multiple lawsuits that were brought against Facebook by users who claimed that the company improperly shared their information with third-party sources such as advertisers and data brokers. The litigation began after Facebook was embroiled in a privacy scandal in 2018 with Cambridge Analytica, which scraped user data from the site as part of an effort to profile voters.

    Meta denied any liability or wrongdoing under the settlement, according to the recently created class-action website, set up to pay out money to the social network’s users. 

    However, the agreement means that U.S. residents who used Facebook between May 24, 2007, and December 22, 2022, can file an online monetary claim as long as they do so before Friday, August 25 at 11:59 p.m. PT of this year. 

    People who send in a claim via U.S. mail must have their letter postmarked by August 25.

    How do I claim money under the Facebook settlement?

    Go to the claim website to fill out your claim, or else print out the claim and mail it to this address: Facebook Consumer Privacy User Profile Litigation, c/o Settlement Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103. 

    What information do I need to provide?

    The claim asks for basic information:

    • Your name
    • Your address
    • Your email
    • Your phone
    • If you lived in the U.S. between May 24, 2007, and December 22, 2022
    • If you were a Facebook user between May 24, 2007, and December 22, 2022
    • If you deleted your account in that period, the date range when you were a Facebook user
    • Your Facebook user name
    • The payment service you prefer, such as PayPal, Venmo or a prepaid Mastercard

    How long does it take to fill out the form?

    It should take only a few minutes. 

    How do I find my Facebook name?

    You can find it on Facebook’s website by going to “Account” and then clicking on “Settings and Privacy.” From there, click on “Settings,” where you should see “Username.”

    On the mobile app, go to the menu and then click on your display name on top of the screen. Then select the “…” next to “Edit Profile” and your user name appears under “Your Profile Link.”

    Can I update my claim if my information changed?

    Yes. To do so, go to the settlement website and click on “Filed a claim? Click here to edit your claim,” which is at the top of the page.

    You’ll need to provide your confirmation code and claim ID, which is sent to you in a confirmation email after you’ve initially filed your claim.

    If you sent your claim electronically, you can update your claim by emailing: info@facebookuserprivacysettlement.com

    If you sent your claim by mail, you can send your updated your information, as well as your name and contact information, to the following address:

    Facebook Consumer Privacy User Profile Litigation
    c/o Settlement Administrator 
    1650 Arch Street, Suite 2210
    Philadelphia, PA 19103

    Can I file for more than one Facebook account?

    The claim administrator says that if you created but deleted one or more Facebook accounts, and then later created a new Facebook account, you can claim for the full amount of time you had an activated Facebook account during that time.

    However, if you had multiple accounts at the same time, you can’t get a claim for those extra accounts. In other words, no double-counting, according to the claim administrator.

    Can I file for a deceased person?

    Yes, but it takes a few extra steps.

    First, file the claim under the name of the deceased person and fill out their details in the “Your Facebook Account” section of the claim form. 

    Next, you’ll have to provide the claim settlement administrator with a request to change the name to the beneficiary or the estate of the claimant. To do that, you’ll have to provide documentation showing the reason for the name change, such as a copy of the death certificate. Send an email to the administrator through its secure portal with the explanation and the documents that demonstrate the need for the change.

    The secure portal will allow you to send an email to administrative@angeiongroup.com. Use the subject line: “Name Change – Facebook User Privacy Settlement” and include the claim ID from the claim confirmation, as well as the full name of the deceased person. The site will also ask you to register with your email and password. 

    You can also mail the documentation to:

    Facebook User Privacy Settlement
    Attn: Name Change
    1650 Arch Street, Suite 2210
    Philadelphia, PA 19103

    Is the Facebook settlement legit?

    Yes, according to Meta. 

    “We pursued a settlement as it’s in the best interest of our community and shareholders,” a Meta spokesperson told CBS MoneyWatch. “We are notifying people through their Facebook notifications about this settlement so they can decide whether to participate.”

    How much money will I get?

    That’s unclear, because the settlement amount per user will depend on how many people fill out a claim, according to the settlement website.

    However, the lawyers involved in the case are likely to take a portion of the settlement as part of their fees. The claim website notes that they could be awarded up to 25% of the settlement — or $181.3 million. If they receive that much, the settlement will be reduced to $543.7 million for the Facebook users who ask for part of the claim.

    Each claimant will get one point for each month when they had an “activated” Facebook account between May 24, 2007, and December 22, 2022. The settlement administrator will add up all the points assigned to all claimants and then divide the net settlement amount by that number. 

    Each claimant will receive that per point amount multiplied by the number of points they were assigned, meaning that people who have been on Facebook for shorter periods of time would likely get a lower settlement amount.

    When will I get the money?

    Not until later this year at the earliest.

    The claims site notes that there is a final approval hearing for the settlement on September 7, when the court will decide whether to approve the deal and award attorneys’ fees and other costs. If the settlement is approved, the case could still face appeals, which would take an unknown amount of time to be resolved, the website notes.

    “Settlement payments will be distributed as soon as possible if the court grants final approval of the settlement and after any appeals are resolved,” it notes.

    Can I opt out of the settlement — and if so, why should I?

    Yes, Facebook users were able to opt out of the settlement, but that deadline passed on July 26. One possible reason for doing so was if you wanted to keep your right to separately sue the company about the issues and allegations in the case, according to the settlement website. 

    How do I object to the settlement?

    The deadline for filing an objection to the Facebook settlement has also passed, with that deadline occurring on July 26. 

    Facebook users were able to send the court reasons why the settlement shouldn’t be approved, but they couldn’t ask it to order a different remedy, according to the settlement website. The court can only either approve or reject the settlement — and if the latter happens, no payments will be sent out and the lawsuit will continue. 

    What if I don’t do anything?

    If you neither file a claim nor opt out of the settlement, you give up your right to file a lawsuit, continue a suit or be part of any other litigation against Facebook about the legal issues involved in the case. You also won’t get to collect any of the settlement money, according to the site.

    Are there people who are excluded from the settlement?

    Aside from those who opt out of the settlement, people who work for Meta, affiliated companies or subsidiaries as well as the attorneys for the plaintiff and their employees can’t join the settlement. The special master, mediators and judges involved in the case can’t participate either. 

    The settlement also doesn’t cover users outside the U.S. or people who weren’t Facebook users at any time between May 24, 2007, and December 22, 2022.

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  • ‘Magnificent Seven’ stocks are losing some of their shine, but their bonds are doing fine

    ‘Magnificent Seven’ stocks are losing some of their shine, but their bonds are doing fine

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    The so-called Magnificent Seven grouping of technology stocks lost some of its luster this week after four of the seven moved into correction territory, meaning their stocks have fallen at least 10% from their recent peaks.

    The corporate-bond market, in contrast, seems to like all seven names.

    The group is made up of Facebook parent Meta Platforms Inc.
    META,
    -0.65%    ,
    Apple Inc.
    AAPL,
    +0.28%    ,
    Microsoft Corp.
    MSFT,
    -0.13%    ,
    Nvidia Corp.
    NVDA,
    -0.10%    ,
    Amazon. com Inc.
    AMZN,
    -0.57%    ,
    Google parent Alphabet Inc.
    GOOGL,
    -1.89%

    GOOG,
    -1.80%
    and Tesla Inc.
    TSLA,
    -1.70%    .

    One caveat: Tesla has no outstanding bonds. In the past, the electric-car maker issued convertible bonds, but they have all been converted into equity.

    The group is credited with helping drive the stock market’s gains in the first half of the year, driven by excitement about artificial intelligence. But the rally has stalled in recent weeks as investors have fretted over the potential for U.S. interest-rate increases, surging Treasury yields and China worries, with property developer Evergrande filing for U.S. bankruptcy protection late Thursday.

    On Thursday, Meta followed Apple, Microsoft and Nvidia into correction territory, as MarketWatch’s Emily Bary reported. Tesla, meanwhile, is in a bear market, meaning it’s down more than 20% from its recent peak.

    Read: Have AI stocks like Nvidia reached bubble territory? Here’s what history can tell us.

    The following series of charts from data-solutions provider BondCliQ Media Services show how many bonds each company has issued by maturity and how they have traded as the stocks have pulled back.

    The first chart shows that Microsoft has by far the most bonds, mostly in the 30-year bucket. The software and cloud giant has more than $50 billion in long-term debt, according to its 2023 10-K filing with the Securities and Exchange Commission.

    Outstanding Magnificent Seven debt by maturity bucket.


    Source: BondCliQ Media Services

    This chart shows trading volumes over the last 10 days, divided by trade type. The green shows customer buying, while the red is customer selling. The blue shows dealer-to-dealer flows. Microsoft, for example, has seen almost $1.3 billion in customer buying from dealers in the last 10 days and $960 million in customer sales to dealers.

    Magnificent Seven debt trading volumes (last 10 days).


    Source: BondCliQ Media Services

    This chart shows that every name in the group has enjoyed better net buying in the last 10 days, with Microsoft leading the way.

    Net customer flow of Magnificent Seven debt (last 10 days).


    Source: BondCliQ Media Services

    This chart shows spread performance over the last 50 days for an intermediate-term bond from each of the seven issuers. Most have tightened or remained steady over the period.

    Historical spread performance of Magnificent Seven debt.


    Source: BondCliQ Media Services

    Read also: Red flags waving for tech stocks as AI bounce fades, China fears escalate

    Apple’s stock entered correction Wednesday upon falling more than 10% from its July 31 peak of $196.45. The company sells mainly discretionary products, and right now “consumers are still being pinched” and thinking more carefully about where they spend their money, according to Matt Stucky, senior portfolio manager for equities at Northwestern Mutual Wealth Management.

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  • What Elon Musk Learned from Napoleon About Leadership | Entrepreneur

    What Elon Musk Learned from Napoleon About Leadership | Entrepreneur

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    Elon Musk is a self-proclaimed history buff.

    “He likes military history,” Walter Isaacson, the author of a much-anticipated Musk biography, told Axios. “He believes there are lessons that apply to corporate life.”

    One of his inspirations was Napoleon Bonaparte, the French military genius who rose to power during the French Revolution and became Emperor of France.

    Isaacson points to one leadership strategy Musk learned from reading about Bonaparte.

    “He believes that wherever Napoleon was, that’s where his armies would do best. So he liked to show up late at night on the assembly lines at Tesla and SpaceX,” Isaacson said.

    Related: ‘We Can All Agree Elon Isn’t Serious’: Mark Zuckerberg Slams Elon Musk as Feud Continues

    Sharing the battlefield

    For example, while engineers were building a Starship booster at the SpaceX launch site in Boca Chica, Texas, Musk hung around the area for an hour, observing.

    “If they see their general on the battlefield, they will be more motivated,” Musk told Isaacson.

    This may also explain why Musk spends so much time in the ‘X’ offices. According to an article in the BBC, Musk has installed beds in Twitter’s San Francisco headquarters so that he can sleep there.

    According to employee Dolly Singh, Musk slept on the office floor at SpaceX.

    “Elon wants to live in a world where he works 80 hours a week,” she said. “It’s OK for him to say, ‘I expect you to work as hard as me,’ because he’s not phoning it in from the beach, he’s sleeping in a sleeping bag on the factory floor.”

    About the new biography

    The intimate, new biography entitled Elon Musk will drop on September 12. Isaacson, who also wrote bestselling biographies of Steve Jobs and Leonardo da Vinci, spent two years shadowing Musk. He was given unprecedented access, attending meetings with him and joining him for walks around his factories. He also spent hours interviewing him, his family, friends, coworkers, and adversaries.

    About the cage match

    Oh, and speaking of Musk’s adversaries, Meta CEO Mark Zuckerberg is undoubtedly one, as evidenced by all the talk about a cage match between the two billionaires.

    But Isaacson told Axios he thinks talk of Zuckerberg fighting Musk in a cage match “is completely ridiculous.”

    A few days ago, he shared a screenshot of a text exchange between Musk and Zuckerberg, making the fight seem like it won’t happen anytime soon.

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    Jonathan Small

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  • Dow, S&P 500 and Nasdaq post gains as big tech stocks rebound

    Dow, S&P 500 and Nasdaq post gains as big tech stocks rebound

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    U.S. stocks closed higher on Monday, with the Dow flipping positive near the closing bell, as technology stocks bounced back. The Dow Jones Industrial Average DJIA rose about 26 points, or 0.1%, ending near 35,308, according to preliminary FactSet data. The S&P 500 index SPX scored a 0.6% gain and the Nasdaq Composite Index COMP closed up 1.1%, booking its best daily percentage climb since July 28, according to FactSet data. The S&P 500’s information technology sector outperformed with a 1.9% gain, while the communication services segment rose 1%. The rally saw shares of Meta Platforms META, Apple Inc. AAPL, Alphabet…

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  • Mark Zuckerberg says Elon Musk ‘isn’t serious’ about cage fight – National | Globalnews.ca

    Mark Zuckerberg says Elon Musk ‘isn’t serious’ about cage fight – National | Globalnews.ca

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    It doesn’t seem like we’ll get to see Mark Zuckerberg and Elon Musk face off in the ring any time soon.

    In June, the two tech bosses proposed a “cage match” against one another. Tension and competition between Musk’s X (formerly known as Twitter) and Zuckerberg’s new app Threads created even more online hype for the two billionaires to battle it out.

    But on Sunday, the Meta CEO appeared to have lost faith in Musk’s proposal for the mixed martial arts (MMA) fight.

    “I think we can all agree Elon isn’t serious and it’s time to move on,” Zuckerberg, 39, wrote on Threads.

    Zuckerberg claimed he offered Musk, 52, a “real date” for the fight. He said Dana White, the Ultimate Fighting Championship (UFC) president, offered to make the spectacle “a legit competition for charity.”

    Story continues below advertisement

    “Elon won’t confirm a date, then says he needs surgery, and now asks to do a practice round in my backyard instead,” Zuckerberg continued.

    On Aug. 6, Musk posted to X that he “may require surgery” on his back before he can fight Zuckerberg.


    Click to play video: 'Elon Musk says he may need surgery ahead of proposed ‘cage match’ with Zuckerberg'


    Elon Musk says he may need surgery ahead of proposed ‘cage match’ with Zuckerberg


    “If Elon ever gets serious about a real date and official event, he knows how to reach me. Otherwise, time to move on. I’m going to focus on competing with people who take the sport seriously,” concluded Zuckerberg.

    Zuckerberg, a jiu-jitsu enthusiast, already competes against people who take MMA as seriously as he does. Last month, the Facebook founder said he had obtained his blue belt in the sport. It reportedly takes between one and three years of training to earn a blue belt in jiu-jitsu.

    Story continues below advertisement

    Musk has not responded to Zuckerberg’s call-out.

    Last week, however, Musk claimed the fight would take place in Rome, Italy. He said he spoke to Italy’s prime minister and minister of culture, who agreed on an “epic location” for the match.

    Story continues below advertisement

    Two days later, Musk shared a text allegedly from Zuckerberg that suggested the Tesla boss train on his own, then let Zuckerberg know when he was ready to fight.

    Trending Now

    “I don’t want to keep hyping something that will never happen, so you should either decide you’re going to do this and do it soon, or we should move on,” the text reads.

    Musk replied by suggesting he would win against Zuckerberg because of their size difference — but speculated perhaps Zuckerberg is “a modern day Bruce Lee and will somehow win.”

    It seems though that the only place Musk and Zuckerberg may be fighting is in the courtroom. Last month, Twitter sent a cease-and-desist letter over the launch of Threads, which Musk and his team claim is an “unlawful misappropriation of Twitter’s trade secrets and other intellectual property.”

    Story continues below advertisement


    Click to play video: 'Twitter threatens to sue Meta over Threads'


    Twitter threatens to sue Meta over Threads


    &copy 2023 Global News, a division of Corus Entertainment Inc.

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    Sarah Do Couto

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  • Elon Musk vs. Mark Zuckerberg: The stupidest story of the summer appears over

    Elon Musk vs. Mark Zuckerberg: The stupidest story of the summer appears over

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    The stupidest story of the summer may be over. Finally, mercifully.

    Mark Zuckerberg, billionaire and chief executive of Meta Platforms Inc.
    META,
    -1.34%    ,
    on Sunday appeared to pull the grown-up card — or at least the less-immature card — to scuttle a cage fight with Elon Musk, the even richer billionaire, Tesla Inc.
    TSLA,
    -1.10%
    CEO and X owner.

    From the start, it was a story that appeared to live mostly in Musk’s imagination. Yet it still sparked a media frenzy, as the prospect of two emotionally stunted billionaires publicly pummeling each other was not without some appeal.

    But the proposed MMA-style fight apparently met its demise the same way it was born — through a lot of online bluster.

    Weeks after proposing the fight, then resorting to multiple delaying tactics while noting how out of shape and unprepared he was, Musk apparently reached out to Zuckerberg over the weekend asking for a “practice bout” first.

    Author and journalist Walter Isaacson — who is currently writing a biography of Musk — tweeted a text exchange Sunday that he said Musk had sent him.

    “Wanna do a practice bout at your house next week?” a text apparently from Musk reads. The reply, purportedly from Zuckerberg: “If you still want to do a real MMA fight, then you should train on your own and let me know when you’re ready to compete. I don’t want to keep hyping something that will never happen, so you should either decide you’re going to do this and do it soon, or we should move on.”

    In real news: Tesla cuts prices for some Model Y versions in China, as price war ramps back up

    Zuckerberg later posted a more public burn on Meta’s Threads — the Twitter/X rival that sparked this whole thing to begin with — saying: “I think we can all agree that Elon isn’t serious and it’s time to move on…If Elon ever gets serious about a real date and official event, he knows how to reach me. Otherwise, time to move on. I’m going to focus on competing with people who take the sport seriously.”

    It was unclear what the two billionaires now plan to do with their spare time, if not fight each other.

    In completely unrelated news, fellow mega-billionaire and Amazon.com Inc.
    AMZN,
    -0.11%
    founder Jeff Bezos and his fiancée announced a $100 million donation Friday to Maui wildfire relief efforts.

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  • Anyone who used Facebook in the last 16 years has just days to file for settlement money. Here’s how.

    Anyone who used Facebook in the last 16 years has just days to file for settlement money. Here’s how.

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    Anyone in the U.S. who used Facebook in the last 16 years can now collect a piece of a $725 million settlement by parent company Meta tied to privacy violations, as long as they fill out a claim within the next two weeks.

    The settlement stems from multiple lawsuits that were brought against Facebook by users who claimed that the company improperly shared their information with third-party sources such as advertisers and data brokers. The litigation began after Facebook was embroiled in a privacy scandal in 2018 with Cambridge Analytica, which scraped user data from the site as part of an effort to profile voters.

    Meta denied any liability or wrongdoing under the settlement, according to the recently created class-action website, set up to pay out money to the social network’s users. 

    However, the agreement means that U.S. residents who used Facebook between May 24, 2007, and December 22, 2022, can file a monetary claim as long as they do so before Friday, August 25 of this year. 

    How do I claim money under the Facebook settlement?

    Go to the claim website to fill out your claim, or else print out the claim and mail it to this address: Facebook Consumer Privacy User Profile Litigation, c/o Settlement Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103. 

    What information do I need to provide?

    The claim asks for basic information:

    • Your name
    • Your address
    • Your email
    • Your phone
    • If you lived in the U.S. between May 24, 2007, and December 22, 2022
    • If you were a Facebook user between May 24, 2007, and December 22, 2022
    • If you deleted your account in that period, the date range when you were a Facebook user
    • Your Facebook user name
    • The payment service you prefer, such as PayPal, Venmo or a prepaid Mastercard

    How long does it take to fill out the form?

    It should take only a few minutes. 

    How do I find my Facebook name?

    You can find it on Facebook’s website by going to “Account” and then clicking on “Settings and Privacy.” From there, click on “Settings,” where you should see “Username.”

    On the mobile app, go to the menu and then click on your display name on top of the screen. Then select the “…” next to “Edit Profile” and your user name appears under “Your Profile Link.”

    Can I file for more than one Facebook account?

    The claim administrator says that if you created but deleted one or more Facebook accounts, and then later created a new Facebook account, you can claim for the full amount of time you had an activated Facebook account during that time.

    However, if you had multiple accounts at the same time, you can’t get a claim for those extra accounts. In other words, no double-counting, according to the claim administrator.

    Can I file for a deceased person?

    Yes, but it takes a few extra steps.

    First, file the claim under the name of the deceased person and fill out their details in the “Your Facebook Account” section of the claim form. 

    Next, you’ll have to provide the claim settlement administrator with a request to change the name to the beneficiary or the estate of the claimant. To do that, you’ll have to provide documentation showing the reason for the name change, such as a copy of the death certificate. Send an email to the administrator through its secure portal with the explanation and the documents that demonstrate the need for the change.

    The secure portal will allow you to send an email to administrative@angeiongroup.com. Use the subject line: “Name Change – Facebook User Privacy Settlement” and include the claim ID from the claim confirmation, as well as the full name of the deceased person. The site will also ask you to register with your email and password. 

    You can also mail the documentation to:

    Facebook User Privacy Settlement
    Attn: Name Change
    1650 Arch Street, Suite 2210
    Philadelphia, PA 19103

    Is the Facebook settlement legit?

    Yes, according to Meta. 

    “We pursued a settlement as it’s in the best interest of our community and shareholders,” a Meta spokesperson told CBS MoneyWatch. “We are notifying people through their Facebook notifications about this settlement so they can decide whether to participate.”

    How much money will I get?

    That’s unclear, because the settlement amount per user will depend on how many people fill out a claim, according to the settlement website.

    However, the lawyers involved in the case are likely to take a portion of the settlement as part of their fees. The claim website notes that they could be awarded up to 25% of the settlement — or $181.3 million. If they receive that much, the settlement will be reduced to $543.7 million for the Facebook users who ask for part of the claim.

    Each claimant will get one point for each month when they had an “activated” Facebook account between May 24, 2007, and December 22, 2022. The settlement administrator will add up all the points assigned to all claimants and then divide the net settlement amount by that number. 

    Each claimant will receive that per point amount multiplied by the number of points they were assigned, meaning that people who have been on Facebook for shorter periods of time would likely get a lower settlement amount.

    When will I get the money?

    Not until later this year at the earliest.

    The claims site notes that there is a final approval hearing for the settlement on September 7, when the court will decide whether to approve the deal and award attorneys’ fees and other costs. If the settlement is approved, the case could still face appeals, which would take an unknown amount of time to be resolved, the website notes.

    “Settlement payments will be distributed as soon as possible if the court grants final approval of the settlement and after any appeals are resolved,” it notes.

    Can I opt out of the settlement — and if so, why should I?

    Yes, Facebook users were able to opt out of the settlement, but that deadline passed on July 26. One possible reason for doing so was if you wanted to keep your right to separately sue the company about the issues and allegations in the case, according to the settlement website. 

    How do I object to the settlement?

    The deadline for filing an objection to the Facebook settlement has also passed, with that deadline occurring on July 26. 

    Facebook users were able to send the court reasons why the settlement shouldn’t be approved, but they couldn’t ask it to order a different remedy, according to the settlement website. The court can only either approve or reject the settlement — and if the latter happens, no payments will be sent out and the lawsuit will continue. 

    What if I don’t do anything?

    If you neither file a claim nor opt out of the settlement, you give up your right to file a lawsuit, continue a suit or be part of any other litigation against Facebook about the legal issues involved in the case. You also won’t get to collect any of the settlement money, according to the site.

    Are there people who are excluded from the settlement?

    Aside from those who opt out of the settlement, people who work for Meta, affiliated companies or subsidiaries as well as the attorneys for the plaintiff and their employees can’t join the settlement. The special master, mediators and judges involved in the case can’t participate either. 

    The settlement also doesn’t cover users outside the U.S. or people who weren’t Facebook users at any time between May 24, 2007, and December 22, 2022.

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  • How Threads Fumbled Its Product Launch (and 4 Social Media Fails It Resembles) | Entrepreneur

    How Threads Fumbled Its Product Launch (and 4 Social Media Fails It Resembles) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In November 2022, Adam Mosseri, Head of Instagram, received a late-night call from Mark Zuckerberg, CEO of Meta (Instagram’s parent company), while on a family vacation in Italy to discuss a plan to build the “Twitter-killer.”

    A month after Elon Musk’s tumultuous $44 billion acquisition of Twitter, Mosseri found himself speaking softly to avoid waking his sleeping wife as he, Zuckerberg, and a few other Meta executives discussed Twitter-like features they could add to Instagram until Zuckerberg said that he had a different idea: “What if we went bigger?”

    On late July 5, 2023, Meta launched a new app called Threads, a standalone Twitter competitor based on Instagram’s account system. Within 2 hours of its launch, Threads had two million downloads, and within five days of its launch, the Twitter (now referred to as X) competitor soared to more than 100 million users. It took Twitter 17 years to reach 368 million active users.

    Related: ‘We’re Not There Yet’: Meta Focuses on User Retention for Threads Amidst Significant Drop in Engagement

    What is the Threads app? Here’s the description according to Meta:

    • Threads is a new app built by the Instagram team for sharing text updates and joining public conversations.
    • You log in using your Instagram account, and posts can be up to 500 characters long and include links, photos and videos up to 5 minutes in length.
    • We’re working to soon make Threads compatible with the open, interoperable social networks that we believe can shape the future of the internet.

    Why can Threads be seen as a more attractive alternative to Twitter?

    • Twitter is more toxic than Threads — Users have reported a friendlier atmosphere.
    • Twitter has an inferior verification system.
    • Twitter users want better options — a recent study has found that 25% of current Twitter users are expected to leave within a year.

    However, after becoming one of the fastest-growing apps ever, Threads lost over half its 100 million users just ten days after its launch.

    What seems to be missing on and with Threads?

    • Chronological feed.
    • Search functionality.
    • Trending hashtags.
    • Direct messages.

    But perhaps even more importantly, Threads has had a pretty underwhelming product launch from a marketing standpoint. What’s made Twitter exciting for the past 17 years was seeing and hearing the blue bird logo with “follow me @twitterhandle” on every TV, news show, radio or podcast, resulting in billions of impressions and traffic to the site.

    Outside of the generic press release by Meta, there’s not been much marketing or advertising done to promote the launch of the new social media platform. While I’m hopeful that Threads will find creative ways to attract and retain users, let’s explore four social media companies that failed due to unsuccessful launches.

    Related: If You Don’t Start Using Threads You Will Fall Behind — Here’s Why the New Tech is a Game Changer For Entrepreneurs

    1. Google+: Circles that never fully connected

    In June 2011, Google launched Google+ with high hopes of competing with Facebook. The platform introduced the “Circles” concept, allowing users to group their connections into different categories. However, Google+ failed to resonate with users primarily because it was introduced as an invitation-only service.

    This exclusivity created a perception that it was not easily accessible, and users didn’t find a strong incentive to switch from established platforms like Facebook. Google+ struggled to find its identity and eventually shut down in 2019.

    Lesson: Accessibility is key. Social media platforms must be open and easy to join to attract a broad user base.

    Related: How to Make Your Social Media Channels More Accessible to Everyone

    2. Friendster: First but not the last

    Friendster was one of the earliest social media platforms, launched in 2002. It allowed users to connect with friends, play games and share content. However, its launch was plagued with technical glitches and server issues, leading to frequent downtime. As competition from other platforms emerged, Friendster’s slow response to user feedback and inability to handle its growing user base resulted in a rapid decline in popularity. It eventually closed down in 2011.

    Lesson: Reliability and scalability are crucial for any social media platform to thrive.

    3. Vine: A six-second wonder

    Vine, a short-form video hosting service, gained popularity with its six-second looping videos. Basically TikTok before TikTok. However, despite its initial success, Vine failed to capitalize on its unique format and lacked effective monetization strategies. Additionally, when Instagram and other platforms introduced similar video features, Vine faced tough competition. Twitter, which acquired Vine in 2012, eventually shut down the service in 2017.

    Lesson: Innovation alone isn’t enough; sustainable monetization plans are essential for long-term success.

    4. Ello: The ad-free promise that fell flat

    Ello gained attention in 2014 for its promise of being an ad-free social network, catering to users’ growing concerns about data privacy and intrusive advertising. However, its launch was marred by severe technical issues, limiting users’ ability to invite friends and connect with others. Moreover, Ello struggled to maintain user interest due to its limited features and lack of engaging content. As a result, it failed to build a critical mass of active users and gradually faded away.

    Lesson: Deliver on promises and provide compelling features and content to retain users.

    Social media platforms’ history is filled with success stories and cautionary tales. The platforms mentioned above serve as reminders that a strong launch is critical to establishing a user base and gaining momentum. Accessibility, reliability, scalability, innovation and sustainable monetization strategies are key to achieving social media success.

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    Kevin Kaminyar

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  • 3 Steps to Redefining Your Personal Brand with Threads | Entrepreneur

    3 Steps to Redefining Your Personal Brand with Threads | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Meta’s Threads is a revolutionary new platform that changes how our society communicates digitally. In the world of branding, Threads emerges as a new opportunity for thought leaders to redefine their brands.

    In today’s world, developing and managing this brand is more important to staying ahead of the competition. To utilize Threads, leaders must understand how to leverage this emerging platform to benefit their brands and engage with their communities seamlessly and effectively. So how is this done? By focusing on the narrative, what conversations to have, and what really matters in the end, you.

    Related: If You Don’t Start Using Threads You Will Fall Behind — Here’s Why the New Tech is a Game Changer For Entrepreneurs

    Step 1: Craft a compelling brand narrative

    Your community looks to you for information, ideas and direction in their times of need. For you to maintain your status and trust, all public communication must be kept authentic and aligned across all of your public platforms. Doing so enforces this brand narrative and helps to build a bigger community of true, trusted followers.

    Threads is key to this step because their seamless operation makes it easier than ever for you to share all of your thoughts and opinions in a casual forum. Your existing audience will follow you to Threads, and they get to see a new side of you that engages in forum conversations that matter to you. Keep your narrative and messaging authentic by sharing values, visions and personal and professional goals so your audience will grow to trust and support you more than they already do. This narrative is key to distinguishing you from your competition.

    Ask yourself: What is my unique perspective? By exploring a different side of your brand that you may not have shared before, you will connect with your audience on a deeper level. Using your own unique experiences, take the time to articulate your professional journey. Share the key milestones, challenges and lessons that you learned along the way. Out of this comes trust and credibility, which are two of the most important aspects of being a successful thought leader.

    Related: Threads Struggles to Sustain Engagement Following the Explosive Surge in Users Upon Launch

    Step 2: Engage in meaningful conversations

    Engaging with your audience is key to maintaining your personal brand, but engaging in meaningful conversations helps even more. Start off by keeping up with replying to messages, comments, questions and any mentions across your social platforms. Staying engaged, even generally, with your community of trusted followers makes them feel even more connected to you as their thought leader.

    Next, engage in conversations aligning with your brand narrative and ideals. Threads is the perfect platform to easily engage with your audience because of the seamlessness of operation. As it says in the name, conversations continue on a “thread” for anyone to interact with. Your audience can see a step-by-step breakdown of any meaningful conversation you engage with on threads, and you can promote it for all to get involved. The fact that Threads was created as a way to streamline communication with your pre-existing network is what makes it so perfect for expanding a personal brand.

    When engaging with your community in any capacity, remember to stay true to yourself and your brand and stay informed. Making sure you are personally up to date with your industry’s most hot-topic conversations will make engaging easier than ever. To do this, regularly monitor relevant discussions and threads to identify areas where you can contribute your perspectives and insights. Keep an eye on trending hashtags and conversations across all platforms so that you are prepared for any conversation. By sharing valuable information that resonates with your community, you can establish yourself as a go-to resource for industry-related knowledge.

    Another important aspect of engaging with your community is offering genuine value to your audience. Ensure you keep your audience in mind when crafting thoughtful questions that spark meaningful conversations. Then, encourage others to share their thoughts and experiences. By actively listening to the responses and providing guidance where appropriate, you can further establish yourself as a trusted authority and resource.

    Related: How Threads is Transforming Social Media as We Know It

    Step 3: Leverage multimedia to showcase your expertise

    The last step in elevating your personal brand with Threads is sharing multimedia that can enhance your branding and conversations. Threads offers easy sharing of photos, up to five-minute videos and links to showcase information in different ways alongside your compelling copy.

    With a new platform in play, take this chance to showcase special projects, innovations or achievements. Utilize threads to show your network all that you have to offer. Visual storytelling and teaching through your photos on Threads can also be very helpful, so think about leveraging infographics or data visualization when engaging in meaningful conversations. These visual aids can make complex information and topics that are sometimes discussed in industry-related conversations easily digestible.

    Sharing videos is also an extremely helpful form of digital communication on Threads. The five-minute video feature allows you to share informational videos in a short form but still thoroughly explain a topic. You can provide valuable insights, demonstrate your skills, or share industry tips. These videos can be a powerful tool for establishing yourself as an expert in your field and showcasing your unique knowledge and experience.

    Lastly, Threads is unique in its ability to allow for link-sharing. Posting links in an Instagram caption does not hyperlink them directly to the source like Threads. With this feature, you can include articles, sources, news stories, podcasts, videos and an array of additional media in your post. This feature helps to provide context and information when engaging in conversations and allows you to show off any media placements, news, or awards you have achieved. This addition helps solidify your trust and credibility as a thought leader and makes sharing information seamless.

    All you have to do is start a Thread.

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    Raoul Davis

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  • The ‘narrow breadth’ chorus has fallen silent. What broadening participation in stock-market rally means for investors.

    The ‘narrow breadth’ chorus has fallen silent. What broadening participation in stock-market rally means for investors.

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    A wider swath of stocks have joined the S&P 500
    SPX,
    +0.15%    ’s
    upswing after the so-called Magnificent Seven — Apple
    AAPL,
    +0.32%    ,
    Amazon
    AMZN,
    +1.11%    ,
    Alphabet
    GOOG,
    +0.08%    ,
    Microsoft
    MSFT,
    -0.72%    ,
    Meta
    META,
    -2.11%    ,
    Nvidia
    NVDA,
    -0.04%
    and Tesla
    TSLA,
    +0.37%
    — single-handedly propelled the large-cap index into a bull market in early June, with the gauge now up more than 28% from its low notched last October and rising to new highs since April 2022, according to Dow Jones Market Data. 

    Hopes that the U.S. economy could pull off a soft landing and avoid a recession despite the Federal Reserve’s aggressive interest-rate hikes, as well as receding inflation pressures and expectations for the end of the Fed’s monetary tightening campaign, have underpinned a notable expansion in market breadth over the past two months, according Adam Turnquist, chief technical strategist at LPL Financial. 

    The S&P 500 Equal Weighted Index
    SP500EW,
    +0.27%    ,
    which lagged behind the market-cap-weighted S&P 500 index for most of the year, has now kicked back into gear and staged an impressive comeback in July. The equal-weighted index and the S&P 500 each advanced 3.1% this month, according to FactSet data. 

    The equal weighting eliminates the distortion of the megacap components and significantly changes several sector weightings in the S&P 500, including technology, which drops from around 29% on the SPX to only 13% on the equal-weighted index, said Turnquist in a Friday note. Meanwhile, the industrials sector has the biggest increase in weight, jumping from 9% on the SPX to 16% on the equal-weighted index.

    Another way to quantify and compare market breadth is to look at the percentage of stocks on an index trading above their longer-term 200-day moving average (dma), Turnquist said. In general, if a stock is trading above its 200 dma, it is considered to be in an uptrend, and if the price is below the 200 dma, it is considered in a downtrend. Furthermore, a higher percentage of stocks above their 200 dma implies buying pressure is more widespread — suggesting the market’s advance is likely sustainable.

    The chart below shows that 73% of stocks within the S&P 500 are trading above their 200 dma as of July 27, which compares to only 48% at the end of 2022. Moreover, the composition of breadth leadership has turned increasingly bullish. The highest sector readings include technology, industrials, energy, and consumer discretionary.

    “So not only is breadth on the index robust, but cyclical stocks are also leading,” said Turnquist. 

    SOURCE: LPL RESEARCH, BLOOMBERG

    Wall Street often views broadening participation in the stock-market rally as a measure of health and a constructive sign of the sustainability of the bull market. 

    Jimmy Lee, founder and chief executive officer of The Wealth Consulting Group said he is seeing “a lot of money” flowing into areas that are not the Magnificent Seven such as stocks in the industrials, financials, materials, energy and even real-estate sectors.

    The S&P 500’s industrials sector
    SP500.20,
    +0.23%
    climbed 2.9% in July, while the financials sector
    SP500.40,
    +0.44%
    advanced over 4.7% this month. The S&P 500’s energy sector
    SP500.10,
    +2.00%    ,
    which had been the biggest laggard when the rest of the markets exited the bear market in June, jumped 7.3% month to date after the U.S. oil benchmark
    CL.1,
    -0.20%

    CL00,
    -0.20%
    closed above $80 a barrel for the first time since April. 

    Meanwhile, the tech-heavy S&P 500’s communication-services sector
    SP500.50,
    -0.03%
    rose 6.7% in July, while the consumer-discretionary sector
    SP500.25,
    +0.56%
    gained 2.4% and the information-technology sector
    SP500.45,
    +0.13%
    was up 2.6%, according to FactSet data. 

    See: Stocks are on a seemingly unstoppable hot streak, but this bond-market ‘tipping point’ could see it end in a hurry

    Stephen Hoedt, managing director of equity and fixed income research at Key Private Bank, told MarketWatch in an interview that he doesn’t see “any reason to get bearish here with the fundamentals that are underlying,” which gives investors reason to rotate toward the more cyclical areas such as energy, financials and industrials, while broadening the market away from just being concentrated in the megacap technology names. 

    “The growth has been a surprise this year for everyone, so that’s what the market got wrong coming into this year. When I look at growth, nominal GDP growth translates directly into earnings and we’ve seen earnings continue to surprise on the upside,” Hoedt said. 

    Hoedt pointed to the direction of the 12-month forward earnings estimate for the S&P 500 as an important indicator. “As long as the direction of the 12-month forward earnings number for the S&P 500 is going up, it’s really, really difficult to be bearish on the stock market,” he said. “It seems to me that we may start to see another inflection higher in forward earnings revisions that take into account this stronger growth environment that we’re in.” 

    However, the broadening of the stock-market rally and the bullish sentiment were also driving some on Wall Street to believe stocks are overbought and due for a correction. 

    Lee said there’s still too much pessimism out there and too much concern that some investors haven’t chased the market yet. “In the second half of this year, when the Fed does stop raising rates and if the economy stays out of recession, you can see major money — trillions of dollars moving from the money market into equities and other risk assets,” he told MarketWatch in a phone interview on Friday.

    “When that happens, it’s probably going to push valuations even further. So I would imagine when that happens is when you can expect more of a correction to occur, but I think that we still have more room to go before that happens.” 

    U.S. stocks ended higher on Monday, finishing up July on a positive note. Three major stock indexes rallied this month, with the S&P 500 up 3.1% and booking its fifth monthly gain. The tech-heavy Nasdaq Composite
    COMP,
    +0.21%
    gained 4.1% month to date, while the Dow Jones Industrial Average
    DJIA,
    +0.28%
    advanced 3.4%, according to Dow Jones Market Data. 

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  • Digital advertising is Meta and Google’s world, and everyone else is coping with it

    Digital advertising is Meta and Google’s world, and everyone else is coping with it

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    There are two certainties in the tech world when it comes to digital advertising: Google and Meta. And then there’s everyone else.

    Through economic thick and thin, Google and Meta are the gold standards by virtue of broad reach (billions of people globally), product dominance (in search and social media, respectively) and in their positions in the lightning-fast AI race. This week’s earnings results for Alphabet Inc.
    GOOGL,
    +2.46%

    GOOG,
    +2.42%
    and Meta Platforms Inc.
    META,
    +4.42%
    proved that emphatically once again.

    Both companies rebounded from recent wobbly digital ads sales of their own through gigantic consumer reach and aggressive plans to parlay AI into ad sales. Google has developed (or dabbled) in some form of AI for at least seven years, and in a conference call with analysts Wednesday, Meta Chief Executive Mark Zuckerberg said his company will focus in the near term on AI to develop agents, ad features in existing products like Instagram and Reels, and internal productivity and efficiency. “We want to scale them, but they are hard to forecast,” he admitted.

    Read more: Meta’s stock jumps after AI, ad momentum drive earnings and revenue higher

    And: Alphabet earnings push stock up 6%, fueled by strong ad sales and strides in AI

    Conversely, for companies consigned to the also-ran category, such as Snap Inc.
    SNAP,
    +3.39%
    and X — the former Twitter — the news was bleak. Snap forecast disappointing third-quarter sales amid a spending push to draw advertisers.

    “We continue to believe it will take multiple quarters of improved execution for many investors to get more comfortable with the story longer term,” JP Morgan analysts said in a note on Snap earlier this month.

    Digital-advertising leader Google sought to remind everyone it has been doing AI a long time while Microsoft Corp.
    MSFT,
    +2.31%    ,
    a major investor in ChatGPT pioneer OpenAI, tempered its approach, Josh Wetzel, chief revenue officer at OneSignal, said in an interview. “AI’s greatest immediate value may be for Facebook advertising,” he said, pointing to it as an efficient and effective tool after Facebook encountered issues with data-privacy changes Apple Inc.
    AAPL,
    +1.35%
    made to mobile devices.

    Read more: Alphabet earnings remind Wall Street of Google’s AI prowess

    “Meta’s solid quarter adds further evidence to the view that advertisers are choosing to spend their budget on the so-called market leaders, such as Facebook and Instagram, at the expense of the smaller social-media networks, like Snap,” said Jesse Cohen, senior analyst at Investing.com.

    Jon Oberlander, executive vice president of social at digital-marketing agency Tinuiti, added: “It is, to some extent, still Meta/Google’s game, especially for performance advertisers, as the ROI and scale advertisers can find in the mid-lower funnel gap above other platforms.”

    At the same time, Forrester analyst Kelsey Chickering said linear television ad revenue will slow between now and 2027 to about $65 billion from $70 billion as traditional TV continues to lose the under-25 crowd that has fled to streaming services and creator-heavy platforms like Snapchat and TikTok.

    Digital advertising is on track to grow in the high single digits, or more, in 2023, slightly ahead of June’s forecast estimates from GroupM and Magna of around 8% each, according to Brian Wieser, head of Madison and Wall, a media and advertising consultancy for investors.

    Most of that growth will benefit Google, Meta, and Microsoft’s LinkedIn, according to data from Emburse. Conversely, Emburse found ad spending on Twitter/X has plunged 54% from a year ago in May, before Elon Musk bought the company.

    “Google, Meta and LinkedIn are platforms where people go to consume information, search for ideas, or give context to what they experiencing in their personal or work lives,” Emburse Chief Experience Officer Johann Wrede said.

    While Alphabet CEO Sundar Pichai boasted Wednesday of “continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search” and other services, as well as improved YouTube ad sales, Meta’s addition of potential X-killer Threads could dramatically inflate its ad sales going forward.

    Zuckerberg sees potential in Threads long term despite a plunge in its user sign-ups because X is hemorrhaging advertising clients, and this week reportedly slashed ad costs to lure business customers.

    “The launch of Threads holds great promise for Meta. While there are currently no ads on the app, it’s inevitable that they will come and the ability to use data from other Meta properties for targeting is a highly lucrative proposition for brands,” Aaron Goldman, chief marketing officer at Mediaocean, said in an email.

    That translates to more near-term pain for smaller platforms such as Snap and X, which are posting negative growth, Michael Nathanson of SVB MoffettNathanson warned in a note Wednesday.

    “The truth is that Alphabet started integrating machine learning and artificial intelligence into their products and ad solutions close to a decade ago,” he said. Snap and others are scrambling to catch up.

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  • Meta’s stock jumps after AI, ad momentum drive earnings, revenue jump

    Meta’s stock jumps after AI, ad momentum drive earnings, revenue jump

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    Facebook parent Meta Platforms Inc. is raking in digital ads, as its earnings attest, and Wall Street is rewarding it. The company’s stock rose about 7% in after-hours trading Wednesday.

    Meta
    META,
    +1.39%
    reported fiscal second-quarter net income of $7.79 billion, or $2.98 a share, compared with net income of $6.7 billion, or $2.46 a share, in the year-ago quarter.

    Revenue climbed 11% to $32 billion from $28.8 billion in the year-ago quarter.

    Analysts surveyed by FactSet had expected on average net income of $2.91 a share on revenue of $31.1billion.

    Also see: Zuck beats Musk at his own game with Meta’s year of efficiency

    A rebound in advertising, the monetization of Instagram and Reels, and AI-fueled ad targeting and measurement contributed to the quarter’s performance. Meta’s better-than-expected performance comes on the heels of a similarly strong quarter from Google parent
    GOOGL,
    +5.78%

    GOOG,
    +5.59%
    Alphabet Inc. and poor results from Snap Inc.
    SNAP,
    -14.23%    .

    “We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I’ve seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall,” Meta Chief Executive Mark Zuckerberg said in a statement announcing the results. AI has been an increasingly dominant story line for Meta, which has quickly shifted its focus from the metaverse. Zuckerberg said AI remains the company’s near-term focus, with metaverse poised to have a long-term impact.

    “In many ways, the two are interrelated,” Zuckerberg said of AI and metaverse in a conference call with analysts. He also spotlighted the potential of Threads, a Twitter-like service that launched earlier this month with much fanfare. “When it gets to hundreds of millions of users, we’ll see how it monetizes,” he said. “It is a long road ahead.”

    Meta executives forecast third-quarter revenue of $32 billion to $34.5 billion, while analysts on average were expecting $31.2 billion, according to FactSet.

    Facebook had 2.06 billion daily active users, up 5% from a year ago, and the “family” of Meta apps — which includes Instagram — reported daily active users of 3.07 billion, up 7%.

    There were blips amid the hoopla, however. Meta says it expects 2023 total expenses will be in the range of $88 billion to $91 billion, compared to the prior range of $86 billion to $90 billion because of legal-related expenses in the second quarter. And Meta’s headcount dropped 14% from a year ago to 71,469 as of June 30. Zuckerberg said Meta’s austerity program will continue into 2024.

    Meta’s stock improved 1.4% to $298.57 in the regular session. The stock has sky-rocketed 148% so far this year, while the broader S&P 500 index 
    SPX,
    -0.02%
     has increased 19%.

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  • Anyone who used Facebook in the last 16 years can now get settlement money. Here’s how.

    Anyone who used Facebook in the last 16 years can now get settlement money. Here’s how.

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    Anyone in the U.S. who used Facebook in the last 16 years can now collect a piece of a $725 million settlement by parent company Meta tied to privacy violations, as long as they fill out a claim before August 25.

    However, two other deadlines are fast approaching: Users who want to opt out of the settlement must do so before July 26 at 11:59 Pacific time, while people may also file an objection to the settlement on or before July 26. People who opt out may want to keep their right to bring a separate legal action against Facebook, for instance.

    The settlement stems from multiple lawsuits that were brought against Facebook by users who claimed that the company improperly shared their information with third-party sources such as advertisers and data brokers. The litigation began after Facebook was embroiled in a privacy scandal in 2018 with Cambridge Analytica, which scraped user data from the site as part of an effort to profile voters.

    Meta denied any liability or wrongdoing under the settlement, according to the recently created class-action website, set up to pay out money to the social network’s users. 

    However, the agreement means that U.S. residents who used Facebook between May 24, 2007, and December 22, 2022, can file a monetary claim as long as they do so before August 23 of this year. 

    How do I claim money under the Facebook settlement?

    Go to the claim website to fill out your claim, or else print out the claim and mail it to this address: Facebook Consumer Privacy User Profile Litigation, c/o Settlement Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103. 

    What information do I need to provide?

    The claim asks for basic information:

    • Your name
    • Your address
    • Your email
    • Your phone
    • If you lived in the U.S. between May 24, 2007, and December 22, 2022
    • If you were a Facebook user between May 24, 2007, and December 22, 2022
    • If you deleted your account in that period, the date range when you were a Facebook user
    • Your Facebook user name
    • The payment service you prefer, such as PayPal, Venmo or a prepaid Mastercard

    How long does it take to fill out the form?

    It should take only a few minutes. 

    How do I find my Facebook name?

    You can find it on Facebook’s website by going to “Account” and then clicking on “Settings and Privacy.” From there, click on “Settings,” where you should see “Username.”

    On the mobile app, go to the menu and then click on your display name on top of the screen. Then select the “…” next to “Edit Profile” and your user name appears under “Your Profile Link.”

    Can I file for more than one Facebook account?

    The claim administrator says that if you created but deleted one or more Facebook accounts, and then later created a new Facebook account, you can claim for the full amount of time you had an activated Facebook account during that time.

    However, if you had multiple accounts at the same time, you can’t get a claim for those extra accounts. In other words, no double-counting, according to the claim administrator.

    Can I file for a deceased person?

    Yes, but it takes a few extra steps.

    First, file the claim under the name of the deceased person and fill out their details in the “Your Facebook Account” section of the claim form. 

    Next, you’ll have to provide the claim settlement administrator with a request to change the name to the beneficiary or the estate of the claimant. To do that, you’ll have to provide documentation showing the reason for the name change, such as a copy of the death certificate. Send an email to the administrator through its secure portal with the explanation and the documents that demonstrate the need for the change.

    The secure portal will allow you to send an email to administrative@angeiongroup.com. Use the subject line: “Name Change – Facebook User Privacy Settlement” and include the claim ID from the claim confirmation, as well as the full name of the deceased person. The site will also ask you to register with your email and password. 

    You can also mail the documentation to:

    Facebook User Privacy Settlement
    Attn: Name Change
    1650 Arch Street, Suite 2210
    Philadelphia, PA 19103

    Is the Facebook settlement legit?

    Yes, according to Meta. 

    “We pursued a settlement as it’s in the best interest of our community and shareholders,” a Meta spokesperson told CBS MoneyWatch. “We are notifying people through their Facebook notifications about this settlement so they can decide whether to participate.”

    How much money will I get?

    That’s unclear, because the settlement amount per user will depend on how many people fill out a claim, according to the settlement website.

    However, the lawyers involved in the case are likely to take a portion of the settlement as part of their fees. The claim website notes that they could be awarded up to 25% of the settlement — or $181.3 million. If they receive that much, the settlement will be reduced to $543.7 million for the Facebook users who ask for part of the claim.

    Each claimant will get one point for each month when they had an “activated” Facebook account between May 24, 2007, and December 22, 2022. The settlement administrator will add up all the points assigned to all claimants and then divide the net settlement amount by that number. 

    Each claimant will receive that per point amount multiplied by the number of points they were assigned, meaning that people who have been on Facebook for shorter periods of time would likely get a lower settlement amount.

    When will I get the money?

    Not until later this year at the earliest.

    The claims site notes that there is a final approval hearing for the settlement on September 7, when the court will decide whether to approve the deal and award attorneys’ fees and other costs. If the settlement is approved, the case could still face appeals, which would take an unknown amount of time to be resolved, the website notes.

    “Settlement payments will be distributed as soon as possible if the court grants final approval of the settlement and after any appeals are resolved,” it notes.

    Can I opt out of the settlement — and if so, why should I?

    Yes, Facebook users can opt out of the settlement. One possible reason to do so is if you want to keep your right to separately sue the company about the issues and allegations in the case, according to the settlement website. 

    To opt out, you’ll have to send a request online or via mail before July 26, the site notes. To send the request in writing, you’ll have to include the information below:

    • The case name — In re: Facebook, Inc. Consumer Privacy User Profile Litigation, Case No. 3:18-md-02843-VC (N.D. Cal.)
    • Your name and current address
    • Your signature
    • A statement “clearly indicating your intent to be excluded from the settlement”
    • Your Facebook account URL
    • A statement that you were a Facebook user between May 24, 2007, and December 22, 2022

    How do I object to the settlement?

    The deadline for filing an objection to the Facebook settlement is July 26. 

    Facebook users can send the court reasons why the settlement shouldn’t be approved, but they can’t ask it to order a different remedy, according to the settlement website. The court can only either approve or reject the settlement — and if the latter happens, no payments will be sent out and the lawsuit will continue. 

    To file an objection, mail it to the Class Action Clerk, U.S. District Court for the Northern District of California, or deliver it in person at any location at the U.S. District Court for the Northern District of California. Objections must be filed or postmarked on or by July 26. The mailing address is:

    Class Action Clerk, United States District Court for the Northern District of California
    450 Golden Gate Avenue, Box 36060
    San Francisco, CA 94102-3489

    The objection must also include the following information:

    • The case name and number: In re: Facebook, Inc. Consumer Privacy User Profile Litigation, 
      Case No. 3:18-md-02843-VC (N.D. Cal.)
    • Your full name, address, telephone number and email address
    • Your Facebook account URL 
    • The full name, address, telephone number and email address of your lawyer (if you have counsel)
    • A statement that you were a Facebook user during the class period and the dates of such use
    • A statement of whether your objection applies only to you, to a specific subset of the class or to the entire class
    • A statement of the number of times in which you (and, where applicable, your counsel) have objected to a class action settlement, along with the caption of each case in which you (or your counsel) made such objection
    • A statement of whether the objector has sold or otherwise transferred the right to their recovery in the case to another person or entity, and, if so, the identity of that person or entity
    • A statement of the specific grounds for the objection, including any legal or factual support and any evidence in support of the objection
    • A statement of whether you intend to appear at the Final Approval Hearing, and if so, whether personally or through counsel
    • Your signature

    What if I don’t do anything?

    If you neither file a claim nor opt out of the settlement, you give up your right to file a lawsuit, continue a suit or be part of any other litigation against Facebook about the legal issues involved in the case. You also won’t get to collect any of the settlement money, according to the site.

    Are there people who are excluded from the settlement?

    Aside from those who opt out of the settlement, people who work for Meta, affiliated companies or subsidiaries as well as the attorneys for the plaintiff and their employees can’t join the settlement. The special master, mediators and judges involved in the case can’t participate either. 

    The settlement also doesn’t cover users outside the U.S. or people who weren’t Facebook users at any time between May 24, 2007, and December 22, 2022.

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  • U.S. stocks open higher ahead of Big Tech earnings, central-bank decisions

    U.S. stocks open higher ahead of Big Tech earnings, central-bank decisions

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    U.S. stock indexes opened higher on Monday, as the Dow Jones Industrial Average looking to extend its 10-session winning streak. Investors are awaiting a batch of earnings reports from megacap growth and technology companies while eying on monetary-policy decisions from the world’s major central banks amid continued signs that inflation is easing. The Dow industrials
    DJIA,
    +0.52%
    rose 88 points, or 0.3%, to 35,319. The S&P 500
    SPX,
    +0.40%
    gained 0.4% and the Nasdaq Composite
    COMP,
    +0.19%
    advanced 0.5%. Corporate results due on Monday include Domino’s Pizza
    DPZ,
    +0.12%    ,
    Whirlpool
    WHR,
    +0.69%    ,
    Logitech
    LOGI,
    -0.80%
    and NXP Semiconductors
    NXPI,
    -1.13%    .
    Alphabet
    GOOGL,
    +1.26%
    and Microsoft
    MSFT,
    +0.39%
    will report their numbers on Tuesday; Meta
    META,
    -0.90%
    on Wednesday; and Intel
    INTC,
    -1.15%
    on Thursday. The Federal Reserve is expected to raise interest rates by 25 basis points after its policy meeting this week. Policymakers will release a statement announcing their decision Wednesday at 2 p.m. Eastern, while Fed Chair Jerome Powell will hold a press conference at 2:30 p.m..

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