Tag: #markzuckerberg

  • Mark Zuckerberg Apologises to Families Targeted by Social Media Abuse

    Mark Zuckerberg Apologises to Families Targeted by Social Media Abuse

    Meta CEO Mark Zuckerberg has apologised to families who say their children had been harmed by social media, during a fiery hearing in the US Senate.

    Mr Zuckerberg – who runs Instagram and Facebook – turned to them and said “no-one should go through” what they had.

    He and the bosses of TikTok, Snap, X and Discord were questioned for almost four hours by senators from both parties.

    Lawmakers wanted to know what they are doing to protect children online.

    Legislation is currently going through Congress which aims to hold social media companies to account for material posted on their platforms.

    Wednesday’s hearing was a rare opportunity for the US senators to question tech bosses.

    Mr Zuckerberg and TikTok CEO Shou Zi Chew voluntarily agreed to testify – but the heads of Snap, X (formerly Twitter) and messaging platform Discord initially refused and were sent government-issued subpoenas.

    Behind the five tech bosses sat families who said their children had self-harmed or killed themselves as a result of social media content.

    They made their feelings known throughout, hissing when the CEOs entered and applauding when lawmakers asked tough questions.

    While the hearing mostly focused on the protection of children from online sexual exploitation, the questions varied widely as the senators took advantage of having five powerful executives there under oath.

    TikTok – which is owned by Chinese company ByteDance – CEO Mr Chew was asked whether his company shared US users’ data with the Chinese government, which he denied.

    US Senator Tom Cotton asked Mr Chew, who is from Singapore, if he had ever belonged to the Chinese Communist Party.

    “Senator, I’m Singaporean. No,” Mr Chew replied.

    Mr Cotton then asked, “Have you ever been associated or affiliated with Chinese Communist Party?”

    Mr Chew responded: “No, senator. Again, I’m Singaporean.”

    He added that as a father of three young children he knew the issues under discussion were “horrific and the nightmare of every parent”.

    He admitted his own children did not use TikTok because of the rules in Singapore which bar under-13s from creating accounts.
    But it was Mr Zuckerberg, chief executive of Meta, who came under the most scrutiny, as he testified before Congress for an eighth time.

    At one point, Republican Senator Ted Cruz asked, “Mr Zuckerberg, what the hell were you thinking?” when he showed the tech boss an Instagram prompt that warns users they may be about to see child sexual abuse material, but asks if they would like to “see the results anyway”.

    Mr Zuckerberg said the “basic science behind that” is “it’s often helpful to, rather than just blocking it, to help direct them towards something that could be helpful”. He also promised to “personally look into it”.

    During another exchange with Republican Senator Josh Hawley, Mr Zuckerberg was invited to apologise to the families sitting behind him.

    He stood up, turned to the audience and said: “I’m sorry for everything you’ve all gone through, it’s terrible.

    “No-one should have to go through the things that your families have suffered.”

    Senators frustrated at lack of progress
    At the heart of the hearing was the companies’ attitudes to the online safety legislation currently going through Congress.

    This was summed up in a tense exchange between Jason Citron of Discord and Republican lawmaker Lindsey Graham.

    Mr Graham listed a number of bills going through Congress related to online safety, asking if Mr Citron supported them or not.

    While Mr Graham gave Mr Citron little opportunity to respond, the Discord boss appeared to have reservations about most of them.

    Mr Graham concluded: “So here you are – if you’re waiting on these guys to solve the problem, we’re gonna die waiting.”

    Ahead of the hearing, Meta had announced new safety measures, including that minors will now, by default, be unable to receive messages on Instagram and Messenger from strangers. Social media industry analyst Matt Navarra told the BBC he thought the hearing resembled many similar showdowns, with “lots of US political grandstanding” and a perfect photo opportunity provided by Mr Zuckerberg’s apology.

    He added that despite senators agreeing on the need for bipartisan legislation to regulate platforms, the question of what happens next remained unclear.

    “We’ve seen these hearings time and time again and they have often, so far, led still to not actually generate any significant or substantial regulation,” he said.

    “We’re in 2024 and US has virtually no regulation, as was pointed out during the hearings, with regards to the social media companies.”

    The bosses also revealed how many people they employed to moderate content on their platforms.

    Meta and TikTok, with the largest user numbers of the platforms represented, said they had 40,000 moderators each, while Snap said it had 2,300, X had 2,000 and Discord – who said it was smaller – had “hundreds” of moderators.

    Discord is a messaging platform and has previously been questioned over how it detects and prevents child abuse across its platform.

    After the hearing, some of the parents who were in the room staged a rally outside, with several calling on lawmakers to urgently pass legislation to hold firms accountable.

    “Just like I did, many parents continue to think that these harms that we’re talking about today won’t affect their families,” said Joann Bogard, whose son Mason died in May 2019. She said he had taken part in a TikTok choking trend.

    “These harms are happening overnight to our average kids,” she said. “We have the testimonies. Now is the time for our legislators to pass the Kids Online Safety Act”.

    Arturo Béjar, a former senior staff member who testified to Congress in November 2023, was also there, and told the BBC: “Meta is trying to push their responsibility to provide a safe environment for teens to parents, yet won’t add a button where a teen can tell them they’ve experienced an unwanted advance.”

    “How can they make it safe for teens without that?”

    During today’s hearing, Meta said it had brought in “over 30 tools” to support a safe environment for teens online.

  • Mark Zuckerberg Set To Build Own Artificial General Intelligence

    Mark Zuckerberg Set To Build Own Artificial General Intelligence

    Meta is getting more serious about securing its place in the growing AI arms race.

    CEO Mark Zuckerberg announced on Thursday that Meta plans to build its own artificial general intelligence, known as AGI, which is artificial intelligence that meets or surpasses human intelligence in almost all areas. He said the company then plans to open it up to developers.

    In a video posted to Meta’s social network Threads, Zuckerberg said building the best AI for chatbots, creators and businesses requires more advancement in AI across the board. “It’s become clearer that the next generation of services requires building full general intelligence,” he said.

    “Our long term vision is to build general intelligence, open source it responsibly, and make it widely available so everyone can benefit,” he added in a post on Threads.
    To handle this type of processing power, Zuckerberg said Meta is on track to have about 350,000 Nvidia AI chips by the end of the year. The company also plans to grow and bring its two major AI research groups – called FAIR and GenAI – together to accelerate the company’s work, Zuckerberg said.
    He said he believes the company’s vision for AI and the virtual space metaverse are connected.

    “By the end of the decade, I think lots of people will talk to AIs frequently throughout the day using smart glasses like what we’re building with Ray Ban Meta.”
    Meta’s latest Ray Ban glasses are powered by artificial intelligence and allow users to make calls, send messages and take videos, hands free.

    Zuckerberg’s latest announcement is one of its biggest pledges to double down on artificial intelligence. Big Tech companies including Microsoft, Google and Amazon continue to share new AI tools and visions amid a heightened and renewed AI arms race. However, some tech skeptics have shared concerns about those big companies and new players such as OpenAI could create unintended harms with these revolutionary products.

    Earlier this year, Zuckerberg said Meta is creating a new “top-level product group” to “turbocharge” the company’s work on AI tools. Since then, Meta has released tools and information aimed at helping users understand how AI influences what they see on its apps.

    Dipanjan Chatterjee, an analyst at Forrester Research, said the company’s big shift toward AI isn’t surprising given the industry’s push to embrace AI, but is noteworthy considering Meta not too long ago rebranded to go all in on its concept of the metaverse.

    “That trope around ‘every company is now a technology company’ has evolved to be every company is now an AI company,” he said. “It’s clear that the interest in the metaverse has soured considerably since the days that Facebook became Meta, and so it is no surprise that the company has turned to AI to bring some of the lost shine back to the brand.”

  • Facebook’s Daily Average Users Hit 2.09 Billion in September 2023 – Meta

    Facebook’s Daily Average Users Hit 2.09 Billion in September 2023 – Meta

    Mark Zuckerberg’s social media company, Meta, has revealed that Facebook’s daily average users (DAUs) increased by 5% year on year to 2.09 billion in September this year. 

    Meta disclosed this in its earnings report for Q3 2023.

    According to the report, all the family of apps owned by the company, which include WhatsApp, Instagram, Messenger, and most recently, Threads, had total daily average users of 3.14 billion as of September, which was 7% growth year on year.  

    This shows that Facebook is the most used of the Meta apps family.

    With 2.09 billion DAUs, Facebook alone accounted for 66.5% of daily users across all Meta platforms.  

    The company said it now has more than 3.9 billion people using at least one of its apps every month. 

    Increase in revenue 

    With the increase in users, Meta posted a $34.15 billion revenue for Q3, representing an increase of 23% year-over-year. Meta said it also recorded a significant increase in ad impressions across its family of apps in the quarter under review. 

    • In the third quarter of 2023, ad impressions delivered across our Family of Apps increased by 31% year-over-year and the average price per ad decreased by 6% year-over-year,” Meta stated.  

    Zuckerberg announces Meta’s plans for 2024 

    In a Wednesday earnings call on the Q3 results, Zuckerberg expressed satisfaction with Meta’s performance and shared the company’s plans for the coming year.  

    • As we’re looking ahead and planning for next year, I wanted to share a few thoughts on what I’m expecting. I’ve been happy with our results this year so far, and we’re planning to continue focusing on operating efficiently going forward — both because it creates a more disciplined and lean culture, and also because it provides stability to see our long-term initiatives through in a very volatile world.  
    • In terms of investment priorities, AI will be our biggest investment area in 2024 — both in engineering and compute resources. But I want to avoid allocating a lot of new headcounts, so we’re going to continue deprioritizing a number of non-AI projects across the company to shift people towards working on AI instead.  
    • On the recruiting front, one dynamic that I want to flag is that we have a sizable hiring backlog right now since part of our layoffs earlier this year included teams swapping out certain skillsets for being able to hire others, and we’re still going to be hiring for those roles going into 2024. That means that even though we’re planning to grow headcount at a much slower rate going forward, the actual rate next year may temporarily be faster as we work through this hiring backlog,” he said. 

    Lawsuit against Meta 

    Although Zuckerberg was quiet about it during the earnings call, the release of Meta’s Q3 results came a day after dozens of states in the United States filed a joint lawsuit against Meta over claims that Instagram and Facebook are affecting the mental health of young users.

    The landmark lawsuit is challenging the addictive nature of Meta’s platforms and also claims that the company prioritizes profit at the expense of its users’ mental health.   

  • Like Twitter, Facebook and Instagram to Start Selling Verified Badge

    Like Twitter, Facebook and Instagram to Start Selling Verified Badge

    A gradual test of the service will commence this week in Australia and New Zealand, according to a statement by Meta CEO, Mark Zuckerberg, on Sunday, February 19, 2023.

    The badge authenticates users’ accounts with government ID, proactive protection, access to direct human support, and increased visibility and reach.

    Applicants for the service must be 18, meet minimum activity requirements, and submit a government ID that matches their profile name and image.

    “People can purchase a monthly subscription for USD$11.99 on the web and USD$14.99 on iOS and Android,” the statement read.

    Zuckerberg, 38, said the service will help creators on Facebook and Instagram grow their presence and build community faster.

    While the service remains in its testing phase, there will be no changes to accounts already verified on the platforms.

    Last year, fellow social media giant, Twitter, started selling its verified badge for $8 monthly for the web and $11 monthly for iOS shortly after billionaire, Elon Musk, bought the company.

    The November 2022 rollout of the feature caused chaos as many trolls used the authenticity of the bought badge to impersonate prominent people and companies. This forced the suspension of the feature before it was relaunched shortly after.

    Last week, the company announced that only users subscribed to the Twitter Blue package will be privileged to use SMS two-factor authentication. Starting in March, non-subscribers will be stripped of the security feature but can still use an authenticator app or physical security key.

  • Mark Zuckerberg Pledges to Make 2023 a Year of Efficiency

    Mark Zuckerberg Pledges to Make 2023 a Year of Efficiency

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • Mark Zuckerberg Drop to 20th in World’s Richest Person’s List

    Mark Zuckerberg Drop to 20th in World’s Richest Person’s List

    Mark Zuckerberg’s net worth has plummeted by $70 billion so far this year, a fall of 55%.

    Meta’s net income has fallen amid huge investments in the metaverse and a decline in users.

    Zuckerberg is now just the 20th richest person on the planet, way behind Elon Musk and Jeff Bezos.

    Meta CEO Mark Zuckerberg’s net worth has plummeted by $70 billion so far this year, bumping him down to 20th richest person in the world, estimates show.

    Zuckerberg started the year with a $125 billion fortune, according to Bloomberg’s Billionaires Index. But since then, it’s tanked down to $55.3 billion, a fall of just over 55%, according to the data. Forbes puts his net worth at $53.4 billion.

    Meta, which owns Facebook, Instagram, WhatsApp, and Oculus, has had a tumultuous past 12 months since Zuckerberg said it would become a metaverse company and then unveiled a massive rebrand last October. Facebook went on to report its first ever decline in user number, losing roughly one million daily active users in the last quarter of 2021.

    The brand was also steeped in controversy last fall when whistleblower Frances Haugen leaked information from internal company documents, including claiming that she’d seen internal research which found Instagram contributed to eating disorder and suicidal thoughts in teenage girls.

    Meta’s net income fell 36%, or more than $3 billion, in the second quarter from the same period in 2021.

    The company said in an April proxy statement that it had spent around $10 billion on metaverse investments in 2021, or roughly 50% of its capital expenditure. Meta said that as of April there were over 10,000 people working on its metaverse projects.

    “The metaverse business for us isn’t really going to be a meaningful contributor to the business until at a minimum much later in this decade, and probably realistically this decade is going to be about setting the foundation for that and then the 2030s are really where this is going to contribute a lot to the profits of this company,” Zuckerberg said during the company’s annual shareholder meeting in May.

    He added that successful companies should be investing significantly in research and development “to help push the world forward.”

    Meta has cut down on hiring in 2022 amid an economic downturn which has impacted the whole tech sector. Reuters reported that Meta had reduced its hiring target for this year by around a third.

    Who else is on the rich list?

    Tesla and SpaceX CEO Elon Musk tops the rich list by a long shot, with Bloomberg putting his wealth at $268 billion.

    Indian industrialist Gautam Adani, Amazon founder Jeff Bezos, French luxury-goods magnate Bernard Arnault, and former Microsoft CEO Bill Gates make up the rest of the top five.

    At 20th, Zuckerberg is just behind Jim, Rob, and Alice Walton, the children of Walmart cofounder Sam Walton

  • It is Hard to Spend Time on Twitter without Getting Upset – Mark Zuckerberg

    It is Hard to Spend Time on Twitter without Getting Upset – Mark Zuckerberg

    • Mark Zuckerberg joined “The Joe Rogan Experience” and discussed Twitter and Instagram’s differences.
    • He said it’s hard to spend time on Twitter “without getting upset,” but Instagram focuses on positivity.
    • Instagram has faced a number of lawsuits that accuse the app of hurting the mental health of young users.

    Mark Zuckerberg took a dig at Twitter while on “The Joe Rogan Experience” podcast on Thursday.

    The CEO of Meta, which owns Facebook and Instagram, described his experience using Twitter to Joe Rogan, the podcast’s host, saying, “I find that it’s hard to spend a lot of time on Twitter without getting too upset.”

    Zuckerberg compared the experience with being on Instagram. “On the flip side, I think Instagram is a super positive space. I think some of the critiques we get there is that it’s very curated and potentially, in some ways, overly positive… It’s easy to spend time there, and kind of absorb a lot of the positivity,” he said.

    Zuckerberg said Instagram’s focus on positivity was intentional, saying, “I don’t want to build something that makes people angry.”

    He also attributed some differences between the two social media platforms to “the design of the systems.”

    “I think images are a little less cutting usually, and kind of critical, than text,” he said.

    The Meta CEO did not completely shun Twitter, though, complimenting the competing social media platform. Zuckerberg said the site contains “all these people who are super-witty and are saying super-insightful things.”

    “But a lot of them are very cutting,” he added.

    Meta did not immediately respond to a request for comment.

    Despite Zuckerberg’s professed focus on positivity when it comes to Instagram, the photo-sharing app has faced backlash for its alleged toll on the mental health of its younger users. In recent months, the company has been hit with lawsuits that accused Instagram of spurring eating disorders in young users and being intentionally addictive.

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