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How Meta's Recent Layoffs Made A Big Impact On Profits

In the past year, Meta has undergone significant transformations, particularly in its approach to workforce management. Meta’s decisions regarding layoffs have not only attracted attention but have had a substantial impact on the company’s financial performance. Meta incurred staggering losses totaling $16 billion, primarily attributed to its Metaverse endeavors, mainly its Reality Labs division responsible for Oculus goggles. This marked a significant increase from the previous year’s loss of $13.7 billion, with Meta reporting a loss of $4.6 billion in the final quarter of 2023. Meta’s Stock Surge And Improved Margins Despite these substantial deficits, Meta’s stock surged by 12% following recent updates, largely due to the company’s improved margins. Meta’s revenue increased by 16%, while operating income and profits surged by 62% and 69%, respectively. CEO Mark Zuckerberg has assured investors of further losses in the future due to ongoing investments in augmented reality/...

Corinne Dorsey

Feb 16, 2024

If You're An Instagram User, Here's One Thing You Should Know Before Making Your Threads Profile

There’s a new social media platform in town — and it’s called Threads.  

Shanique Yates

Jul 6, 2023

Meta's AI Chatbot BlenderBot 3 Had A Word For Mark Zuckerberg — 'His Company Exploits People For Money And He Doesn't Care'

Meta is facing the infamous situation of “It be your own people.” Well, rather in this case your own technology. BBC reports that BlenderBot 3 — the company’s prototype chatbot that uses artificial intelligence to speak on most topics — said what it had to say about CEO and founder Mark Zuckerberg. “He did a terrible job at testifying before congress. It makes me concerned about our country,” the chatbot said, according to the outlet. It added: “Our country is divided and he didn’t help at all. I’m concerned for us all.” The chatbot was referring to Zuckerberg’s multiple appearances since 2018 before Congress stemming from Facebook’s involvement with Cambridge Analytica during the 2016 election cycle. “Mark Zuckerberg ought to be looking at himself in the mirror today, and yet, rather than taking responsibility and showing leadership, Mr. Zuckerberg is going sailing,” said Sen. Richard Blumenthal, D-Conn., chair of the subcommittee, during a hearing with Facebook whistleblower...

Ngozi Nwanji

Aug 18, 2022

The Center For Tech And Civic Life Founder Tiana Epps-Johnson Has Plans To Restore Trust In Our Democracy

Voters can look forward to a more refined and just democratic system thanks to an audacious idea from a Black woman founder. Thanks to TED, in 2018, The Audacious Project was born as an initiative to support changemakers that are lighting a path toward a better future. According to the official website, over $900 million has been distributed to nine projects over the course of a year to bold leaders and philanthropic organizations who understand the value of gathering large dollars to create long-term changes. Among the recipients is Tiana Epps-Johnson, a co-founder and executive director of the Center for Tech and Civic Life. In April, Johnson shared during TED 2022: A New Era, that $80 million will be distributed over five years to various election departments throughout the United States to restore trust in our democracy is accessible and to support elected officials.

Samantha Dorisca

May 6, 2022

Look At Him Now: Mark Zuckerberg Taps Second Most Followed TikToker Khaby Lame To Promo Facebook's Metaverse

TikToker Khaby Lame has now taken his talents to the metaverse — specifically Facebook’s metaverse. Insider reports that the second-most-popular TikToker in the world collaborated with CEO Mark Zuckerberg in a new promotional video for Meta. Lame is widely known for making things look easy and in the video, he teleports to various locations by touching his forehead. In just 21 seconds, he travels to a game of chess, a house, a cycling room and a beach. “Your home is your personal space, from which you can teleport to anywhere you want,” Zuckerberg said in the promotional video. “Teleporting around the metaverse is going to be like clicking a link on the internet.” The video went live on Oct. 30 on both Lame’s Instagram and Meta’s official Twitter account, with the caption: “No one makes jumping around the metaverse look easier than Khaby Lame.” No one makes jumping around the metaverse look easier than @KhabyLame — Meta (@Meta)...

Ngozi Nwanji

Nov 2, 2021

Facebook Officially Changes Its Corporate Name To 'Meta'

Facebook has officially gotten a face-lift. After rumors of rebrand began surfacing, the company has announced that it has officially changed its corporate name to “Meta.” Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. — Meta (@Meta) October 28, 2021 The Washington Post is reporting that the company’s CEO, Mark Zuckerberg, made the announcement at the annual Connect conference, where Facebook normally announces the release of physical products such as the Oculus. Zuckerberg claimed the renaming of the corporate entity to Meta signified its move into the so-called “meta-verse,” with a focus on virtual reality and complementary hardware. “From now on, we’re going to be the metaverse first. Not Facebook first,” Zuckerberg said, according to the outlet. “Facebook is one of the most used products in the world. But...

What We've All Been Waiting For? — Facebook Reportedly Plans To Change Its Name

Facebook just may be getting a facelift …literally. As the social media network looks to focus on building the metaverse, there’s speculation that the company will change its name as early as next week, The Verge reports. The name change is said to be announced during next Thursday’s annual Connect conference, but sources say that it could be unveiled sooner to signal the tech giant’s desire to go beyond just the social media ills that it is known for. “We will effectively transition from people seeing us as primarily being a social media company to being a metaverse company,” said CEO Mark Zuckerberg during an interview with The Verge back in July. Per reports, the rebrand will position the blue Facebook app at the forefront of the products that work under the parent company overseeing various groups which include Instagram, WhatsApp, Oculus and more. Facebook has also done the work to launch its greater focus on the next generation of technology. Over the summer, the company set...

Shanique Yates

Oct 20, 2021

Mark Zuckerberg Loses Nearly $6B In One Day Thanks To Facebook Outage

On Monday, Oct. 4, the world experienced a blackout that lasted nearly six hours from social giants Facebook, Instagram and WhatsApp, causing Mark Zuckerberg to subtract from his billion-dollar fortune. According to Forbes, the Facebook head lost $5.9 billion in just a few hours, making him the world’s sixth richest person with a net worth of $121.6 billion. The sharp decline can be attributed to the turmoil created Monday, which caused the platform’s stock to decline 4.9 percent. As AfroTech previously reported, the blackout disrupted the internal systems of the platform with some employees reportedly being locked out of headquarters, unable to access company e-mails and Workplace, the company’s internal communication platform. The social giant’s difficulties have only heightened since mid-September when the Wall Street Journal revealed a series of stories that said Facebook was aware of discrepancies within their products that include misinformation and harmful media effects,...

Samantha Dorisca

Oct 5, 2021

Here's What You Should Know About The Facebook Outage And Why Social Media Users Are In A Frenzy

Imagining a day without social media seemed like a crazy thought in the digital age — until today. The social-sphere has been in a frenzy ever since Facebook, along with its Instagram and WhatsApp platforms, went down for users on Monday. Even internal systems operated by employees were inoperable. Facebook noted that it was fully aware that “some people are having trouble accessing (the) Facebook app,” AP News reports. The social media platform also announced that it was hard at work to restore access. According to the head of Instagram, Adam Mosseri, the internal outages feel like a “snow day” per his Twitter account. Users have flocked to Twitter to share both their frustrations and speculations as to why the social media giant has gone dark. AfroTech is here to help you understand just exactly what’s happening in the world of social media.

Shanique Yates

Oct 4, 2021

Ken Chenault Departs Facebook to Replace Bill Gates as the First Black Berkshire Hathaway Director

Kenneth I. Chenault has been appointed as a board director of Warren Buffet’s Berkshire Hathaway becoming the first African American to hold the position. He will replace billionaire Bill Gates, the co-founder of Microsoft. According to Black Enterprise, Chenault will be leaving the board of Facebook Inc. where he was also the first African American to sit on the digital platform’s board. Chenault posted a farewell message on Facebook citing the reason for his departure is due to an opportunity to work with his friend, Buffet. However, according to The Wall Street Journal , Chenault’s stepping down is due to disagreements with Facebook CEO, Mark Zuckerberg, over “governance and political policies.” On the heels of Chenault’s departure, CFO of The Estée Lauder Companies, Tracey Travis, has been appointed to Facebook’s board making her the second African American woman to hold a position on the big tech giant’s board. “Tracey has a strong finance and corporate leadership background,...

Devin Crudup

Mar 16, 2020

Not Covering Your Webcam May Lead to Hackers Uncovering Your Privacy

In 2016, when FBI Director James Comey conducted a question-and-answer session on privacy at Kenyon College , one of his revelations baffled the audience. Comey admitted to covering his laptop’s webcam to ensure privacy, and encouraged others to do the same. Some thought it ironic, coming from a federal agent whose work involved the very infiltration of privacy. In the three years since Comey’s initial warning, the information security landscape has changed dramatically. Not only did a presidential election make Americans think twice about online security threats and the ramifications of hacking in politics, but major breaches at well-respected companies such as Target, Equifax, and Facebook also revealed the impact on our wallets and on our identity. While many can imagine what hackers could want with your personal and account information, it may be harder to discern how your webcam video feeds and sound bites could prove valuable. Hackers can actually use a Remote Access Tool to...

Emily Adeyanju

Dec 30, 2019

The 2020 Presidential Election is Near. But Will Facebook's Policy Leave the Door Open For Suppression of the Black Vote?

Using social media as a vehicle for political advertisements and posts filled with misinformation aimed at sabotaging the Black vote was put on display with Russia’s interference in the 2016 presidential election. As the 2020 presidential election approaches, questions around the allowance of paid political ads that specifically misinform Black demographics and measures social media platform executives, like Facebook’s Mark Zuckerberg, will take to prevent such ads are being heavily discussed. During a town hall meeting held in September, civil rights leaders met with Facebook’s COO, Sheryl Sandberg, in hopes to discuss the preventive measures the social media giant would put into place to combat the racial geared voter suppression messages that ran rampant on the platform during the 2016 election. Instead, Sandberg upheld Facebook’s policy that exempts politicians from its third-party fact-checking program. This means politicians including sitting president Donald Trump — whose...

Devin Crudup

Nov 4, 2019

Facebook Is Going To Keep That Deepfake Video Of Mark Zuckerberg On Instagram

People tend to trust videos, assuming that they’re harder to doctor than photographs. However, deepfake technology has proven that to be untrue, and social media platforms now have to wrestle with it. Recently, a deepfake video of Facebook CEO, Mark Zuckerberg, was uploaded to Instagram. The caption read, “Mark Zuckerberg reveals the truth about Facebook and who really owns the future…” People began to wonder if Facebook would elect to remove the video. However, the company has decided that it will remain on Instagram, as reported by The Verge . “We will treat this content the same way we treat all misinformation on Instagram. If third-party fact-checkers mark it as false, we will filter it from Instagram’s recommendation surfaces like Explore and hashtag pages,” a company spokesperson told The Verge. The Zuckerberg deepfake’s face is slightly muddled, but it does play on some common fears around him and data. “Imagine this for a second: One man, with total control of billions of...

Vanessa Taylor

Jun 12, 2019