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Global outage affecting users globally, Meta Platforms, the parent company of social media giants Facebook, Instagram, and messaging app WhatsApp, experienced service disruptions. The incident left millions of users unable to access their accounts, triggering concerns about potential cyber attacks and hacking.

Service Disruptions:
The outage, which began around 8:30 PM on Tuesday, impacted users in various parts of the world, including India. Users reported issues such as being logged out of their accounts, inability to refresh feeds, and prompts to change passwords. Meta’s status dashboard indicated problems with the WhatsApp Business API as well, with around 200 reported outages for WhatsApp.

Extent of Outage:
Outage tracking website Downdetector.com recorded over 300,000 outage reports for Facebook and more than 20,000 for Instagram. The disruptions raised alarm among users, many of whom took to social media platforms to express their frustration and speculate about potential cyber attacks.

Meta’s Response:
Meta spokesperson Andy Stone acknowledged the issues in a post on X (formerly Twitter), stating, “We’re aware people are having trouble accessing our services. We are working on this now.” The company actively worked to address the disruptions and restore normal service.

Elon Musk’s Jest:
Notorious for his wit on social media, X owner Elon Musk took a humorous jab at Meta during the outage, posting, “If you’re reading this post, it’s because our servers are working.” Musk’s comment added a touch of humor to the situation, drawing attention from netizens.

User Concerns and Reactions:
As users grappled with the service disruptions, concerns about hacking and cyber attacks circulated. Many users on X expressed their worries about potential security breaches, with some changing passwords multiple times in an attempt to secure their accounts.

Global Impact and Memes:
The outage prompted a flurry of memes and comments on social media platforms, with some users poking fun at Meta owner Mark Zuckerberg. Memes related to Zuckerberg’s recent visit to India for a pre-wedding event hosted by Mukesh Ambani’s family added a humorous dimension to the situation.

Resolution and Service Restoration:
Meta took prompt actions to resolve the issues, and services were gradually restored around 10 PM on Tuesday. The company assured users that it was actively addressing the problems, emphasizing its commitment to providing a reliable and secure online experience.

The outage highlighted the widespread reliance on Meta’s platforms for communication and connectivity, underscoring the need for robust measures to prevent and address such disruptions in the future.

#instagramdown #facebookdown #metadown #socialmedia

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A pivotal turn of events: Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla collectively dubbed the “Seven Samurai” by financial expert Aswath Damodaran, orchestrated a remarkable market rebound in 2023. The “Magnificent Seven” played a crucial role in rescuing investors from the challenges of 2022, contributing to an impressive $5.1 trillion surge in their collective market capitalization.

These stocks, led by notable performers Nvidia and Meta, emerged as the driving force behind a 23.25% overall price appreciation in the US equity market. Microsoft and Apple, each adding a trillion dollars to their market caps, solidified their positions as major players in the market resurgence. Damodaran’s analysis reveals that these companies accounted for over 50% of the total increase in the US equity market capitalization.

The cumulative market cap of the Seven Samurai has witnessed a remarkable ascent over the last decade, soaring from $1.1 trillion in 2012 to an astounding $12 trillion in 2023. This represents 24.51% of the overall US market cap, signaling a substantial impact on the market landscape.

Damodaran delved into the factors propelling the success of these stocks. Despite a rebound from losses incurred in 2022, the stellar 2023 performance goes beyond mere correction, indicating robust profitability and operating performance. The Seven Samurai demonstrated pricing power, economic resilience, and acted as lucrative money machines, showcasing strong earnings.

The valuation guru emphasized the “winner-take-all economics” as a crucial factor, reflecting a shift from manufacturing to a technology-driven global economy. While acknowledging their past glory, Damodaran cautioned investors about the current premium pricing scenario, urging prudent investment strategies as the future remains uncertain. Even though the Mag Seven have reshaped the market landscape, their present valuation demands careful consideration.

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In a remarkable financial ascent, Mark Zuckerberg, the co-founder of Facebook, has become the world’s fourth-richest individual after his wealth soared by an impressive $28.1 billion. Following Meta’s quarterly results that outperformed Wall Street expectations, Zuckerberg’s net worth reached a staggering $170.5 billion. This surge, driven by a nearly 20% increase in Meta’s shares, marks a significant comeback for Zuckerberg, whose wealth dipped below $35 billion in late 2022 amidst tech stock declines.

Zuckerberg Overtakes Bill Gates with Historic Net Worth of $170.5 Billion

The robust quarterly results propelled Zuckerberg past Bill Gates, securing the fourth spot on the Bloomberg Billionaires Index. With his net worth hitting an all-time high, Zuckerberg has now surpassed some of the world’s wealthiest individuals. This remarkable achievement showcases the resilience of his wealth, bouncing back from challenges posed by inflation and interest rate hikes in 2022.

Meta’s Stellar Performance Fuels Zuckerberg’s Wealth Surge

The impressive quarterly results of Meta, the parent company of Facebook, played a pivotal role in Zuckerberg’s wealth surge. The company’s shares experienced a 20% increase following results that exceeded Wall Street expectations. This optimistic outcome is not only propelling Zuckerberg’s personal wealth but is also likely to benefit him with an annual payout of approximately $700 million from Meta’s first-ever dividend for investors.

Meta’s Dividend Signals Confidence Amidst Regulatory Challenges

Meta’s decision to introduce a quarterly cash dividend of 50 cents a share for Class A and B common stock, starting in March, signals the company’s perspective on its growth potential. Zuckerberg, holding about 350 million shares, stands to gain around $175 million in each quarterly payment before taxes. This move, coupled with an additional $50 billion in share buybacks, suggests Meta’s confidence amidst regulatory challenges and dwindling acquisition prospects.

Zuckerberg’s Long-Term Bets on AI and Metaverse Supported by Financial Resurgence

Despite facing regulatory hurdles and strategic shifts, Zuckerberg’s long-term bets on artificial intelligence (AI) and the metaverse appear bolstered by Meta’s financial resurgence. The company’s focus on AI initiatives and the metaverse aligns with Zuckerberg’s vision for the future, supported by positive investor sentiments following the stock’s nearly tripled value in 2023.

Meta’s Optimism Reflects in Zuckerberg’s Compensation and Future Prospects

As Meta moves forward with dividends and buybacks, Zuckerberg’s compensation and the company’s future prospects remain in focus. The dividends and share buybacks may serve to win more patience from investors, providing additional support for Zuckerberg’s ambitious endeavors in AI and the metaverse. The coming years will likely see how Meta navigates challenges and realizes its vision under Zuckerberg’s leadership.

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Instagram, owned by Meta, is currently in the testing phase for a new feature called “Flipside.” This feature aims to address concerns around ‘finstas’ while providing users with a more private avenue to share content exclusively with close friends and family.

Meta Executive Adam Mosseri responded to inquiries about Flipside potentially coming to Threads, stating, “We’re not even sure we’ll launch it on Instagram. On one hand, it feels good to create a clear space that feels more private. On the other, it’s yet another way to reach a smaller audience on top of secondary accounts and Close Friends. We’ll see how people respond in the test, and iterate forward.”

While the Instagram Head expressed uncertainty, a Meta Executive confirmed to TechCrunch that the company is indeed testing this feature. According to the spokesperson, Meta is continuously exploring new ways for people to connect with friends on Instagram. The decision to test Flipside stems from user feedback expressing a desire for more options for sharing in private spaces.

Understanding Flipside:

The concept of Flipside surfaced when reverse engineer Alessandro Paluzzi shared development screenshots in December. These screenshots suggest that Instagram may position Flipside as “a new space just for you and your friends,” emphasizing that “only the people you choose can see this side of your profile and what you share here.”

A recent video shared by social media consultant Matt Navara demonstrates how Flipside functions. The feature serves as an alternative profile, allowing users to share reels or posts visible exclusively to a select group of people.

The ‘Finsta’ Connection:

Flipside appears to be a response to the challenge of ‘finstas’—fake Instagram accounts often created by individuals, including celebrities, to engage with close friends. The term gained prominence in 2021, leading to questions during a congressional hearing about Meta’s commitment to addressing the finsta issue.

As Instagram navigates the testing phase of Flipside, it remains to be seen how users respond to this new feature designed to enhance privacy and cater to the demand for more selective content sharing on the platform.

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Global tech giant Meta, known for platforms like Facebook, WhatsApp, and Instagram, has raised concerns about the Indian government’s proposed telecom law. The worry stems from the possibility of the law extending its regulatory reach to over-the-top (OTT) applications, including messaging apps like WhatsApp and Signal.

Regulatory Ambit: Meta is worried that the new Telecom Bill, presented in the Indian Parliament, could be used to regulate OTT services in the future. This includes internet apps like Facebook, WhatsApp, and Instagram.

Internal Communication: Shivnath Thukral, Meta’s Director and Head of India Public Policy, shared these concerns in an internal email to colleagues. He highlighted the potential for the government to apply the legislation to OTT services at a later date.

Changes in the Bill: While the specific term ‘OTT’ has been removed from the current version of the legislation, concerns persist due to the expansive definitions of ‘telecommunication services’ and ‘messages’ in the bill.

Government Powers: The proposed law grants the government extensive powers, including the ability to intercept messages, establish encryption standards, and assume control over telecom networks.

Broader Definitions: Experts are cautious about the broad definitions in the bill, even though the reference to ‘OTT’ has been omitted.

Ongoing Debate: Meta’s concerns add to the ongoing debate around the balance between regulatory control and the freedom of internet applications in India.

As the Telecom Bill progresses through the legislative process, the tech industry and policymakers will continue to navigate discussions regarding regulatory frameworks, privacy, and the evolving landscape of digital communication in India.

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Meta Cleanup Mission

Meta, the company behind Facebook and Instagram, recently shared that they got rid of about 4,800 fake accounts. These accounts were part of a plan coming from China to mess with what people think about US politics, especially the 2024 presidential election.

China’s Double-Sided Game

In this game, the fake accounts didn’t pick sides. They criticized both the Democrats and Republicans using words copied from other sources. It’s like they were trying to stir up trouble without taking a specific side.

Meta’s Confusion and Response

Meta, the Big tech boss admitted they weren’t sure why this was happening. The fake accounts shared stuff from both sides of the political fence, making it tricky to figure out their real goal. Meta doesn’t know if they wanted to make people fight more, gain followers for certain politicians, or just look more real by sharing actual stuff.

China and Russia in the Spotlight

This year Meta has stopped five such tricky campaigns from China, more than any other country. They also shut down a group from Russia. This Russian gang spread stories about Russia invading Ukraine and made up fake media brands.

2024 Elections and Tech Trouble

As the 2024 elections get closer, people worry that tech platforms, like Facebook and others, could be used to cause problems. The US Department of Homeland Security warned that other countries might use fancy tech, like artificial intelligence, to mess with how much people trust the government and make things confusing.

Learning from the Past

This isn’t the first time. In the 2016 presidential election, Russia played with social media to make people fight. So, Meta is trying hard to stop this from happening again as the 2024 elections roll in. It’s a big job to make sure what you see online is real and not just someone trying to trick you.

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Legal Challenge to Meta

A big legal showdown is happening. 33 states, including influential ones like California and New York, are taking Meta Platforms Inc. to court. They allege that Meta is massively having a negative impact on the mental health of young people, especially children, and that Meta’s apps like Instagram and Facebook are designed to be overly addictive.

Concerns Over Data Collection

The states are also concerned about how Meta gathers data from kids under 13 without getting permission from their parents, which is against the rules. Yet still they have accounts on these platforms. Filed in a federal court in California, this lawsuit also alleges that Meta consistently harvests data from children under 13 without the vital consent of their parents, which is a clear violation of federal law.

Words from New York’s Top Lawyer

New York Attorney General Letitia James is outspoken about this issue. Kids and teenagers are suffering from record levels of poor mental health, and social media companies like Meta are to blame,” declares New York Attorney General Letitia James. She doesn’t mince words, pointing out that Meta has profited from children’s pain by engineering platforms with manipulative features, all while undermining their self-esteem.

Collaborative Investigation

This legal battle is the result of a joint effort by lawyers from different states. They delved into Meta’s secret studies, revealing that Instagram, in particular, has a detrimental impact on teenagers, especially girls. It all comes after damning revelations that first emerged in 2021 from The Wall Street Journal, grounded in Meta’s internal research. This research apparently showed how Instagram can profoundly affect teenagers, particularly teenage girls, in terms of mental health and body image issues. One study cited that 13.5% of teen girls felt that Instagram worsens thoughts of suicide, while 17% believed it exacerbates eating disorders.

Media and Whistleblower’s Impact

The seriousness of the matter is further underscored by the involvement of a consortium of news organizations, including The Associated Press. Their findings were primarily based on leaked documents from whistleblower Frances Haugen. Haugen’s testimony before Congress and a British parliamentary committee has shone a light on these concerns, adding fuel to the fire.

The Prevalence of social media Among Teens

One fact remains undisputed: social media is an integral part of teen life in the U.S. and many parts of the world. According to the Pew Research Center, up to 95% of youths aged 13 to 17 in the U.S. use a social media platform. More than a third of these young individuals claim to use social media “almost constantly.”

Challenges with Regulation and Bypassing Restrictions

Despite regulations banning children under 13 from signing up on social media platforms, the lawsuit highlights the concerning ease with which children can circumvent these bans, often without their parents’ consent. Even restrictions imposed by social media platforms for the sake of children’s mental health can be sidestepped. For example, TikTok introduced a default 60-minute time limit for users under 18, but minors can simply enter a passcode to keep on watching.

A Call for Immediate Action

In May, U.S. Surgeon General Vivek Murthy signaled, calling on tech companies, parents, and caregivers to take “immediate action to protect kids now” from the adverse effects of social media. The battle lines are drawn, and the tech industry’s impact on youth mental health is under the spotlight like never before.

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No More One Account For WhatsApp

WhatsApp, the go-to messaging platform for millions, is breaking free from its one-account-per-device tradition. Goodbye, annoying logouts! The Meta-owned instant messenger has announced a game-changer: Android users can now switch two active WhatsApp accounts simultaneously.

A Long-Awaited Leap

For too long, WhatsApp users were tethered to a single account on a single device. If you wanted to access another account, you had to bid farewell to your primary one. But not anymore. WhatsApp’s latest move is like a breath of fresh air. You can now have two accounts, each tied to a different phone number, without the fuss of logging in and out repeatedly.

Setting Up the Duo

To set up this dynamic duo, you’ll need a second phone number and SIM card, or a phone that supports multi-SIM or eSIM. In the WhatsApp settings, it’s as simple as tapping on your name, clicking “Add account,” and using that secondary number.  Switch instantly!

Privacy Tailored to You

Now, you get to control your accounts independently. Mute notifications on one, keep them lively on the other. It’s all about customization, fitting WhatsApp flawlessly into your work and personal life. Plus, it’s worth mentioning that your messages are still enfolded in that trusty end-to-end encryption.

Two in One, One Less Phone to Carry

This feature isn’t just about suitability; it’s an efficient step. Now, you can effortlessly toggle between your work and personal accounts, all on one device. Say goodbye to the hassle of carrying two phones. WhatsApp has got your back!

Stay on the Safe Side

WhatsApp reminds users to stick with the official app from the Google Play Store to enjoy these perks and avoid imitation apps. The iOS crowd, though, will have to hold their breath a bit longer, as WhatsApp hasn’t yet confirmed this feature for their devices.

WhatsApp’s Busy Week

WhatsApp is on a roll this week, showering users with a host of updates and features. They’re even testing a ‘view once’ mode for voice messages, aligning with their commitment to user experience.

In a world, where staying connected is everything, WhatsApp’s new multi-account feature is a game-changer. It’s about flexibility, simplicity, and making your life easier. So, embrace the change, and say hello to juggling two WhatsApp worlds with ease!

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Meta, the parent company overseeing the digital realm of Facebook, Instagram, and WhatsApp, is contemplating a significant stride in the Indian market. Reports have surfaced indicating that Meta is exploring the possibility of introducing an ad-free subscription plan for Indian users, potentially making it available as early as 2024. This bold move comes in the wake of similar considerations in the European Union, where Meta has been evaluating the prospect of monetizing its platforms on a global scale.

The plan that made waves last week proposes a subscription fee of $14 per month for accessing an ad-free version of Instagram or Facebook within the European Union. While this subscription model might seem like a new avenue, it is, in fact, part of Meta’s broader strategy to adapt to evolving tech regulations and the changing digital landscape.

In recent times, Meta, under the leadership of Mark Zuckerberg, has been grappling with the evolving tech regulations in India, which could potentially reshape the way the internet functions in the country. These regulatory shifts have spurred Meta to explore innovative monetization strategies while keeping data privacy and user experience at the forefront.

As part of its strategy to align with the newly enacted Digital Personal Data Privacy (DPDP) Act, Meta is engaged in robust discussions to ensure full compliance with data protection regulations in India. The introduction of a paid, ad-free subscription option is seen as a potential solution to balance revenue generation with user preferences and privacy concerns.

It’s noteworthy that Meta’s foray into ad-free subscriptions is not limited to a single region but rather signifies a global paradigm shift in how the company seeks to engage users. The planned pilot for this subscription model in India follows a trial period in the European Union and is expected to roll out sometime in mid- or late-2024.

As Meta continues to navigate the dynamic landscape of digital technology and regulations, the prospect of ad-free subscription options could mark a pivotal moment in its journey to ensure both user satisfaction and business sustainability. This innovative approach has the potential to reshape the digital advertising landscape and redefine the way users interact with these platforms.

The evolving scenario in India, coupled with Meta’s commitment to privacy and compliance, is set to usher in a new era of digital experiences for users on platforms like Facebook and Instagram. The coming years will undoubtedly witness the unfolding of Meta’s ambitious plans, making it a focal point in the ever-evolving digital ecosystem.

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In a move aimed at streamlining its operations, Meta is set to lay off employees from its Reality Labs division, specifically from the unit responsible for creating custom silicon for the metaverse. According to sources familiar with the matter, the layoffs are scheduled for Wednesday.

Employees were notified about these impending changes via a post on Meta’s internal discussion forum, Workplace, on Tuesday. They can expect to receive official notifications regarding their employment status with the company by early Wednesday morning.

As of now, Meta has not provided official comments on these plans. The exact scale of the layoffs within the silicon unit, known as the Facebook Agile Silicon Team (FAST), remains unclear. FAST currently boasts around 600 employees, according to one of the sources.

FAST plays a pivotal role in Meta’s mission to develop custom chips that power augmented and virtual reality hardware, including products like the mixed reality headsets called Quest and smart glasses created in collaboration with Ray-Ban eyeglass maker EssilorLuxottica. These smart glasses can stream video and interact with wearers through a cutting-edge artificial intelligence virtual assistant.

Meta recently unveiled updated versions of its smart glasses and introduced the Quest 3 headset at the annual Connect conference. In addition to these offerings, the company is also actively working on augmented reality glasses capable of projecting virtual objects onto transparent lenses, alongside accompanying smartwatches.

While Meta has made significant strides in the metaverse realm, it has faced challenges in developing competitive silicon chips. As a result, it has sought the expertise of chipmaker Qualcomm for its current range of devices, including Quest headsets and Ray-Ban smart glasses.

This workforce adjustment reflects Meta’s ongoing efforts to refine its operations and adapt to the ever-evolving landscape of the metaverse, ensuring that its products continue to meet the high standards of innovation and quality in this dynamic field.

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