Is Meta raising money for AI development?
As Meta CEO Mark Zuckerberg chases the Metaverse dream, he seemed to miss the wave of consumer-facing AI-powered programs being developed under his nose in Silicon Valley.
Latest Meta News
Meta to lay off 10,000 workers as metaverse ambition wanes
Mark Zuckerberg announced another round of massive layoffs, just days after winding down NFT integrations, even as his focus seemingly turns to AI from metaverse.
Meta gives up on NFTs
After debuting NFTs on Facebook and Instagram in 2022, Meta is winding down the project, which hasn’t taken off amid a major dip in NFT trading volume.
Meta plans for decentralized social media app unveiled in new report
Dubbed P92, the app will be text-based, and users can access the platform using their Instagram log-in details; it will also be interoperable with Mastodon.
EU to monitor antitrust and promote healthy competition in the metaverse
The European Union’s antitrust head says the region must adapt its policies to fit the digital age, including promoting healthy competition in the metaverse world.
Meta lost $14B in 2022 on its metaverse bet, but Zuckerberg wants to invest more
Q4 2022 was Meta’s Reality Labs’ worst one yet, with a $4.3 billion loss; while Zuckerberg laid off 11,000 workers in November, he wants to invest more in the metaverse.
Meta wins court battle with FTC over the acquisition of VR platform Within Unlimited: report
A California judge denied the FTC's injunction request, arguing that Meta would dominate the VR industry by acquiring the VR fitness app Within Unlimited.
Irish privacy regulator fines Meta more than $400M over illegal ad practice
The decision by Ireland's Data Privacy Commissioner (DPC) found that Meta had illegally forced users to accept personalized ads by placing the legal consent within the terms of service.
Philippine central bank removes Novi from exclusive list of VASP licensees
Novi is no longer a registered Virtual Asset Service Provider in the Philippines following BSP's decision to remove it from the list of digital wallets after its unfateful closure on September 1.
More bad news for Meta as Irish DPC imposes €265M fine over GDPR violations
The Irish Data Protection Commission assessed Facebook search, FB messenger contact importer, and Insta contact importer tool and found that they violated compliance with GDPR’s obligations for data protection and design by default.
Meta begins mass layoffs—why?
Meta CEO Mark Zuckerberg proceeds with the company's mass layoffs following a turbulent year and his desire to create a grand metaverse that largely went off the rail.
Meta investors panic as Zuckerberg doubles down on Metaverse
Meta's shares tumbled after the release of its Reality Labs financial report, which saw an operating loss of $3.67 billion and is likely to grow in the coming year, drawing panic among investors.