The staggering numbers have put Big Tech under increased scrutiny, with Zuckerberg, Bezos, Apple Inc. Chief Executive Officer Tim Cook and Alphabet Inc. head Sundar Pichai testifying before Congress last month to defend allegations that their power and influence are out of control.
The House Judiciary Committee's antitrust panel appeared to draw on a rich trove of Facebook company emails, releasing numerous screenshots of correspondence from Zuckerberg and other Facebook executives. Using the exchanges, lawmakers got Zuckerberg to acknowledge that he saw photo-sharing app Instagram and messaging app WhatsApp as competitors when Facebook acquired them.
"It's really disappointing that we don't have adequate testing, that the credibility of top scientists and the CDC are being questioned," Zuckerberg said in an interview with Anthony Fauci, the country's top infectious disease expert. "I strongly agree that we need something of a reset here."
Mark Zuckerberg’s net worth passed $100 billion for the first time Thursday after Facebook Inc. hit a record high on optimism about the release of its TikTok competitor Reels, reports Bloomberg. The 36-year-old joins fellow tech titans Jeff Bezos and Bill Gates as the only people in the world who currently have centibillionaire status, according to the Bloomberg Billionaires Index. Zuckerberg’s fortune is largely derived from his 13% stake in Facebook.
The comments come with Facebook under intense pressure from advertisers.
US lawmakers, united in their ire, lash out at Jeff Bezos, Tim Cook, Mark Zuckerberg and Sundar Pichai
It was the first hearing for some time where Dems and Reps acted as if they had a common foe, though for different reasons. Dems criticized the tech cos for buying startups to stifle them and for unfairly using data to clone and kill off competitors, while Reps questioned whether the platforms had muzzled conservative viewpoints and were unpatriotic.
Mark Zuckerberg just became $7.2 billion poorer after a flurry of companies pulled advertising from Facebook Inc.’s network.
The announcement, which came in the form of a letter to employees, appeared aimed at quelling anger inside the company that was so severe it prompted some to quit. The outrage was sparked when Zuckerberg said Facebook would not remove or flag Trump's recent posts that appeared to encourage violence against those protesting police racism.
Shares plunged 8.3% on the news, eliminating $56 billion in market value.
While Facebook does apply labels to misleading posts, it exempts from review posts by politicians, a decision that some lawmakers and presumptive Democratic presidential candidate Joe Biden say helps lies to flourish online. Unlike Twitter, Facebook outsources its fact checking to media partners and says it takes no stance itself.
Tackling companies with combined annual revenue of $782 billion, more than the gross domestic product of Switzerland, is a huge challenge, meaning competition authorities benefit from the work that’s already been done elsewhere.
Facebook CEO Mark Zuckerberg said the partnership "will be to wire up and get thousands of kiranas, small businesses across India, onboarded onto WhatsApp to do commerce there". In the investor call of Alphabet, its chief Sundar Pichai said the company has announced a 'Google for India' Digitisation Fund to help Indian Internet users.
In April, Facebook announced investments of $ $5.7 billion in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder. The deal with Jio allowed WhatsApp's integration with JioMart to enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience.
Dressed for Congress: Zuckerberg junks the Tee, Bezos came armed with snacks while Cook sipped tea in a mug, and Pichai suits up in grey
Tech titans kept it subtle at the antitrust hearings.
Social platforms have faced calls to label or remove Trump's comments which warned against fraud in mail-in voting, and which appeared to encourage violence against those protesting the police killing of a black man in Minnesota.
Zuckerberg’s testimony, published in advance, focused on the broader danger of allowing tech firms from the world’s No. 2 economy to dominate the online sphere.
Four Big Tech CEOs - Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Sundar Pichai of Google and Tim Cook of Apple - are testifying on their companies’ practices before Congress as a House panel caps its yearlong investigation of market dominance in the industry. Critics question whether the companies, grown increasingly powerful after gobbling up scores of rivals, stifle competition and innovation, raise prices for consumers and pose a danger to society.Antitrust hearing: 4 Big Tech CEOs take heat during US Congress grilling on market power, influence
The four tech CEOs command corporations with gold-plated brands, millions or even billions of customers, and a combined value greater than the entire German economy. One of them, Bezos, is the world's richest individual; Zuckerberg is the fourth-ranked billionaire.
It’s rare for Facebook employees to speak publicly about internal activity unless they have permission from the communications team. The company in the past has punished and discouraged leaking. Now, Facebook has changed that approach.
The mind-boggling accumulation of money underway in technology is unrivaled in speed and scale. No other group of executives has prospered to such a degree. Indeed, the world’s richest people are growing even richer, even faster, as the coronavirus pandemic upends the global economy and drives ever more activity online.
The CEOs of four of the most powerful companies in the world will testify remotely at the hearing, which comes less than 100 days before the US election.
The hearing, which will also include heads of Alphabet Inc's Google, Amazon.com Inc and Apple Inc , is scheduled for July 29.
The exercise is likely to be done in consultation with the ministries of home, electronics and IT and I&B besides the department of telecommunications (DoT), sources said.
Ambani cracked the group of the 10 richest people just last month. Two weeks ago, he surpassed Warren Buffett, now ranked No. 6. He overtook Elon Musk and Google co-founders Sergey Brin and Larry Page days later.
Facebook founder Mark Zuckerberg described preventing electoral interference as a "little bit of an arms race" against countries such as Russia, Iran and China.
COVID-19 is not the deadliest disease to have ravaged cities through the ages. But it is showing us that they might not be as essential as they once were. Economists though still mostly expect them to bounce back, once there is a vaccine, a treatment or a successful strategy to contain the virus’s spread.
Since the day he coded the words “a Mark Zuckerberg production” onto every blue-and-white Facebook page, he has been the singular face of the social network. But to an extent not widely appreciated outside Silicon Valley, Zuckerberg has long been a kind of binary chief executive — extraordinarily involved in some aspects of the business, and virtually hands-off in areas that he finds less interesting.
Facebook has to decide whether its approach to hateful speech and noxious content — which was to leave it alone in the name of free expression — remains tenable. And that decision puts pressure on Mark Zuckerberg, Facebook’s chief executive, who has repeatedly said that his company was not an arbiter of truth and that it would not police politicians’ posts.
Rivals like Twitter and Snap have moved to label or play down untruthful or incendiary posts from Trump on their platforms, but Facebook has resisted labeling his posts as hate speech or taking them down. Zuckerberg has defended the hands-off approach by stressing the importance of free speech and arguing that Facebook is not an arbiter of posts.
The Reliance Jio-Facebook partnership is expected to upend the digital payments sector, crowd out small players and drive consolidation, fintech experts said.
US tech titan Facebook has acquired a 9.99 per cent stake in Mukesh Ambani’s digital operation Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), for USD 5.7 billion (about Rs 43,574 crore), in a deal that puts the pre-money enterprise value of Jio Platforms at Rs 4.62 lakh crore."Facebook is teaming up with Jio Platforms. We're making a financial investment, and more than that, we're committing to work together on some major projects that will open up commerce opportunities for people across India", says Facebook CEO Mark Zuckerberg.Watch: Facebook CEO Mark Zuckerberg on Reliance Jio deal
India’s richest man, Mukesh Ambani, is bullish on small businesses and on Wednesday, he took it a step further by inking a deal with social media giant Facebook. Ambani, who wants to wield the power of his telecommunication company Jio, does not want to reinvent the wheel. In some cases he prefers to buy a stake in a startup that can play a part in his larger vision, and at other times collaborating with established companies to reach out to small businesses.
Advertisements for more than 400 brands including Coca-Cola and Starbucks are due to vanish from Facebook on Wednesday, after the failure of last-ditch talks to stop a boycott over hate speech on the site.
The mobile version will cut down on glare, particularly in low-light settings.
Facebook said it would attach labels to all posts across its network that discuss the subject of voting, in a move intended to hamper any disenfranchisement of voters in the November election. The labels will direct users to accurate voting information, the company said.
Facebook says it will flag all "newsworthy" posts from politicians, including, that may incite violence, suppress voting, or break its other content rules. (AP)Facebook says it will flag all "newsworthy" posts from politicians, including President Trump
The prompt will make users rethink if the content will be relevant to their friends.
“Trump’s proclamation will hurt the US economy and destroy jobs," said Alex Nowrasteh, director of immigration studies at the Cato Institute's Centre for Global Liberty and Prosperity. BSA Software Alliance, which counts Microsoft, IBM and Intel among its members, also said the move would harm the US economy.
Trump’s son-in-law, Jared Kushner, pulled together the dinner on Oct. 22 on short notice after he learned that Zuckerberg, the Facebook founder, and his wife, Priscilla Chan, would be in Washington for a cryptocurrency hearing on Capitol Hill, a person familiar with the planning said. The dinner, the person said, took place in the Blue Room on the first floor of the White House.
Covid-19 has dramatically accelerated tech trends that were already, subtly, reshaping our lives
The company said in a statement Thursday that the ads violated "our policy against organized hate." A Facebook executive who testified at a House Intelligence Committee hearing on Thursday said the company does not permit symbols of hateful ideology "unless they're put up with context or condemnation.''
WhatsApp has been testing its payments service in India - based on UPI - with about a million users.
Sudhir Krishnaswamy, ex-PM of Denmark among members of Facebook's Oversight Board, can override Mark Zuckerberg
Brent Harris, Facebook’s director of governance and global affairs had stated in January that the company has been laying the groundwork for a new independent organisation, the Oversight Board, to review cases and make binding content decisions.
WhatsApp needs a nod from the National Payments Corporation of India to throw open the switch.
Trump's account will remain active on Snapchat, and visible to people.
Reliance Industries’ market value surged about $11 billion on the deal.
Facebook’s principles and policies supporting free speech “show that the right action where we are right now is to leave this up,” Zuckerberg said on the call, referring to Trump’s posts.
Twitter's decision to step in, at a time of racially charged civil unrest in cities across the United States, escalates a feud between Trump and tech companies.
Wikipedia co-founder Jimmy Wales hit out at US President Donald Trump on his plans to regulate social media companies, stating that while social media must be careful about information on their platforms, it's not a good idea for governments to threaten them. In an exclusive interview to ET NOW, he also spoke about fighting fake news in India and tackling misinformation arising out of the Covid19 crisis.Should be fearful of Trump’s threat to crack down on social media: Wikipedia co-founder Jimmy Wales
‘The Federal Government is very powerful and they may have a lot of levers’
Through a live-streamed town hall, Facebook's CEO Mark Zuckerberg on Thursday announced that many of the employees of the tech giant will be allowed to work from home even after COVID-19 crisis. According to TechCrunch, the move comes after Twitter announced a permanent work from home for its employees and many other tech companies like Spotify following the same partially or completely.Facebook allows employees work from home permanently
The more than 600 billionaires in the United States became even richer as tech stocks rose during virus lockdowns, an analysis of data by two think-tanks. Between March 18 and May 19, their total net worth increased by $434 billion while the coronavirus pandemic caused job losses and economic agony for tens of millions of Americans.
Zuckerberg has said that within a decade as many as half of the company’s employees would work from home.
The app can be used by anyone, irrespective of whether they have a Facebook account or not.
FB looks to roll out payments in many countries even as licence application remains stuck in India.
Epic, virtual party in times of coronavirus: Michelle Obama, Mark Zuckerberg, Rihanna go online clubbing
As the world practices social distancing, many have been looking for ways to hang out virutally.
"All the products and technology that we're building to enable that partnership (with Jio) are going to be things that we want to do around the world. So, we're excited about working with them to drive this vision forward and then extending it everywhere over the coming months and years," Zuckerberg said during an investor call.
Reliance and Facebook know a friction-less payments service is key to successful online commerce — but so are mom and pop shops. JioMart and WhatsApp’s embryonic Mumbai service is intended to first get Indians accustomed to messaged transactions with local businesses known as kirana: the tiny neighborhood stores where most Indians buy daily essentials.
Revenue growth was 18% in the first quarter, Facebook's slowest ever by a wide margin, although it beat analysts' expectations for growth of 16%, according to IBES data from Refinitiv.
Facebook on Friday unveiled a new video chat service with virtual "rooms" where people can pop in to visit friends, aiming at users turning to the popular Zoom platform during the pandemic.
The Reliance-Facebook deal has ensured the creation of yet another high-powered ecosystem.
Facebook and Google cornered nearly 70 per cent (Rs 11,500 crore) of online ad revenues from India in 2018-19, a market pegged at Rs 28,000 crore by 2022. The Government of India must resist a digital colonisation, where the sweat and toil of Indians is drained out of the country while local communities and businesses are destroyed.
Shares of Reliance Industries on Wednesday jumped 7.5 per cent after Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in Jio Platforms.RIL shares rises 7.5% after Facebook deal
"RIL had restructured its digital business into one consolidated wholly-owned subsidiary - Jio Platforms - which would host all the digital initiatives of the firm, including Jio digital services (mobile, broadband), apps, tech capabilities (AI, Big Data, IoT) and investments (like Den, Hathway)," Credit Suisse said in a note.
The deal is likely to give Ambani's ambitious online grocery venture, JioMart, a huge lift. As part of the deal, JioMart will now team-up with WhatsApp to increase its outreach.
US tech titan Facebook has acquired a 9.99 per cent stake in Mukesh Ambani’s digital operation Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), for USD 5.7 billion (about Rs 43,574 crore), in a deal that puts the pre-money enterprise value of Jio Platforms at Rs 4.62 lakh crore. Here’s the video statement by Chairman & Managing Director Sh Mukesh D. Ambani.Watch: Statement by Mukesh Ambani on Facebook-Reliance Jio deal
US tech titan Facebook has acquired a 9.99 per cent stake in Mukesh Ambani’s digital operation Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), for USD 5.7 billion (about Rs 43,574 crore), in a deal that puts the pre-money enterprise value of Jio Platforms at Rs 4.62 lakh crore.Facebook acquires 9.99% stake in Reliance Jio for Rs 43,574 crore
Facebook will invest Rs 43,574 crore, largest FDI in India's technology sector.
Dr D helps Mark Zuckerberg confront Donald Trump.
Facebook said that when people saw those warning labels, 95% of the time they did not go on to view the original content. To date, the social media giant also removed hundreds of thousands of pieces of misinformation that could lead to imminent physical harm.
Twitter co-founder and chief executive Jack Dorsey said Tuesday he was committing $1 billion of his personal fortune to coronavirus relief through his philanthropic fund. Dorsey said in a series of tweets that he would transfer his equity in his digital payments group Square to his limited liability corporation Start Small, contributing around 28 percent of his overall wealth.
Facebook has said it would place "authoritative" coronavirus content at the top of user feeds as it scrambled to keep up with increased usage and stem the flow of misinformation on its platform and WhatsApp messaging.
The tech company had previously taken other measures to fight virus hoaxes and misinformation on the platform.
Welch transformed GE from a maker of appliances into an industrial and financial services powerhouse.
Twitter and Facebook’s rivalry just became a lot more intense.
"Right now there are two frameworks that I think people have for existing industries - there's like newspapers and existing media, and then there's the telco-type model, which is 'the data just flows through you', but you're not going to hold a telco responsible if someone says something harmful on a phone line," Zuckerberg said at the Munich Security Conference in Germany.
In a recent tweet a week ahead of his visit, Trump said: "Great honor, I think?A Mark Zuckerberg recently stated that "Donald J. Trump is Number 1 on Facebook. Number 2 is Prime Minister Modi of India.
Donald Trump cited Facebook CEO and founder Mark Zuckerberg in the tweet.
Washington has slammed the move as discriminatory, but both sides agreed last month to pursue a global framework under the aegis of the Organisation for Economic Co-operation and Development (OECD), with Paris suspending its collection of the tax until December 2020.
Facebook will pay $550 million to resolve claims it collected user biometric data without consent in one of the largest consumer privacy settlements in US history.
Parikh joins a long list of execs who have left the company over the last few years.
Parikh was considered to be instrumental to creating the data center infrastructure on which the company builds its numerous apps and services.
The plan, sources told ET, is to enhance user engagement across the suite of apps – Facebook, Instagram and WhatsApp. The move comes at a time when Chinese video-sharing networking service TikTok is adding users in India. The Menlo Park-based social network, owned by tech billionaire Mark Zuckerberg, has hired Avinash Pant to head the marketing function.
Facebook was sued by four potential competitors who accuse it of anticompetitive behaviour and who asked a judge to order chief executive officer Mark Zuckerberg to give up control of the social media behemoth.
AI-enabled technologies are changing the one-size-fits-all model of classrooms. The world’s top technology billionaires are betting their philanthropic dollars on personalised learning. Smart education and learning market is in high demand globally and is forecasted to reach $423 billion by 2025, according to Grand View Research.
Emergence of atypical fortunes underscores how much money the uber-rich accumulated in 2019.
Memorably, in 2019 Mark Zuckerberg defended Facebook Inc.’s plan to overhaul the world banking system in front of Congress. Our experts think there’s plenty more government scrutiny ahead for financial technology players.
Facebook shares rose 0.7 percent on Wednesday. Shares in Snap Inc, which owns messaging app Snapchat, ended down more than 2 percent.
WhatsApp remains unprofitable five years after it was acquired by Facebook for $19 billion.
People at Facebook continue to try to share video of a horrific mosque attacks in Christchurch, New Zealand, with social network systems blocking 95 per cent of those attempts, according to executives.
TikTok ran afoul of regulators in 2019, but for different reasons than Facebook originally feared. The U.S. government has launched an investigation into whether ByteDance’s acquisition of Musical.ly two years ago to merge it with TikTok posed a national security risk.
‘Delete Facebook’, thunders WhatsApp co-founder Brian Acton; reiterates his stand on deleting the app
It seems like Acton is still standing by his last year’s war cry, ‘#DeleteFacebook’.
In 2016, Facebook incorporated fact-checking into its platform.
Managers at Google are considering changing policies on political advertising in the midst of a raging public debate on the topic, according to a person familiar with the company's plans.
Will Zuckerberg respond to Dorsey’s jibe?
Centre reaching out to RBI, NPCI to discuss safety features, delaying WhatsApp payment feature launch.
Facebook says it has ploughed resources and staff into safeguarding the May 26 EU vote.
Facebook has tied up with 200 media outlets to launch a dedicated news tab on its platform that will highlight the most important national stories of the day in the US.
Twitter Chief Executive Jack Dorsey tweeted that political advertising on Twitter is an effective way to influence followers, yet poses significant risks of misinformation that could mislead on a massive level. On the other hand, Facebook CEO Mark Zuckerberg supports free campaigning through online platforms, letting the netizens decide for themselves.
The social networking company said about 2.2 billion people used at least one of its apps on a daily basis in September, and around 2.8 billion were active on a monthly basis. The company, which is one of the largest ad platforms globally, saw its ad revenue in the September quarter rise 28 per cent YoY to $17.38 billion.