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Tag: Meta

  • Zuckerberg claims more than 10 million Threads signups within hours of launch

    Zuckerberg claims more than 10 million Threads signups within hours of launch

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    More than 10 million people have signed up to Threads, Meta’s rival to Twitter, within the first few hours of its launch, the Facebook parent’s CEO Mark Zuckerberg said Thursday.

    Threads is the biggest challenger yet to Elon Musk-owned Twitter, which has seen a series of potential competitors emerge but not yet replace one of social media’s most iconic companies, despite its epic struggles.

    The app went live on Apple and Android app stores in 100 countries at 7:00 p.m. EDT on Wednesday and won’t have ads for now.

    Threads had been slated for release at 10 a.m. EDT Thursday but the company on Wednesday pushed forward its countdown clock.

    threads-homepage.jpg
    The Threads homepage as it launched on July 5, 2023.

    threads.net


    “10 million sign ups in seven hours,” Zuckerberg wrote on his official Threads account Thursday.

    Accounts were already active for celebrities such as Jennifer Lopez, Shakira and Hugh Jackman as well as media outlets including The Washington Post and The Economist.

    Zuckerberg spent the first few hours of the platform’s launch replying to new users.

    “One thing that’s up is the number of world champion MMA fighters on Threads, especially now that you’re here!” he wrote in a reply to American MMA fighter Jon Jones.

    “Round one of this thing is getting off to a good start,” he said in another.

    Zuckerberg also offered a shot across the bow at Musk — they’re are known to be bitter rivals and have even offered to meet each other in a fighting cage to wrestle it out.

    In his first tweet in over a decade, Zuckerberg posted a Spiderman pointing at Spiderman meme in an apparent reference to the similarity of the two platforms.

    Back on Threads, he wrote: “It’ll take some time, but I think there should be a public conversations app with 1 billion+ people on it. Twitter has had the opportunity to do this but hasn’t nailed it. Hopefully we will.”

    Twitter has said it has more than 200 million daily users.

    In the days leading up to Threads’ release, some people on social media referred to it as a “Twitter killer” because of the expectation that some users of the rival platform will jump ship in favor of the new app. Some Twitter users have expressed frustration with recent changes instituted by Musk.

    Twitter has also seen a spike in hate speech since Musk bought the platform last year.

    Threads was introduced as a clear spin-off of Instagram, which offers a built-in audience of more than two billion users, thereby sparing the new platform the challenge of starting from scratch.

    Zuckerberg is widely understood to be taking advantage of Musk’s chaotic ownership of Twitter to push out the new product, which Meta hopes will become the go-to communication channel for celebrities, companies and politicians.

    “It’s as simple as that: if an Instagram user with a large number of followers such as Kardashian or a Bieber or a Messi begins posting on Threads regularly, a new platform could quickly thrive,” strategic financial analyst Brian Wieser said on Substack.

    Analyst Jasmine Engberg from Insider Intelligence said Threads only needs one out of four Instagram monthly users “to make it as big as Twitter.”

    “Twitter users are desperate for an alternative, and Musk has given Zuckerberg an opening,” she added.

    Instagram chief Adam Mosseri told users that Threads was intended to build “an open and friendly platform for conversations.”

    “The best thing you can do if you want that too is be kind,” he said.

    Under Musk, Twitter has seen content moderation reduced to a minimum, with glitches and rash decisions scaring away celebrities and major advertisers.

    Musk hired advertising executive Linda Yaccarino to steady the ship, but she has not been spared his whimsy.

    The Tesla tycoon said last week that he was limiting access to Twitter to ward off AI companies from “scraping” the site to train their technology.

    Musk then angered Twitter’s most devoted aficionados by declaring that access to its TweetDeck product — which enables users to view a fast flow of tweets at once — would be for paying customers only.

    Meta has its legion of critics too, especially in Europe, and despite Instagram’s massive user base, they could slow the site’s development.

    The company is criticized mainly for its handling of personal data — the essential ingredient for targeted ads that help it rake in billions of dollars in profits every quarter.

    Mosseri said he regretted that the EU launch was delayed, but if Meta had waited for regulatory clarity from Brussels, Threads would remain “many, many, many, months away.”

    “I was worried that our window would close, because timing is important,” he added to Platformer, a tech news site.

    According to a source close to the matter, Meta was wary of a new law called the Digital Markets Act (DMA), which sets strict rules for the world’s “gatekeeper” internet companies.

    One rule restricts platforms from transferring personal data between products, as would potentially be the case between Threads and Instagram.

    Meta was called out for doing just that after it bought the messaging app WhatsApp, and European regulators will be on high alert to ensure that the company doesn’t do so illegally with Threads.

    Globally, the Threads hashtag on Twitter has garnered over a million tweets, with many users jokingly suggesting users would be returning to Twitter.

    “10 mins into threads app. Me coming back to Twitter,” one user wrote, sharing a video of a man sprinting.

    Another shared an image of Homer Simpson running back and forth between the Twitter and Threads logos.

    By midday local time Thursday, Threads was the top trending topic on Japan Twitter, but many users expressed concerns over data privacy.

    “Threads is run by Meta, isn’t it? It will definitely leak your real name or the game you are playing, or put you in the list of your workplace company friends,” wrote one user.

    Another said: “Meta loves to collect private information and I don’t trust the way it treats private information. I also have the impression that this is a company hated by EU, so I’m reluctant.” 

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  • Meta launches Threads, its app to rival Twitter, a day early

    Meta launches Threads, its app to rival Twitter, a day early

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    Meta Platforms Inc. launched Threads, its rival to Twitter, a day early Wednesday.

    “Let’s do this. Welcome to Threads,” Meta Chief Executive Mark Zuckerberg posted on the new app.

    The text-based app, a spinoff of Meta’s META Instagram, had been set to launch Thursday morning, but instead went live for users in the U.S. and more than 100 other…

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  • Meta’s “Twitter killer” app Threads is on its way – and you can get a cheat code to download it

    Meta’s “Twitter killer” app Threads is on its way – and you can get a cheat code to download it

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    Meta is set to release a rival to Twitter on Thursday, a social media app called Threads it describes as “Instagram’s text-based conversation app.”

    The new service, which is available for pre-order in Apple’s App Store and will be released on July 6, has a similar appearance to Twitter, with screenshots of the service showing messages with replies from other users. One screenshot of the app indicates that Instagram users will be able to immediately click to follow the same accounts on Threads, which could help users quickly build large follower bases. 

    Meta also introduced cheat codes on Instagram to allow people to sign up for a download ahead of time, teasing the release to its billions of users.

    Meta’s Instagram is readying a Twitter-like service, which will be available for download on July 6. 

    Aimee Picchi


    Threads will arrive at a critical moment for Twitter, whose owner Elon Musk has been making changes to the social network that have driven away advertisers and alienated some users. Musk’s recent decision to throttle usage for some nonpaying members, limiting free accounts to reading 600 tweets per day, sparked intense backlash.

    On social media, some users are referring to Threads as a “Twitter killer” because of the expectation that many people will migrate away from Twitter in favor of the new social media service. 

    How do I get a cheat code?

    The cheat codes are “Thread” or “Threads,” which you enter into the search box in Instagram.

    When you do that, a red “Admit One” ticket will appear on your screen and then move to your search box. If you click on the ticket, it will take you to a website with a countdown clock (which ends on July 6 at 10 a.m. ET). There’s also a QR code.

    If you scan the QR code, it will take you to the download page for the app on Apple store.

    Is this Meta’s Twitter clone?

    The app is billed as an Instagram service, but images posted in Threads’ App Store listing look more like Twitter than the video- and photo-driven platform, Instagram.

    Threads is billed as a place where you can “follow and connect directly with your favorite creators and others who love the same things.”

    screenshot-2023-07-04-at-9-36-41-am.jpg
    The Threads app appears to allow users to “like” a post, reply to it or repost it, according to images on Apple’s App Store.

    Aimee Picchi


    In a screenshot of the service, it appears to have a similar interface as Twitter, enabling users to “like,” “reply” or repost other people’s messages.

    Where is Threads available?

    The app is available for pre-order in Apple’s App Store. It’s also available in the Google Play store.

    How soon will Threads be available? 

    The service is teased as “expected July 6.”

    Can I use my Instagram username? 

    Yes, the Threads app says you will be able to “keep your username.”

    screenshot-2023-07-04-at-8-48-38-am.jpg
    A screenshot of Meta’s Threads, available for pre-order on Apple’s App store, indicates that people will be able to keep their Instagram followers on the new service.

    Aimee Picchi


    Are there privacy issues? 

    Meta has been dinged in the past for its privacy policies, with the FTC most recently claiming Facebook misled parents and failed to protect the privacy of children using its Messenger Kids app.

    Already, some critics have pointed out that Threads may collect an awful lot of information about its members. In its App Privacy description on the Apple AppStore, Threads provides a laundry list of personal data it may collect on users, including:

    • Health and fitness
    • Financial information
    • Contacts
    • Browsing history
    • Purchases
    • Location
    • Sensitive information
    screenshot-2023-07-05-at-12-04-07-pm.jpg
    Some critics have pointed out that it appears Threads will track a large amount of user data, including sensitive information such as financial information and contacts.

    Aimee Picchi


    Could Threads hurt Twitter? 

    Some Twitter users are expressing enthusiasm about the new Meta product on social media. 

    Meta’s new social media app could lure consumers away from Twitter by providing a free service without the issues that are now overhanging Musk’s tech company. Since Musk bought Twitter last year, the platform has seen a spike in hate speech and was rated by the advocacy group GLAAD as the worst social-media service for protecting LGBTQ+ users from harassment.

    In its latest tweak, Twitter said Monday that it will require users to be verified before they can use the online dashboard TweetDeck, a service that is popular with corporations because it allows users to manage multiple accounts from one app. 

    The new policy takes effect in 30 days and appears to be aimed at raising extra revenue because users need to pay to have their accounts verified under Musk’s changes.

    Rivalry between Musk and Zuckerberg

    Musk’s rivalry with Meta Platforms could end up spilling over into real life. In an online exchange between Musk and Meta CEO Mark Zuckerberg, the two tech billionaires seemingly agreed to fight each other in a “cage match,” though it’s unclear if they will actually make it to the ring.

    Zuckerberg, 39, took home gold and silver medals at his first jiu-jitsu tournament back in May. 

    SpaceX CEO Elon Musk, 51, also trains in jiu-jitsu at a California gym, he said on Joe Rogan’s show in 2021.

    — With reporting by CBS News’ Li Cohen and the Associated Press.

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  • Meta’s “Twitter killer” app Threads is on it way – and you can get a cheat code to download it

    Meta’s “Twitter killer” app Threads is on it way – and you can get a cheat code to download it

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    Meta is set to release a rival to Twitter on Thursday, a social media app called Threads it describes as “Instagram’s text-based conversation app.”

    The new service, which is available for pre-order in Apple’s App Store and will be released on July 6, has a similar appearance to Twitter, with screenshots of the service showing messages with replies from other users. One screenshot of the app indicates that Instagram users will be able to immediately click to follow the same accounts on Threads, which could help users quickly build large follower bases. 

    Meta also introduced cheat codes on Instagram that to allow people to sign up for a download ahead of time, teasing the release to its billions of users.

    Meta’s Instagram is readying a Twitter-like service, which will be available for download on July 6. 

    Aimee Picchi


    Threads will arrive at a critical moment for Twitter, whose owner Elon Musk has been making changes to the social network that have driven away advertisers and alienated some users. Musk’s recent decision to throttle usage for some nonpaying members, limiting free accounts to reading 600 tweets per day, sparked intense backlash.

    How do I get a cheat code?

    The cheat codes are “Thread” or “Threads,” which you enter into the search box in Instagram.

    When you do that, a red “Admit One” ticket will appear on your screen and then move to your search box. If you click on the ticket, it will take you to a website with a countdown clock (which ends on July 6 at 10 a.m. ET). There’s also a QR code.

    If you scan the QR code, it will take you to the download page for the app on Apple store.

    Is this Meta’s Twitter clone?

    The app is billed as an Instagram service, but images posted in Threads’ App Store listing look more like Twitter than the video- and photo-driven platform, Instagram.

    Threads is billed as a place where you can “follow and connect directly with your favorite creators and others who love the same things.”

    screenshot-2023-07-04-at-9-36-41-am.jpg
    The Threads app appears to allow users to “like” a post, reply to it or repost it, according to images on Apple’s App Store.

    Aimee Picchi


    In a screenshot of the service, it appears to have a similar interface as Twitter, enabling users to “like,” “reply” or repost other people’s messages.

    Where is Threads available?

    The app is available for pre-order in Apple’s App Store. It’s also available in the Google Play store.

    How soon will Threads be available? 

    The service is teased as “expected July 6.”

    Can I use my Instagram username? 

    Yes, the Threads app says you will be able to “keep your username.”

    screenshot-2023-07-04-at-8-48-38-am.jpg
    A screenshot of Meta’s Threads, available for pre-order on Apple’s App store, indicates that people will be able to keep their Instagram followers on the new service.

    Aimee Picchi


    Could this hurt Twitter? 

    Some Twitter users are expressing enthusiasm about the new Meta product on social media. 

    Meta’s new social media app could lure consumers away from Twitter by providing a free service without the issues that are now overhanging Musk’s tech company. Since Musk bought Twitter last year, the platform has seen a spike in hate speech and was rated by the advocacy group GLAAD as the worst social-media service for protecting LGBTQ+ users from harassment.

    In its latest tweak, Twitter said Monday that it will require users to be verified before they can use the online dashboard TweetDeck, a service that is popular with corporations because it allows users to manage multiple accounts from one app. 

    The new policy takes effect in 30 days and appears to be aimed at raising extra revenue because users need to pay to have their accounts verified under Musk’s changes.

    Rivalry between Musk and Zuckerberg

    Musk’s rivalry with Meta Platforms could end up spilling over into real life. In an online exchange between Musk and Meta CEO Mark Zuckerberg, the two tech billionaires seemingly agreed to fight each other in a “cage match,” though it’s unclear if they will actually make it to the ring.

    Zuckerberg, 39, took home gold and silver medals at his first jiu-jitsu tournament back in May. 

    SpaceX CEO Elon Musk, 51, also trains in jiu-jitsu at a California gym, he said on Joe Rogan’s show in 2021.

    — With reporting by CBS News’ Li Cohen and the Associated Press.

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  • Meta’s Twitter clone expected Thursday as Elon Musk drives users away with tech issues and new limits

    Meta’s Twitter clone expected Thursday as Elon Musk drives users away with tech issues and new limits

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    Meta CEO Mark Zuckerberg is close to debuting his “sanely-run” competitor to Twitter.

    The owner of Facebook and Instagram will launch “Threads,” a text-based social media platform that will compete with Twitter, on Thursday, according to a new listing on Apple’s app store posted on Monday afternoon. The app also briefly appeared on Google’s app store for Android smartphones over the weekend, according to The Verge. (The listing was quickly removed)

    Threads will be built on Instagram, according to photo previews in the app store listing. Users can post through a Twitter-like user interface, and follow others through their Instagram handles.

    Meta has reportedly considered working on a new text-based social media network since late last year. But the social media company is launching the new service after a weekend of technical issues and temporary changes on its competitor Twitter that’s already driving users to competing social media platforms. 

    Bluesky, the Twitter-like social media platform launched by Twitter co-founder Jack Dorsey, said that users might experience “some degraded performance as a result of record-high traffic,” and even temporarily paused sign-ups to handle the inflow.

    And the changes at Twitter keep coming. On Monday, Twitter announced in a post that users would soon need to be verified in order to access Tweetdeck, a customizable dashboard popular with power users and businesses. (The most straightforward way to be verified is to sign up for Twitter Blue, the platform’s subscription service)

    Meta did not immediately respond to a request for comment. 

    Twitter stumbles

    Over the weekend, users were puzzled by technical issues and error messages that were ultimately revealed to be the result of deliberate changes to the platform.

    On Friday, Twitter quietly barred people from seeing posts if they were not logged into a Twitter account. Previously, anyone, even those without a Twitter account, could access the site. 

    Musk confirmed that the change was intentional, claiming on Friday the measure was temporary in order to counter “extreme levels of data scraping.” 

    “We were getting data pillaged so much that it was degrading service for normal users!” Musk wrote on the platform earlier that afternoon

    Then on Saturday afternoon, Musk said that he was imposing temporary limits on how many posts users could view per day, again to counter “extreme levels of data scraping & system manipulation.” Even Twitter’s paying subscribers were subject to viewing limits, albeit ones more generous than free users. 

    Musk, who says he is still involved in “product development” even after handing over the CEO position to former NBC executive Linda Yaccarino, griped over the weekend that A.I. developers were using Twitter’s content to train large language models. 

    “It is rather galling to have to bring large numbers of servers online on an emergency basis just to facilitate some A.I. startup’s outrageous valuation,” Musk tweeted Friday. 

    Twitter did not immediately respond to Fortune’s request for comment. 

    ‘Sanely-run’

    Musk, after taking over the company last October, has introduced a number of major changes to the social media platform. The company changed its moderation policies, allowing once-banned users back on the platform. It also launched a paid verification service, which stumbled as some users impersonated brands and public figures, and celebrities publicly stated they would never pay for verification.

    The disruption has knocked Twitter’s advertising revenue, which was down 59% year-on-year as of early June. 

    That left an opening that Meta hoped to fill. “Twitter is in crisis and Meta needs its mojo back,” suggested one employee in an internal post, reported the New York Times in December.

    “We’ve been hearing from creators and public figures who are interested in having a platform that is sanely run, that they believe that they can trust and rely upon for distribution,” said Meta’s chief product officer Chris Cox at an internal meeting in early June, reported The Verge at the time.

    That quote pushed Musk to challenge Zuckerberg to a “cage match”, an offer the Meta CEO has accepted. There has, as of now, been no details as to when the fight might happen. 

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    Nicholas Gordon

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  • Meta’s Twitter killer, Threads, is reportedly coming Thursday

    Meta’s Twitter killer, Threads, is reportedly coming Thursday

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    Meta Platforms Inc.’s answer to Twitter is poised to launch, according to a new report, as Elon Musk’s faltering microblogging app struggles to hold onto advertisers and over the weekend placed restrictions on posts viewed by users.

    The Wall Street Journal reported late Monday that Meta’s
    META,
    -0.33%

    Threads will be released Thursday, and is expected to be built off of Instagram user data, giving it the potential to catch on and grow quickly.

    Bloomberg News also reported it would launch Thursday, citing a listing on Apple Inc.’s
    AAPL,
    -0.78%

    App Store.

    If Threads does launch Thursday, it could come at a perfect time for Meta to capitalize on anger toward Twitter. Late Monday, Twitter announced it was moving its popular TweetDeck viewing tool behind a paywall in 30 days, spurring widespread user outrage.

    Last week, the Threads app briefly appeared on Alphabet Inc.’s
    GOOGL,
    +0.17%

    GOOG,
    -0.34%

    Google Play Store in some regions.

    Threads allows users to port their Instagram username to a new platform that essentially opens direct-message chats on a more public forum. The Facebook parent company has been developing a text-based platform for some time.

    Read more: Musk vs. Zuckerberg: Which tech heavyweight is already winning the Wall Street cage match?

    Twitter, meanwhile, continues to seek ways to stem hemorrhaging advertising under new Chief Executive Linda Yaccarino as it puts a stranglehold on what subscribers can view. In a tweet Saturday, Musk — who acquired Twitter for $44 billion in October — said verified accounts were at one point limited to reading 6,000 posts a day. For unverified accounts, the number was 600 posts a day, while new account could only see 300. That number was later upgraded to 10,000, 1,000 and 500, respectively.

    Animosity between Musk and Meta co-founder and Chief Executive Mark Zuckerberg has been growing as the Twitter-rival app gets closer to market, culminating in Musk’s cage-fight challenge to Zuckerberg last month.

    Mike Murphy contributed to this report.

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  • Activision’s Microsoft Saga Is Almost Over. It May Be Time to Sell the Stock.

    Activision’s Microsoft Saga Is Almost Over. It May Be Time to Sell the Stock.

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    The fate of


    Microsoft


    $69 billion purchase of


    Activision


    Blizzard will finally be known in the coming weeks—and investors may want to consider taking profits on the videogame maker’s stock before then.

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  • Meta Introduces New Safeguards and Monitoring Tools for Teens | Entrepreneur

    Meta Introduces New Safeguards and Monitoring Tools for Teens | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Meta, the parent company of popular social media platforms like Facebook and Instagram, is taking steps to address concerns over the impact of its platforms on younger users. With the introduction of new safeguards and monitoring tools, Meta aims to provide parents with more visibility into their teens’ online activities and promote healthier digital habits. These new features come in response to heightened pressure from lawmakers and concerns raised by leaked internal documents about the potential negative effects of social media on the mental health of young users.

    One of the key updates is the addition of parental supervision tools on Messenger, Meta’s instant messaging app. Similar to the existing tools on Instagram, parents and guardians will now have the ability to monitor their teens’ usage of the chat tool. They can track how much time their teens spend on Messenger, view and receive updates on their contacts list, and even receive notifications if their teen reports someone. This new feature aims to provide parents with a better understanding of their teens’ online interactions and help them address any potential concerns.

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    ReadWrite.com

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  • Nvidia Stock Is Down. Blame Tesla.

    Nvidia Stock Is Down. Blame Tesla.

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    • Order Reprints

    • Print Article

    Shares of newly minted $1 trillion company


    Nvidia


    were taking it on the chin Monday, and investors searching for a reason should look to


    Tesla


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  • How Meta CEO Mark Zuckerberg Spends His $65 Billion Fortune | Entrepreneur

    How Meta CEO Mark Zuckerberg Spends His $65 Billion Fortune | Entrepreneur

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    This story originally appeared on Business Insider.

    Mark Zuckerberg is one of the wealthiest people in the world.

    The Meta founder and CEO’s fortune surpassed $100 billion last year, making him one of 10 centi-billionaires on the planet. As of June, Zuckerberg’s net worth was $101.1 billion, according to Forbes.

    Zuckerberg mostly keeps a low profile, but he does splurge on real estate — especially in the tropical paradise that is Hawaii. He and his wife, Priscilla Chan, also invest in childhood education and medical research.

    More recently, Zuckerberg accepted a random challenge from Twitter CEO Elon Musk to a “cage match.” The Meta CEO is known to participate in jiu-jitsu tournaments and other recreational sports.

    Here’s how the tech mogul spends his billions, from cars to properties to charity.

    Facebook debuted on the New York Stock Exchange in May 2012.

    Zuckerberg in New York May 18, 2012. Shannon Stapleton/Reuters

    Eight years after its founding, Facebook clocked in the milestone. At the time, it was the biggest technology IPO in history and it sent Mark Zuckerberg’s wealth soaring.

    Much of Zuckerberg’s fortune comes from Meta.

    Mark Zuckerberg 2020

    Getty via BI

    The exec has a 13% stake in the company, whose parent company is now called Meta.

    But he doesn’t make a large salary — in fact, his take-home pay is just $1.

    Source: Bloomberg, Insider

    But he’s fairly low-key.

    mark zuckerberg priscilla chan

    Priscilla Chan and Mark Zuckerberg Bloomberg via Getty Images via BI

    Despite his status as one of the richest tech moguls, the 38-year-old Harvard dropout leads a down-to-earth lifestyle with his wife, Priscilla Chan, and their two young daughters.

    And he’s not a fan of flashy clothes.

    Mark Zuckerberg Facebook Connect 2021

    Mark Zuckerberg at Facebook Connect 2021 Facebook via BI

    Like many other Silicon Valley stalwarts, Zuckerberg doesn’t dress in flashy suits — he keeps things simple in jeans, t-shirts, and sweaters.

    But they’re reportedly much more expensive than they look, retailing for hundreds, and even thousands, of dollars.

    Source: Insider, GQ

    Neither is he into flashy vehicles.

    Mark zuckerberg in a car

    Zuckerberg in 2012. Kevork Djansezian/Getty Images via BI

    Zuckerberg is known for driving relatively inexpensive cars. He’s been seen in an Acura TSX and a Honda Fit, both of which are valued at or under $30,000.

    Sources: Insider, CNBC

    He loves his signature Volkswagen.

    Volkswagen Golf GTI

    Tony Avelar/AP via BI

    He’s been spotted driving a black Volkswagen Golf GTI, a car that he bought well after making his fortune. That car would cost about $30,000 new.

    Source: Insider

    Although he did splurge on a car …

    mark zuck pagani huayra

    Mark Zuckerberg and a Pagani Huayra. Not Zuckerberg’s actual car. Charles Platiau/Reuters and Norbert Aepli/Wikimedia/CC 2.0

    He has dropped serious cash on at least one sports car: an Italian Pagani Huayra that sells for about $1.3 million.

    Source: Insider, Yahoo

    And most recently, he posted some new wheels on Instagram.

    for

    Not Zuckerberg’s car. John Prieto/The Denver Post via Getty Images via BI

    In July, Zuckerberg posted a photo of what appeared to be two refurbished vintage Ford Broncos, one baby blue and one black, with the caption “his and hers.” The price is unknown.

    He spends money more freely on real estate.

    mark zuckerberg house home palo alto 4x3

    Zillow via BI

    In May 2011, he bought a 5,000-square-foot home in Palo Alto for $7 million. He’s since tricked it out with a “custom-made artificially intelligent assistant.”

    Source: San Francisco Chronicle, CNBC

    Then he bought up nearby land.

    Meta's Mark Zuckerberg, a self-made billionaire.

    KENZO TRIBOUILLARD / Contributor / Getty via BI

    The next year, Zuckerberg began buying the properties surrounding his home, spending more than $30 million to acquire four homes with plans to level them and rebuild.

    Source: San Francisco Chronicle, CNBC

    He also used to own a townhouse in the Mission District of San Francisco.

    san francisco dolores park covid social distancing park

    San Francisco in 2020. Ahmet Karaman/Anadolu Agency/Getty Images via BI

    He bought the 5,500-square-foot home in 2013 and proceeded to make over $1 million in renovations, including adding a greenhouse and remodeling the kitchen.

    But in July 2022, he sold it in an off-market sale for $31 million, the biggest residential real estate deal in San Francisco so far this year.

    Source: Curbed San Francisco, Business Insider

    Then there’s Hawaii.

    Kauai Hawaii

    A beach in Kauai. Wolfgang Kaehler/LightRocket via Getty Images via BI

    In 2014, the billionaire’s real-estate portfolio jumped the Pacific when he spent $100 million on two properties on the island of Kaua’i: the Kahu’aina Plantation, a 357-acre former sugarcane plantation, and Pila’a Beach, a 393-acre property with a white-sand beach.

    Source: Insider, Forbes

    But there’s been backlash.

    Kauai, Hawaii

    A beach in Kauai. Jennifer McDermott/AP via BI

    In 2016, Zuckerberg angered neighbors by constructing a 6-foot wall around his property, and in 2017, Zuckerberg filed suit against Hawaiian families who had legal-ownership claims on parcels of land within his property. Though he dropped the suit, residents accused him of “neocolonialism.”

    Source: Insider

    He’s adding onto his Hawaii properties too.

    Wailua Falls in Kaua'i, Hawaii.

    Wailua Falls in Kaua’i, Hawaii. Andriy Prokopenko/Getty Images via BI

    In March 2021, he spent $53 million on nearly 600 acres of land on Kauai and in December, he purchased 110 more acres of land nearby for $17 million.

    Source: Insider

    The purchases serve as a respite for the executive.

    mark zuckerberg facebook

    Facebook via BI

    When Zuckerberg is in Hawaii, he appears to spend his time unwinding and enjoying some hobbies. He’s been photographed riding a $12,000 electric surfboard in the ocean off Kaua’i and practices shooting arrows and throwing spears on his property.

    Source: Insider, Insider

    Zuckerberg made another massive real estate purchase in 2018.

    lake tahoe

    Lake Tahoe. Gado/Getty Images via BI

    He shelled out for two lakefront properties on Lake Tahoe, which cost a combined $59 million. One of the houses, called the Brushwood Estate, spans 5,233 square feet on six acres of land. The property features a guest house and a private dock.

    Between his two Lake Tahoe properties, Zuckerberg owns about 600 feet of private shoreline on Lake Tahoe’s west shore. When Zuckerberg buys properties, he tends to buy the other homes surrounding it for privacy reasons, just as he did in Palo Alto.

    Source: Insider, SF Gate

    Zuckerberg doesn’t appear to travel much for pleasure.

    Mark Zuckerberg smiles while walking outside at 2021 Sun Valley conference

    Zuckerberg this summer. Kevin Dietsch/Getty Images via BI

    But when he traverses the globe for work, Meta foots the bill: security for Zuckerberg and his family cost the company $23 million in 2020, the company reported.

    Source: Insider

    Ultimately, opulence and luxury are just a blip on Zuckerberg’s radar.

    In fact, his main priority seems to be giving his money away, rather than spending it.

    Zuckerberg has signed onto the Giving Pledge.

    Bill Gates and Mark Zuckerberg

    Bill Gates and Mark Zuckerberg Beck Diefenbach/Reuters via BI

    He joined Bill Gates, Warren Buffett, and over 200 other millionaires and billionaires who have vowed to donate the majority of their wealth to philanthropy. He plans to sell 99% of his Facebook shares during his lifetime.

    Source: Insider

    He plans to donate significantly to his and his wife’s organization.

    Mark Zuckerberg Priscilla Chan

    Mark Zuckerberg and his wife Priscilla Chan. Peter Barreras/Invision/AP

    Zuckerberg said in September 2017 that he planned to sell 35 to 75 million shares over the following 18 months to fund the Chan Zuckerberg Initiative, totaling between $6 billion and $12 billion.

    The Chan Zuckerberg Initiative is a philanthropic organization Zuckerberg founded with his wife in 2015 focused on “personalized learning, curing disease, connecting people, and building strong communities.” CZI has awarded nearly $3 billion in grants over the years.

    Source: Insider, Insider, CZI

    CZI is invested in tackling both local and global issues.

    priscilla chan

    Justin Sullivan/Getty Images via BI

    In 2020, for example, the organization poured $4.2 million into a jobs program for residents of Kaua’i and committed $1 million to help the region battle the coronavirus. CZI has also contributed millions in the last year to causes like criminal justice reform and affordable housing.

    Source: Insider, CZI

    The pair have also donated to research.

    Mark Zuckerberg and Priscilla Chan

    Mark Zuckerberg and Priscilla Chan AP via BI

    Zuckerberg and Chan have poured billions into research focused on curing the world’s diseases by the end of the century. In order to accomplish this lofty goal, CZI launched a nonprofit called Biohub to start looking into the cure for diseases, including research on genomics, infectious diseases, and implantable devices.

    Source: Insider, Insider

    Zuckerberg believes that Biohub will help speed up research to cure disease.

    Mark Zuckerberg

    Drew Angerer/Getty Images via BI

    He told The New Yorker in 2018 that “we’ll basically have been able to manage or cure all of the major things that people suffer from and die from today. Based on the data that we already see, it seems like there’s a reasonable shot.”

    Source: The New Yorker

    Zuckerberg’s day job is still keeping him busy, however.

    mark zuckerberg

    Hannah McKay-Pool/Getty Images via BI

    In the past couple of years alone, he’s testified before lawmakers, attempted to quash coronavirus misinformation on Facebook, and suspended former President Donald Trump from the platform.

    Then there were the whistleblowers.

    Facebook whistleblower Frances Haugen testifies to Senate committee

    The Facebook whistleblower Frances Haugen testified to a Senate committee. Matt McClain/Getty Images via BI

    In 2021, two former employees came forward with allegations that the company’s leadership consistently chose profits over safety.

    One of the whistleblowers, Frances Haugen, leaked a trove of internal documents, known as the Facebook Papers, that detailed internal challenges like the company’s impact on teenagers and how it’s grappled with hate speech.

    In come the ‘Metamates’

    Facebook CEO Mark Zuckerberg announcing Meta

    Facebook CEO Mark Zuckerberg announcing the Meta rebrand on Thursday. Eric Risberg/AP Photo

    In October 2021, Facebook officially changed its corporate name to Meta to reflect its new focus on the metaverse, a virtual space where users can interact digitally as avatars.

    “From now on, we’ll be metaverse first, not Facebook first,” Zuckerberg said at the time.

    Source: Insider

    A ‘cage match’ with Elon Musk?

    In his spare time, Zuckerberg might also accept a challenge to fight one of his billionaire contemporaries.

    On Tuesday, Tesla founder and Twitter CEO Elon Musk said he’d be “up for a cage match” with Zuckerberg.

    Zuckerberg, who is known to practice jiu-jitsu, responded Wednesday via Instagram story: “Send Me Location.”

    Musk proposed The Octagon in Las Vegas, where UFC tournaments are held.

    It’s unclear if Musk or Zuckerberg will be fronting their own money to put on the match.

    The Meta founder likes to share how he stays in shape, training in MMA and participating in jiu-jitsu tournaments.

    In May, Zuckerberg said that he won two medals at a jiu-jitsu tournament in Redwood City, California.

    Meanwhile, Zuckerberg’s wealth has soared.

    Mark Zuckerberg Paris. France 2019

    Getty via BI

    Back in August 2020, the launch of a new Instagram feature designed to compete with TikTok sent both the company’s share price and Zuckerberg’s net worth to new heights.

    The move caused Zuckerberg’s net worth to exceed $100 billion for the first time, making him one of 10 centi-billionaires on Earth.

    His wealth has dropped and fluctuated since then. Around February, the CEO’s worth was around $67.2 billion.

    But after the brief plunge, his net worth returned to the $100 billion threshold in June for the first time since February 2022, Forbes reported.

    Source: Bloomberg

    Tanza Loudenback, Taylor Nicole Rogers, and Liz Knueven contributed to an earlier version of this story.

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    Avery Hartmans, Katie Canales, and Lloyd Lee

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  • Elon Musk Might Fight Mark Zuckerberg For Real

    Elon Musk Might Fight Mark Zuckerberg For Real

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    In a matchup that no one asked for but nearly everyone would likely watch, Elon Musk could face off against Mark Zuckerberg in a cage fight.

    Twitter/Tesla/SpaceX boss Musk earlier this week mocked Zuckerberg’s Meta over reports that its Instagram platform would soon have a feature called Threads to compete with Twitter.

    “I’m sure Earth can’t wait to be exclusively under Zuck’s thumb with no other options,” Musk wrote on Twitter, leading to this exchange with a user referencing Zuckerberg’s recent martial arts experience:

    Zuckerberg posted a screenshot of Musk’s tweet in his Instagram story along with three words: “Send me location.”

    The Verge said it confirmed the reply wasn’t a joke.

    “The story speaks for itself,” Meta spokesperson Iska Saric told the website.

    Shown a screenshot of Zuckerberg’s response, Musk tweeted:

    Both billionaires have at least some experience in martial arts. Zuckerberg told podcaster Joe Rogan that he began studying mixed martial arts during the pandemic, saying he liked its “primal” nature.

    The Facebook cofounder recently competed in a local Brazilian jiu-jitsu tournament, where he won a couple of medals.

    In a separate interview, Musk told Rogan he’s practiced several forms of martial arts including jiu-jitsu.

    In 2020, Musk publicly challenged Johnny Depp to a cage fight during the actor’s legal battle with actor/ex-wife Amber Heard. One of the actor’s many text messages read in court was a threat to cut off Musk’s penis amid reports he was having an affair with Heard.

    Musk denied seeing Heard when she was married to Depp.

    “If Johnny wants a cage fight, just let me know,” he told the New York Times, which noted that he giggled as he said it.

    Musk on Twitter said a fight with Zuckerberg would be “hilarious” and added:

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  • META Stock Price | Meta Platforms Inc. Stock Quote (U.S.: Nasdaq) | MarketWatch

    META Stock Price | Meta Platforms Inc. Stock Quote (U.S.: Nasdaq) | MarketWatch

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    Meta Platforms Inc.

    Meta Platforms, Inc., engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services. The RL segment includes augmented and virtual reality related consumer hardware, software, and content. The company was founded by Mark Elliot Zuckerberg, Dustin Moskovitz, Chris R. Hughes, Andrew McCollum, and Eduardo P. Saverin on February 4, 2004, and is headquartered in Menlo Park, CA.

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  • All major social media platforms fail LGBTQ+ people — but Twitter is the worst, says GLAAD

    All major social media platforms fail LGBTQ+ people — but Twitter is the worst, says GLAAD

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    GLAAD, the world’s largest LGBTQ+ media advocacy organization, announced on Thursday that its third annual Social Media Safety Index found that all five major social media platforms — Facebook, Instagram, TikTok, YouTube and Twitter — received low or failing scores on its platform scorecard for the second year in a row — with Twitter receiving the lowest grade in its ability to protect LGBTQ+ users.

    “These platforms continue to fail at enforcing the safeguarding of LGBTQ users from online hate speech, fail at providing transparency in the use of LGBTQ-specific user data and fail in expressing commitments to protecting LGBTQ users,” the organization wrote on Twitter.

    In particular, transgender, non-binary and gender non-conforming users are subject to hate speech and harassment on social media, the report found.

    According to GLAAD, “the SMSI Platform Scorecard offers an evaluation of LGBTQ safety, privacy, and expression on five major platforms…based on 12 LGBTQ-specific indicators,” which include the ability for users to add pronouns to their bios, public disclosure that a platform does not recommend content to a user based on their inferred gender identity or sexual orientation without their explicit consent and internal corporate structures to actualize the protection of LGBTQ users from harm.

    Twitter received only a 33% score this year, down 12 points since Elon Musk took over the platform in 2022, while all other platforms improved their score from the previous year. By contrast, Instagram scored 63%, Instagram 61%, TikTok 57% and YouTube 54% score on the 2023 report. 

    The SMSI identified issues of inadequate content moderation and enforcement across the board, “harmful” algorithms, and a general “lack of transparency and accountability across the industry, among many other issues — all of which disproportionately impact LGBTQ users and other marginalized communities who are uniquely vulnerable to hate, harassment, and discrimination.”

    “Dehumanizing anti-LGBTQ content on social media such as misinformation and hate have an outsized impact on real world violence and harmful anti-LGBTQ legislation, but social media platforms too often fail at enforcing their own policies regarding such content,” said GLAAD President and CEO Sarah-Kate Ellis.

    Additional key findings in the 2023 SMSI include anti-LGBTQ+ online rhetoric leading to harm in offline life, anti-LGBTQ+ hate speech is “an alarming public health and safety issue” and platforms across the board are guilty of a lack of transparency in how they report. Platforms were also found to disproportionately suppress LGBTQ+-centered content through demonitization and content removal. 

    The SMSI includes “key recommendations” for each of the platforms to improve the climate for LBGTQ+ users. 

    On Twitter, attacks on LGBTQ+ users have increased substantially since Musk took over, according to a combined report by Media Matters and GLAAD. The report found that retweets of posts from anti-LGBTQ+ accounts that contained “groomer” rhetoric increased over 1200% since Musk’s purchase of Twitter.

    In April, Twitter removed a policy against the “targeted misgendering or deadnaming of transgender individuals.”

    “We want our products and platforms to be safe for everyone. We engage with civil society organizations around the world in our work to design policies and create tools that foster a safe online environment,” a Meta spokesperson told CBS News. 

    “This approach is always evolving, and input from LGBTQ+ safety and advocacy organizations is critical to informing and continually improving Meta’s technologies and programs.”

    TikTok said they were “always looking to strengthen our approach” with the help of their users and experts such as GLAAD.

    “At TikTok, we’re focused on building a safe and supportive platform where the LGBTQ+ community can keep inspiring and thriving,” said a statement from a company spokesperson. “We’re proud to have strong policies aimed at protecting LGBTQ+ individuals from harassment and hate speech, including misgendering and deadnaming.”

    A YouTube spokesperson told CBS News that its policies “prohibit content that promotes violence or hatred against members of the LGBTQ+ community.”

    “Over the last few years, we’ve made significant progress in our ability to quickly remove this content from our platform and prominently surface authoritative sources in search results and recommendations. We remain committed to this important work, and we appreciate the thoughtful feedback from GLAAD.”

    Twitter’s press email auto-replied with a poop emoji — as has been custom for months since Musk let go of the members of Twitter’s public relations team.

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  • Facebook whistleblower Francis Haugen: No accountability for privacy features implemented to protect young people

    Facebook whistleblower Francis Haugen: No accountability for privacy features implemented to protect young people

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    Former Facebook data scientist Francis Haugen anonymously leaked thousands of pages of research in 2021, revealing potential risks linked to the company’s algorithms. Haugen later disclosed her identity on “60 Minutes.”  

    Her revelations shed light on the dark side of social media algorithms and emphasized the urgent need for transparency and accountability in the industry. Haugen’s new book, “The Power of One: How I Found the Strength to Tell the Truth and Why I Blew the Whistle on Facebook,” highlights the importance of addressing the lack of accountability in the powerful but opaque social media industry.  

    Haugen’s book release earlier this month came just weeks after U.S. Surgeon General Dr. Vivek Murthy warned about the detrimental effects of social media on young people’s mental health.

    Meta declined to comment on Haugen’s memoir or the surgeon general’s advisory but provided CBS News with a list of tools and privacy features they’ve implemented to protect young people, including age verification technology to ensure that teenagers have age-appropriate experiences on the platform. The company also said it automatically sets teens accounts to private and implemented measures to prevent unwanted interactions with unknown adults.

    However, Haugen said some features were already in progress before her revelations, and their effectiveness remains unaccountable. 

    “Those features, we don’t have any accountability on them, like, researchers don’t get to study the effectiveness. Facebook just gets to use them as PR marketing stunts,” she said. 

    She criticized Facebook for preventing researchers from studying its operations and even resorting to legal action against those who exposed the truth. 

    “They’ve sued researchers who caught them with egg on their face. Companies that are opaque can cut corners at the public expense and there’s no consequences,” she said. 

    As concerned parents struggle to monitor their children’s social media usage, Haugen called for action through elected representatives. She said pending legislation, such as the Platform Accountability and Transparency Act, is working to protect children’s privacy online but that more needs to be done. 

    “You know, we haven’t updated our privacy laws for kids online since the 90s. Like, think of how much the internet has changed since then,” she said. “You can do a lot as a parent. But these companies have hundreds of employees that are trying to make their apps stickier. You’re fighting an impossible fight.” 

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  • How a hawkish Fed could kill a baby bull-market rally in U.S. stocks

    How a hawkish Fed could kill a baby bull-market rally in U.S. stocks

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    It is the notion that the Federal Reserve could deliver a hawkish jolt to markets even if it refrains from raising rates when its two-day policy meeting ends on Wednesday.

    There are concerns that such an outcome could spark a turnaround in U.S. stocks, especially if an uncomfortably strong reading on May inflation — due this coming Tuesday just as the Fed’s policy meeting is slated to begin — pushes the central bank toward something even more extreme, like delivering a rate increase on Wednesday despite intimating that it plans to abstain.

    The May consumer-price index is forecast to rise 4.0% for the year, down from a rise of 4.9%, while the core index, excluding food and energy prices, is seen easing to a rise of 5.3% from 5.5%.

    On the other hand, signs that the economy has weakened and inflation has continued to fade would help the Fed to justify skipping a rate increase in June — as several senior officials have suggested it will — while signaling that a potential hike at its following meeting in July could be the final increase for the cycle.

    “Softening U.S. data should support calls that a June skip could eventually turn into a July pause. Next week, most of the data is expected to remain weak or little changed: retail sales could be flat m/m, the Fed regional surveys should remain in negative territory, and consumer sentiment will waver,” said Craig Erlam, senior market analyst at OANDA, in emailed commentary.

    See: The Fed’s crystal ball on inflation appears off the mark again. Here’s comes another fix.

    Wednesday’s meeting comes at a critical time for the market. U.S. stocks have powered ahead for more than six months, with the S&P 500
    SPX,
    +0.11%

    having risen more than 20% off its Oct. 12 closing low, according to FactSet. Just this past week, the index exited bear-market territory for the first time in a year.

    The index is up 12% so far in 2023, reversing some of its 19.4% decline from 2022, its biggest calendar-year drop since 2008, according to Dow Jones Market Data.

    So far this year, highflying tech stocks have helped to paper over weakness in other areas of the market. This has started to change over the past two weeks, as small-cap and value-stocks have lurched suddenly higher, but there are fears that the Fed could hurt the most interest-rate sensitive technology names if Chairman Jerome Powell hints at rates rising higher than investors presently anticipate.

    The so-called “Megacap eight” stocks — a group that includes both classes of Alphabet Inc. stock
    GOOG,
    +0.16%

    GOOGL,
    +0.07%
    ,
    Microsoft Corp.
    MSFT,
    +0.47%
    ,
    Tesla Inc.
    TSLA,
    +4.06%
    ,
    Microsoft Corp.
    MSFT,
    +0.47%
    ,
    Netflix Inc.
    NFLX,
    +2.60%
    ,
    Nvidia Corp.
    NVDA,
    +0.68%
    ,
    Meta Platforms Inc.
    META,
    +0.14%

    — have driven nearly all of the S&P 500’s gains this year, according to Ed Yardeni, president of Yardeni Research, who included his analysis in a note to clients.

    But since the beginning of June, the Russell 2000
    RUT,
    -0.80%
    ,
    a gauge of small-cap stocks in the U.S., has risen more than 6.6%, according to FactSet data. The Russell 1000 Value Index
    RLV,
    -0.15%

    has also gained nearly 3.7% in that time. During this period, both have outperformed the tech-heavy Nasdaq Composite
    COMP,
    +0.16%
    ,
    although the Nasdaq remains the market leader, having risen 26.7% since Jan. 1.

    Concerns about the Fed’s plans intensified this week after the Bank of Canada delivered a surprise interest-rate hike, ending a four-month pause. The BOC’s decision followed a similar move by the Reserve Bank of Australia, and partly as a result, U.S. Treasury yields rose and tech-heavy stocks tumbled, with the Nasdaq logging its biggest drop since April 25, according to FactSet.

    While small-caps held up amid the chaos, the reaction stoked fears that something similar might be in store for markets when the Fed delivers its latest decision on interest rates Wednesday.

    Consequences of a ‘hawkish pause’

    Stocks could be in for more turbulence if the Fed signals it plans to follow the BOC and RBA with a hawkish surprise of its own. And it wouldn’t necessarily need to hike rates to pull this off, market strategists said.

    Emerging signs of complacency in the market could complicate its reaction. That the Cboe Volatility Index has fallen back below 15
    VIX,
    +1.32%

    for the first time since before the arrival of COVID-19 is one such sign that investors aren’t worried enough about a potential selloff, said Miller Tabak + Co.’s Chief Market Strategist Matt Maley.

    Another analyst likened the potential fallout from a hawkish Fed to the bad old days of 2022.

    “If the Fed signals that rates will be going up again, the market playbook could read more like 2022 than what we have seen so far in 2023,” said Will Rhind, the founder and CEO of GraniteShares, during a phone interview with MarketWatch.

    Perhaps the biggest wild card is Tuesday’s inflation report. If the numbers come in hot, Powell and his peers could face pressure to hike rates without priming the market first.

    For this reason, Rhind believes investors are underestimating the likelihood of a hike next week, even as Fed funds futures currently see a roughly 70% probability that the central bank will stand pat, according to the CME’s FedWatch tool.

    And Rhind isn’t the only one. Leslie Falconio, chief investment officer at UBS Global Wealth Management, says the Tuesday inflation report could be a make-or-break moment for markets, summing up fears expressed elsewhere on Wall Street in a recent note to clients.

    “We believe another rate increase is on the table, and that the CPI release on 13 June, a day before the Fed decision, will be decisive. In our view, another hike won’t have a material impact on the pace of economic growth,” Falconio said.

    What should investors watch out for?

    Assuming the Fed does forego a hike in June, there are a few key tells that investors should watch for to determine whether a “hawkish pause” is under way.

    Perhaps the most important will be how the Fed handles changes to its closely watched “dot plot.” A modestly higher median dot would send an unmistakable signal to the market that the Fed will continue with its campaign of tightening monetary policy, perhaps to the detriment of the market, said Patrick Saner, head of macro strategy at the Swiss Re Institute.

    “If the Fed skips but wanted to avoid the impression of the hiking cycle being done, it would need to include a revision of the dot plot. They could justify that with a more resilient GDP forecast and a higher inflation outlook. So I think it is the dots and then the statement that will be in focus,” Saner said during a phone interview with MarketWatch.

    Beyond that, whatever the Fed does or says will likely be viewed through the lens of economic data that is due out next week. In addition to the Tuesday inflation report, a report on May retail sales is due out Thursday, and a on consumer sentiment from the University of Michigan will land on Friday. All these data points could influence investors’ impressions of the state of the U.S. economy, and their expectations for how the Fed will behave as a result.

    See also: Puzzled by the ebb and flow of recession worries? Then the MarketWatch weekly recession worry gauge is for you.

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  • Suing Social Media: Families say social media algorithms put their kids in danger | 60 Minutes

    Suing Social Media: Families say social media algorithms put their kids in danger | 60 Minutes

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    Suing Social Media: Families say social media algorithms put their kids in danger | 60 Minutes – CBS News


    Watch CBS News



    More than 350 lawsuits against social media giants TikTok, Meta and others are expected to proceed this year. Sharyn Alfonsi spoke with some of the families suing social media.

    Be the first to know

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


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  • A growing push from some U.S. companies for workers to return to the office

    A growing push from some U.S. companies for workers to return to the office

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    Oakland, California — It may be back to the office at Credit Karma’s headquarters in Oakland, California, but it’s not business as usual for senior manager Lupe Romo, who is working on his pool game.

    “These are partners of mine,” Romo told CBS News. “This is an investment in people. This is an investment in my relationships with this group.”

    It’s exactly what Credit Karma CEO and founder Kenneth Lin wants to see after three years of working from home.

    “We think there is more energy, there’s more creativity,” Lin said of his staff being back in the office. “People work better together.”

    To encourage brainstorming there’s a game room, yoga and a coffee bar — all free.
     
    “Well, it’s by design, right?” Lin said of the long line for the coffee bar. “We actually want interaction.”

    While the reviews app Yelp announced this week it was closing its last office in Phoenix — and will now have all its workers go fully remote — companies like Meta, owner of Facebook and Instagram, are going the opposite direction.

    Meta this week announced that it was mandating that all workers return to the office for three days a week starting in September. Across the country, company leaders are making headlines with calls to return to the office. 

    “I got data that about 30 of you didn’t even open or crack open laptops, and those are all remote employees, including their manager, for a whole month,” James Clarke, CEO of Clearlink told his staff in April in a video obtained by Vice.

    A 2020 study published in the Harvard Business Review found that 38% of managers either agree or strongly agree that “the performance of remote workers is usually lower than that of people who work in an office setting.” Forty percent of respondents disagreed, and 22% were unsure.

    Amazon, Apple, and Starbucks are among the companies now requiring employees to come in three days a week, despite some push back. A February survey by the recruiting firm Robert Half found that 32% of workers who go into the office at least once a week would be willing to take a pay cut to work remotely full-time.

    “The job market was on fire,” said Patrick Carroll, CEO and founder of commercial real estate investment firm Carroll. “And so it gave the employee a lot of leverage. Now, that the market is slowing down drastically, I believe that leverage is shifted to the employer.”

    Carroll supports a return to the office.

    “I think it’s going to take mandates,” Carroll said. “It’s going to take, you know, fear of losing their job.”

    Lin takes a different tact on the issue.

    “I think people frame it the wrong way when they talk about return to the office as a function of productivity or compensation,” Lin said. “It’s about the culture that you want to work in.”

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  • Meta threatens news ban in California over bill requiring it to share ad revenue

    Meta threatens news ban in California over bill requiring it to share ad revenue

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    Facebook parent Meta Platforms is threatening to ban users in California from sharing news on its website if the state passes a bill that would require online platforms to pay fees to news publishers.

    The California assembly is scheduled to vote on the bill, called the California Journalism Preservation Act, on Thursday. If lawmakers pass the measure it will move to the state senate for another vote. The chambers have until September 14 to pass bills this year before ithe legislative session ends

    “If the Journalism Preservation Act passes, we will be forced to remove news from Facebook and Instagram, rather than pay into a slush fund that primarily benefits big, out-of-state media companies under the guise of aiding California publishers,” Meta said Wednesday in a statement tweeted by spokesperson Andy Stone.

    The proposed bill is one of several legislative pushes across the U.S. to effectively redirect some of the billions of dollars big tech companies generate every year from advertising on news content to struggling local newsrooms and other media publishers. The act would require Meta to pay eligible media companies usage fees based on a percentage of the ad revenue its platforms generate. For their part, publishers that receive the usage fees would would be required to use at least 70% of that money to pay their staff. 

    California Assemblymember Buffy Wicks, who sponsored the Journalism Preservation Act, said the legislation would help sustain local news operations, noting that more than 100 media players in the state have folded in the past 10 years. 

    “As news consumption has moved online, community news outlets have been downsized and [are] closing at an alarming rate,” Wicks said at a hearing in early May, according to California Globe, a local independent news outlet.

    Meta rejects claims that platforms including Facebook and Instagram have hurt the news business. In its statement on Wednesday, the company argued that the local news industry was losing steam long before Facebook became a popular forum for sharing news.

    “The bill fails to recognize that publishers and broadcasters put their content on our platform themselves and that substantial consolidation in California’s local news industry came over 15 years ago, well before Facebook was widely used,” Meta said. 

    Meta did not immediately respond to CBS MoneyWatch’s request for comment. 

    Calls to tax big tech

    Efforts to charge online news sharing platforms have intensified in recent years. The Journalism Competition and Preservation Act, a federal bill currently being considered by Congress, would permit U.S. publishers to join forces to demand payments from big tech platforms.

    Meta is also facing pressure outside the U.S. In 2018, Britain’s Labour Party proposed levying a tax on large tech companies to support the diversity and competitiveness of the country’s public journalism, Reuters reported

    Meta pushed back against a similar push to force tech companies to pay media publishers in 2021, banning Australian users from posting news-related content to its platforms for several days. 

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  • Meta Sells Giphy to Shutterstock at $262 Million Loss | Entrepreneur

    Meta Sells Giphy to Shutterstock at $262 Million Loss | Entrepreneur

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    Stock photography company Shutterstock announced on Tuesday that it will acquire the animated image platform Giphy from Facebook parent company Meta.

    “This is an exciting next step in Shutterstock’s journey as an end-to-end creative platform,” Shutterstock CEO Paul Hennessy said in a statement. The deal is expected to close in June.

    The $53 million all-cash deal represents a significant loss for Meta, which acquired Giphy for $315 million in 2020, meaning the company is selling it at a nearly $262 million loss.

    Last year, the UK’s Competition and Markets Authority (CMA) issued a final order to Meta to sell the animated image app over concerns it reduced competition, claiming that its ownership “creates a monopoly” and limits other social media platforms’ access to Giphy’s content, Reuters reported at the time.

    Related: FTC Says Facebook Violated 2020 Privacy Order, Proposes More Protections for Teens and Children

    The first order was in the fall of 2021, which Meta appealed, and the final order was in October 2022, when Meta complied with the ruling and agreed to drop any further appeals. In January, the CMA gave Meta a timeline to sell Giphy. The timeline was likely a six-month window, TechCrunch reported, meaning that Meta was under pressure as the window neared its close.

    Entrepreneur has reached out to Meta for comment.

    Meta has faced other privacy-related pressures from the UK. On Monday, the tech giant was slammed with a €1.2 billion ($1.3 billion) fine for violating European Union privacy policies by transferring personal data from European users to the U.S. Meta addressed the fine in a blog post, stating that it intends to appeal the ruling.

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    Madeline Garfinkle

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  • Meta begins third round of layoffs: reports

    Meta begins third round of layoffs: reports

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    Meta Platforms Inc. has started to execute on its latest round of layoffs, according to reports.

    The third round of cuts is part of a plan that Meta
    META,
    +3.70%

    Chief Executive Mark Zuckerberg announced in March in an effort to further slash costs at the social-media company. He said at the time that Meta would lay off about 10,000 workers while closing roughly 5,000 additional roles for which the company had yet to make hires.

    The current rounds of cuts build on at least 11,000 layoffs that were announced last fall.

    See more: Meta steadily rolls out 3-part round of layoffs

    CNBC reported Wednesday that Meta employees in user experience, marketing and recruiting roles indicated they were affected by the current round of cuts.

    Zuckerberg said in a March note to employees, which was also shared as a company blog post, that the company planned to make restructuring moves in its technology groups in late April before making changes to the business groups in late May.

    Reuters reported that the latest layoffs mainly affect employees in non-engineering positions, part of Zuckerberg’s goal of boosting the ratio of engineers at Meta relative to other positions.

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    Meta declined to comment in response to a MarketWatch request for confirmation of the latest layoffs.

    The company is in the midst of what Zuckerberg has dubbed a “year of efficiency,” which comes in response to investor concern last fall about high spending levels at the company alongside the backdrop of declining revenue. Meta has since become arguably the most aggressive of the largest public technology companies in its cost-cutting efforts.

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