Amazon, Apple, Meta, and Alphabet - Google's parent company, revealed numbers for the first quarter of this year and their numbers indicate that the big tech is not immune to market instability.

While the US tech behemoths raked in billions of dollars and posted results in line with lower expectations, their stocks fell as investors speculated that the problems would not be resolved anytime soon, reports AFP.

According to eMarketer analyst Paul Verna, the companies may be suffering from a "post-pandemic hangover."

Also read |&nbsp;<a href="https://www.wionews.com/world/digital-services-act-what-it-means-and-how-eu-will-regulate-tech-giants-473157">Digital Services Act: What it means &amp; and how EU will regulate tech giants</a>

"While the epidemic wasn't a party for these enterprises, it did significantly enhance their sales," Verna was quoted as saying by AFP.

Amazon reported its first quarterly loss since 2015, weighed down by its investment in electric truck startup Rivian, and warned of further troubles in the coming months. The e-commerce company reported a $3.8 billion loss in the first three months of the year.

Watch |&nbsp;Meta reports quarterly profit of $7.5 bn, shares surge after increase in Facebook users

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"This was a tough quarter for Amazon with trends across every key area of the business heading in the wrong direction and a weak outlook" for the second quarter, said Insider Intelligence principal analyst Andrew Lipsman.

iPhone maker Apple announced higher-than-expected profits amid strong customer demand but warned that the China Covid-19 blockade and other supply chain issues will cost the company $4 to $8 billion in the June quarter.

Also read |&nbsp;<a href="https://www.wionews.com/world/tesla-ceo-elon-musks-purchase-of-initial-9-stake-in-twitter-under-scrutiny-says-report-474755" hreflang="en">Tesla CEO Elon Musk’s purchase of initial 9% stake in Twitter under scrutiny, says report</a>

Acknowledging supply chain disruptions driven by Covid and silicon shortages, the war in Ukraine, Apple chief executive Tim Cook said "we are not immune to these challenges."

Digital marketing is very important for Alphabet and Facebook parent Meta, and their financial reports reveal that marketers are being more cautious with their spending.

Paul Verna noted that the pandemic's rapid expansion was not sustainable and that the tech giants should have foreseen this.

Watch WION LIVE HERE:

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(With inputs from agencies)

Amazon, Apple, Meta, and Alphabet - Google's parent company, revealed numbers for the first quarter of this year and their numbers indicate that the big tech is not immune to market instability.

Amazon, Apple, Meta, and Alphabet - Google's parent company, revealed numbers for the first quarter of this year and their numbers indicate that the big tech is not immune to market instability. While the US tech behemoths raked in billions of dollars and posted results in line with lower expectations, their stocks fell as investors speculated that the problems would not be resolved anytime soon, reports AFP. According to eMarketer analyst Paul Verna, the companies may be suffering from a "post-pandemic hangover." Also read | Digital Services Act: What it means & and how EU will regulate tech giants "While the epidemic wasn't a party for these enterprises, it did significantly enhance their sales," Verna was quoted as saying by AFP. Amazon reported its first quarterly loss since 2015, weighed down by its investment in electric truck startup Rivian, and warned of further troubles in the coming months. The e-commerce company reported a $3.8 billion loss in the first three months of the year. Watch | Meta reports quarterly profit of $7.5 bn, shares surge after increase in Facebook users "This was a tough quarter for Amazon with trends across every key area of the business heading in the wrong direction and a weak outlook" for the second quarter, said Insider Intelligence principal analyst Andrew Lipsman. iPhone maker Apple announced higher-than-expected profits amid strong customer demand but warned that the China Covid-19 blockade and other supply chain issues will cost the company $4 to $8 billion in the June quarter. Also read | Tesla CEO Elon Musk’s purchase of initial 9% stake in Twitter under scrutiny, says report Acknowledging supply chain disruptions driven by Covid and silicon shortages, the war in Ukraine, Apple chief executive Tim Cook said "we are not immune to these challenges." Digital marketing is very important for Alphabet and Facebook parent Meta, and their financial reports reveal that marketers are being more cautious with their spending. Paul Verna noted that the pandemic's rapid expansion was not sustainable and that the tech giants should have foreseen this. Watch WION LIVE HERE: (With inputs from agencies)

Tech giants that got drunk on profits earlier now suffer a 'post-pandemic hangover'

Facebook's parent company Meta has made a cautious recovery on Wednesday as its shares rose nearly 13% IN after hours trading. Meta has also reported a quarterly profit of 7.5 billion dollars in the first quarter this came after Facebook reported a rise in active users surpassing the initial Wall Street estimates.

Meta reports quarterly profit of $7.5 bn, shares surge after increase in Facebook users

Alphabet unit Google, Meta and other large online platforms will have to do more to tackle illegal content or risk hefty fines under new internet rules agreed between&nbsp;European Union countries and&nbsp;EU&nbsp;lawmakers on Saturday.

The agreement came after more than 16 hours of negotiations. The Digital Services Act (DSA) is the second prong of&nbsp;EU&nbsp;antitrust chief Margrethe Vestager's strategy to rein in Alphabet unit Google, Meta and other U.S. tech giants.

Last month, she won backing from the 27-country bloc and lawmakers for landmark rules called the Digital Markets Act (DMA) that could force Google, Amazon, Apple, Meta and Microsoft to change their core business practices in&nbsp;Europe.

Also read |&nbsp;<a href="https://www.wionews.com/world/europes-average-temperature-increased-by-over-two-degrees-last-year-472978">Europe's average temperature increased by over two degrees last year</a>

"We have a deal on the DSA: The Digital Services Act will make sure that what is illegal offline is also seen and dealt with as illegal online - not as a slogan, as reality," Vestager said in a tweet.

EU&nbsp;lawmaker Dita Charanzova, who had called for such rules eight years ago, welcomed the agreement.

"Google, Meta and other large online platforms will have to act to better protect their users.&nbsp;Europe has made clear that they cannot act as independent digital islands," she said in a statement.

In a statement, Google said: "As the law is finalised and implemented, the details will matter. We look forward to working with policymakers to get the remaining technical details right to ensure the law works for everyone."

Watch |&nbsp;EU's climate monitor raises alarm: dangerous, extreme events to become worse

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Under the DSA, the companies face fines up to 6 per cent&nbsp;of their global turnover for violating the rules while repeated breaches could see them banned from doing business in the&nbsp;EU.

The new rules ban targeted advertising aimed at children or based on sensitive data such as religion, gender, race and political opinions. Dark patterns, which are tactics that mislead people into giving personal data to companies online, will also be prohibited.

Very large online platforms and online search engines will be required to take specific measures during a crisis. The move was triggered by Russia's invasion of Ukraine and the related disinformation.

The companies could be forced to hand over data related to their algorithms to regulators and researchers.

The companies also face a yearly fee up to 0.05 per cent&nbsp;of worldwide annual revenue to cover the costs of monitoring their compliance.

Also read |&nbsp;<a href="https://www.wionews.com/technology/eu-may-agree-on-stringent-tech-services-regulation-very-soon-472811">EU may agree on stringent tech services regulation very soon</a>

EU&nbsp;lawmaker Martin Schirdewan criticised the exemption granted to medium-sized companies.

"Under pressure from the conservatives, an exception rule for medium-sized companies was integrated, this is a mistake. Due to the large number of companies that fall under this definition in the digital sector, the exception is like a loophole," he said.

The DSA will be enforced in 2024.

Alphabet unit Google, Meta and other large online platforms will have to do more to tackle illegal content or risk hefty fines under new internet rules agreed between European Union countries and EU lawmakers on Saturday.

Alphabet unit Google, Meta and other large online platforms will have to do more to tackle illegal content or risk hefty fines under new internet rules agreed between European Union countries and EU lawmakers on Saturday. The agreement came after more than 16 hours of negotiations. The Digital Services Act (DSA) is the second prong of EU antitrust chief Margrethe Vestager's strategy to rein in Alphabet unit Google, Meta and other U.S. tech giants. Last month, she won backing from the 27-country bloc and lawmakers for landmark rules called the Digital Markets Act (DMA) that could force Google, Amazon, Apple, Meta and Microsoft to change their core business practices in Europe. Also read | Europe's average temperature increased by over two degrees last year "We have a deal on the DSA: The Digital Services Act will make sure that what is illegal offline is also seen and dealt with as illegal online - not as a slogan, as reality," Vestager said in a tweet. EU lawmaker Dita Charanzova, who had called for such rules eight years ago, welcomed the agreement. "Google, Meta and other large online platforms will have to act to better protect their users. Europe has made clear that they cannot act as independent digital islands," she said in a statement. In a statement, Google said: "As the law is finalised and implemented, the details will matter. We look forward to working with policymakers to get the remaining technical details right to ensure the law works for everyone." Watch | EU's climate monitor raises alarm: dangerous, extreme events to become worse Under the DSA, the companies face fines up to 6 per cent of their global turnover for violating the rules while repeated breaches could see them banned from doing business in the EU. The new rules ban targeted advertising aimed at children or based on sensitive data such as religion, gender, race and political opinions. Dark patterns, which are tactics that mislead people into giving personal data to companies online, will also be prohibited. Very large online platforms and online search engines will be required to take specific measures during a crisis. The move was triggered by Russia's invasion of Ukraine and the related disinformation. The companies could be forced to hand over data related to their algorithms to regulators and researchers. The companies also face a yearly fee up to 0.05 per cent of worldwide annual revenue to cover the costs of monitoring their compliance. Also read | EU may agree on stringent tech services regulation very soon EU lawmaker Martin Schirdewan criticised the exemption granted to medium-sized companies. "Under pressure from the conservatives, an exception rule for medium-sized companies was integrated, this is a mistake. Due to the large number of companies that fall under this definition in the digital sector, the exception is like a loophole," he said. The DSA will be enforced in 2024.

European Union sets new online rules for Google, Meta to curb illegal content

Trouble is mounting for Facebook-owned Meta as investors say board members lack independence. Watch this report to know more.

What's wrong with Meta? Trouble mounts for Facebook-owned Meta

Institutional investors in Meta, the parent company of Facebook and Instagram, have highlighted how the board members lack independence.

They have shed light on why is it essential to eliminate the dual-class structure and separate the functions of the chief executive officer and chairman.

These investors include the Illinois State Treasurer, Arjuna Capital, Shareholder Association for Research and Education (SHARE), and 15 others.

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According to Shareholder Association for Research and Education (SHARE), "We believe the lack of independence of board members Peggy Alford and Marc L. Andreessen is undermining the board's ability to adequately oversee the management team and represent shareholders' best interests."

They have requested the shareholders of the Facebook owner to vote against the re-election of two of its board members. As per a filing, they want the nomination of a new, highly-qualified independent director.

"We continuously consider new product innovations for people, businesses, and creators," a Meta spokesperson said in response of statement made by the board members.&nbsp;

"As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like."

Also read |&nbsp;<a href="https://www.wionews.com/technology/meta-planning-zuck-bucks-digital-currency-as-crypto-dream-fails-469132" hreflang="en">Meta planning 'Zuck Bucks' digital currency as crypto dream fails</a>

Venture capitalist Marc Andreessen joined Meta's board members in June 2008. Meanwhile, Peggy Alford became its part in 2019. He was earlier an executive at PayPal Holdings Inc.

Previously, founder and chief Mark Zuckerberg had said that Meta will hold its annual meeting on May 25.

The American multinational technology conglomerate Meta is looking to diversify its revenue after facing criticism from whistleblower Frances Haugen said it invades the privacy of users.

In an interview last September with The Wall Street Journal, she claimed that the company gives preferential treatment to profits rather than human welfare and improvement of the society as a whole.

(With inputs from agencies)

Institutional investors in Meta, the parent company of Facebook and Instagram, have highlighted how the board members lack independence. They have shed light on why is it essential to eliminate the dual-class structure and separate the functions of the chief executive officer and chairman.

Institutional investors in Meta, the parent company of Facebook and Instagram, have highlighted how the board members lack independence. They have shed light on why is it essential to eliminate the dual-class structure and separate the functions of the chief executive officer and chairman. These investors include the Illinois State Treasurer, Arjuna Capital, Shareholder Association for Research and Education (SHARE), and 15 others. According to Shareholder Association for Research and Education (SHARE), "We believe the lack of independence of board members Peggy Alford and Marc L. Andreessen is undermining the board's ability to adequately oversee the management team and represent shareholders' best interests." They have requested the shareholders of the Facebook owner to vote against the re-election of two of its board members. As per a filing, they want the nomination of a new, highly-qualified independent director. "We continuously consider new product innovations for people, businesses, and creators," a Meta spokesperson said in response of statement made by the board members. "As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like." Also read | Meta planning 'Zuck Bucks' digital currency as crypto dream fails Venture capitalist Marc Andreessen joined Meta's board members in June 2008. Meanwhile, Peggy Alford became its part in 2019. He was earlier an executive at PayPal Holdings Inc. Previously, founder and chief Mark Zuckerberg had said that Meta will hold its annual meeting on May 25. The American multinational technology conglomerate Meta is looking to diversify its revenue after facing criticism from whistleblower Frances Haugen said it invades the privacy of users. In an interview last September with The Wall Street Journal, she claimed that the company gives preferential treatment to profits rather than human welfare and improvement of the society as a whole. (With inputs from agencies)

Institutional investors in Meta highlight how board members lack independence

Meta had permitted "dehumanising speech against Russian soldiers" and calls for death to Russian President Vladimir Putin and his ally Belarusian President Alexander Lukashenko. It, later on, walked back elements of the exceptions after the Reuters report.

How Meta refused to act on anti-Russia propaganda

Meta is reportedly planning to launch a digital currency called `Zuck Bucks` -- named after its Founder Mark Zuckerberg -- and virtual tokens, coins and other financial services, after its pet cryptocurrency project failed to take off. 
 
According to a report in The Financial Times citing sources, Facebook`s financial arm called `Meta Financial Technologies` is exploring a virtual currency for metaverse, dubbed "Zuck Bucks". 
 
"The company is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram -- a trend that threatens its $118 bn-a-year ad-based business model," the report mentioned on Wednesday. 
 
"Zuck Bucks" will not be a cryptocurrency but more like in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps like `Robux` currency by popular kids` gaming platform Roblox. 
 
Roblox has built a massive business selling `Robux`, and Meta could try to emulate some of that success on its own social networks. 
 
Meta is also planning to create "social tokens" or "reputation tokens", which could be issued as rewards for meaningful contributions in Facebook groups. 
 
The company is also aiming to produce "creator coins" for influencers on its photo-sharing platform Instagram. 
 
"Insanely great. Please let this be real," posted Twitter founder Jack Dorsey on Thursday on the Meta plans to create "Zuck Bucks". 
 
Meanwhile, Meta is planning to launch a pilot for posting and sharing non-fungible tokens (NFTs) on Facebook next month. NFTs may be monetised via "fees and/or ads" in the future, according to the report. 
 
Facing regulatory hurdles, the cryptocurrency dream of Zuckerberg was officially over as the company in February announced it has sold its digital coin known as Diem for around $200 million to Silvergate, a crypto-focused bank. 
 
Originally launched as Libra and later renamed as the Diem Association, the cryptocurrency initiative faced regulatory backlash, and the US Federal Reserve was a key opponent to Diem launching. 
 
Facebook and 20 partner organisations formally joined the digital currency project during a meeting in Geneva in October 2019.

Meta is reportedly planning to launch a digital currency called `Zuck Bucks` -- named after its Founder Mark Zuckerberg -- and virtual tokens, coins and other financial services, after its pet cryptocurrency project failed to take off.

Meta is reportedly planning to launch a digital currency called `Zuck Bucks` -- named after its Founder Mark Zuckerberg -- and virtual tokens, coins and other financial services, after its pet cryptocurrency project failed to take off. According to a report in The Financial Times citing sources, Facebook`s financial arm called `Meta Financial Technologies` is exploring a virtual currency for metaverse, dubbed "Zuck Bucks". "The company is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram -- a trend that threatens its $118 bn-a-year ad-based business model," the report mentioned on Wednesday. "Zuck Bucks" will not be a cryptocurrency but more like in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps like `Robux` currency by popular kids` gaming platform Roblox. Roblox has built a massive business selling `Robux`, and Meta could try to emulate some of that success on its own social networks. Meta is also planning to create "social tokens" or "reputation tokens", which could be issued as rewards for meaningful contributions in Facebook groups. The company is also aiming to produce "creator coins" for influencers on its photo-sharing platform Instagram. "Insanely great. Please let this be real," posted Twitter founder Jack Dorsey on Thursday on the Meta plans to create "Zuck Bucks". Meanwhile, Meta is planning to launch a pilot for posting and sharing non-fungible tokens (NFTs) on Facebook next month. NFTs may be monetised via "fees and/or ads" in the future, according to the report. Facing regulatory hurdles, the cryptocurrency dream of Zuckerberg was officially over as the company in February announced it has sold its digital coin known as Diem for around $200 million to Silvergate, a crypto-focused bank. Originally launched as Libra and later renamed as the Diem Association, the cryptocurrency initiative faced regulatory backlash, and the US Federal Reserve was a key opponent to Diem launching. Facebook and 20 partner organisations formally joined the digital currency project during a meeting in Geneva in October 2019.

Meta planning 'Zuck Bucks' digital currency as crypto dream fails

Facebook&nbsp;owner&nbsp;Meta&nbsp;Platforms&nbsp;briefly&nbsp;restricted&nbsp;hashtags&nbsp;related to civilian deaths in northern Ukraine, where bodies of people shot at close range were found in a town seized back from Russian forces, a company spokesman confirmed on Monday.

The&nbsp;killings&nbsp;in&nbsp;Bucha, outside Kyiv, have drawn pledges of further sanctions against Moscow from the West.

Meta&nbsp;spokesman Andy Stone said automated systems that scan for violent imagery on&nbsp;Facebook&nbsp;and Instagram, which the company also owns, were responsible for blocking&nbsp;hashtags&nbsp;including #bucha&nbsp;and #buchamassacre.

Also read |&nbsp;<a href="https://www.wionews.com/technology/with-29bn-twitter-stake-musk-now-owns-4-times-more-shares-than-founder-dorsey-stock-soars-21-468337">With $2.9bn Twitter stake, Musk now owns 4 times more shares than founder Dorsey, stock soars 21%</a>

"This happened automatically because of the graphic content people posted using these&nbsp;hashtags. When we were made aware of the issue yesterday, we acted quickly to unblock the&nbsp;hashtags," he wrote on Twitter.

Facebook&nbsp;and Instagram permit the posting of graphic and violent content when it is shared to raise awareness of possible human rights abuses, but deletes the content if it is extremely explicit or celebrates suffering.

Watch |&nbsp;Facebook's parent company Meta gave user data to hackers

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The social media company also adds warning labels to some graphic posts that users must click through before they can see the images.

Human rights groups have critized&nbsp;Meta's approach to removing violent content during conflicts, saying its practice of purging the data from its servers after 90 days results in the deletion of critical evidence of war crimes.

Also read |<a href="https://www.wionews.com/world/ukrainian-mums-write-family-contacts-on-bodies-of-their-babies-and-europe-is-still-discussing-gas-468513">&nbsp;'Ukrainian mums write family contacts on bodies of their babies and Europe is still discussing gas'</a>

Stone said&nbsp;Meta&nbsp;was "exploring ways to preserve this type and other types of content when we remove it," specifically in relation to the war in Ukraine.

Russia has denied any accusations related to the murder of civilians.

Facebook owner Meta Platforms briefly restricted hashtags related to civilian deaths in northern Ukraine, where bodies of people shot at close range were found in a town seized back from Russian forces, a company spokesman confirmed on Monday.

Facebook owner Meta Platforms briefly restricted hashtags related to civilian deaths in northern Ukraine, where bodies of people shot at close range were found in a town seized back from Russian forces, a company spokesman confirmed on Monday. The killings in Bucha, outside Kyiv, have drawn pledges of further sanctions against Moscow from the West. Meta spokesman Andy Stone said automated systems that scan for violent imagery on Facebook and Instagram, which the company also owns, were responsible for blocking hashtags including #bucha and #buchamassacre. Also read | With $2.9bn Twitter stake, Musk now owns 4 times more shares than founder Dorsey, stock soars 21% "This happened automatically because of the graphic content people posted using these hashtags. When we were made aware of the issue yesterday, we acted quickly to unblock the hashtags," he wrote on Twitter. Facebook and Instagram permit the posting of graphic and violent content when it is shared to raise awareness of possible human rights abuses, but deletes the content if it is extremely explicit or celebrates suffering. Watch | Facebook's parent company Meta gave user data to hackers The social media company also adds warning labels to some graphic posts that users must click through before they can see the images. Human rights groups have critized Meta's approach to removing violent content during conflicts, saying its practice of purging the data from its servers after 90 days results in the deletion of critical evidence of war crimes. Also read | 'Ukrainian mums write family contacts on bodies of their babies and Europe is still discussing gas' Stone said Meta was "exploring ways to preserve this type and other types of content when we remove it," specifically in relation to the war in Ukraine. Russia has denied any accusations related to the murder of civilians.

Facebook owner Meta briefly blocks hashtags tied to Bucha killings

Investments in real estate are considered sacred in some parts of the world. Not only to have a roof over your head, but real estate also plays an important part in long-term financial planning. Now, imagine owning a land that does not exist in the real world. Here comes the world of "metaverse”— the future, the virtual realities, the digital life.

Planning to buy land in metaverse? Follow these simple steps

Facebook-owner Meta is no longer requiring employees to have COVID-19 boosters to enter its offices in the United States, a company spokesperson said on Friday.&nbsp;

The social media company previously said that all workers returning to the office would have to present proof of their booster jabs, while the company monitored the Omicron variant situation.&nbsp;

"We updated our requirements in early March to align with CDC guidance, and now COVID-19 boosters are no longer required for entry, though strongly recommended. The primary vaccination requirement (1- or 2-shot series) remains in place," said Meta spokesperson Tracy Clayton.&nbsp;

WATCH |&nbsp;Facebook's parent company Meta gave user data to hackers

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Facebook advertisers can pursue class action over ad rates

A US&nbsp;judge ruled on Tuesday (March 29) that a lawsuit accusing Meta Platforms Inc's Facebook of deceiving advertisers about its "potential reach" tool can proceed as a class action.

The decision by U.S. District Judge James Donato in San Francisco allows potentially millions of individuals and businesses that paid for ads on Facebook and its photo-sharing app Instagram since Aug. 15, 2014 to sue as a group.

Facebook-owner Meta is no longer requiring employees to have COVID-19 boosters to enter its offices in the United States, a company spokesperson said on Friday. The social media company previously said that all workers returning to the office would have to present proof of their booster jabs, while the company monitored the Omicron variant situation.

Facebook-owner Meta is no longer requiring employees to have COVID-19 boosters to enter its offices in the United States, a company spokesperson said on Friday. The social media company previously said that all workers returning to the office would have to present proof of their booster jabs, while the company monitored the Omicron variant situation. "We updated our requirements in early March to align with CDC guidance, and now COVID-19 boosters are no longer required for entry, though strongly recommended. The primary vaccination requirement (1- or 2-shot series) remains in place," said Meta spokesperson Tracy Clayton. WATCH | Facebook's parent company Meta gave user data to hackers × Facebook advertisers can pursue class action over ad rates A US judge ruled on Tuesday (March 29) that a lawsuit accusing Meta Platforms Inc's Facebook of deceiving advertisers about its "potential reach" tool can proceed as a class action. The decision by U.S. District Judge James Donato in San Francisco allows potentially millions of individuals and businesses that paid for ads on Facebook and its photo-sharing app Instagram since Aug. 15, 2014 to sue as a group.

Meta no longer requires COVID-19 booster shots for staff in US offices

A recent report published on March 31 by tech site The Verge highlighted that content that was identified as misleading, harmful or problematic was mistakenly prioritised in users' Facebook feeds.&nbsp;

The reason behind this surge of misinformation was apparently a software bug that reportedly took six months to fix - between October to March. Was the error critical?&nbsp;

Apparently yes because The Verge reported that the bug was serious enough for a group of Facebook employees to draft an internal report referring to a "massive ranking failure" of content.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/meta-no-longer-requiring-covid-19-booster-shots-for-staff-in-us-offices-468040">Meta no longer requires COVID-19 booster shots for staff in US offices</a>

As per reports, the employees noticed that some content, that had been marked as questionable by external media, was widely distributed in users' News Feeds in October.&nbsp;

The popular tech site reported, "Unable to find the root cause, the engineers watched the surge subside a few weeks later and then flare up repeatedly until the ranking issue was fixed on March 11."&nbsp;

However, the company Facebook disputed the report published by the outlet, labelling it as "vastly overstated", news agency AFP reported.&nbsp;

According to Joe Osborne, a spokesman for parent company Meta, the bug "had no meaningful, long-term impact on problematic content". Osborne said that the bug affected "only a very small number of views" of content.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/science/indian-space-tech-startup-launched-satellite-with-elon-musks-spacex-whats-next-468068">Indian space tech startup launched satellite with Elon Musk's SpaceX. What's next?</a>

Explaining the process, Osborne said, that "the overwhelming majority of posts in Feed are not eligible to be down-ranked in the first place".&nbsp;

He added that other mechanisms designed to limit views of "harmful" content remained in place, "including other demotions, fact-checking labels and violating content removals."&nbsp;

WATCH |&nbsp;Facebook's parent company Meta gave user data to hackers

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(With inputs from agencies)

A recent report published on March 31 by tech site The Verge highlighted that content that was identified as misleading, harmful or problematic was mistakenly prioritised in users' Facebook feeds.

A recent report published on March 31 by tech site The Verge highlighted that content that was identified as misleading, harmful or problematic was mistakenly prioritised in users' Facebook feeds. The reason behind this surge of misinformation was apparently a software bug that reportedly took six months to fix - between October to March. Was the error critical? Apparently yes because The Verge reported that the bug was serious enough for a group of Facebook employees to draft an internal report referring to a "massive ranking failure" of content. ALSO READ | Meta no longer requires COVID-19 booster shots for staff in US offices As per reports, the employees noticed that some content, that had been marked as questionable by external media, was widely distributed in users' News Feeds in October. The popular tech site reported, "Unable to find the root cause, the engineers watched the surge subside a few weeks later and then flare up repeatedly until the ranking issue was fixed on March 11." However, the company Facebook disputed the report published by the outlet, labelling it as "vastly overstated", news agency AFP reported. According to Joe Osborne, a spokesman for parent company Meta, the bug "had no meaningful, long-term impact on problematic content". Osborne said that the bug affected "only a very small number of views" of content. ALSO READ | Indian space tech startup launched satellite with Elon Musk's SpaceX. What's next? Explaining the process, Osborne said, that "the overwhelming majority of posts in Feed are not eligible to be down-ranked in the first place". He added that other mechanisms designed to limit views of "harmful" content remained in place, "including other demotions, fact-checking labels and violating content removals." WATCH | Facebook's parent company Meta gave user data to hackers × (With inputs from agencies)

Software bug promoted problematic content on Facebook for over six months: Report

Were Apple and Meta compromised? A report has claimed that the tech giants gave user data to hackers who forged legal requests. Palki Sharma tells you more.

Gravitas: Apple and Meta gave user data to hackers

Apple Inc and Meta provided their customer data to hackers who pretended to be enforcement officials, according to three people with knowledge of this matter, reported news agency AFP on Wednesday (March 30) citing a company source.&nbsp;

As per the report, both Apple and Meta provided their basic subscriber details such as the customer's address, phone number, IP address in mid-2021 in response to the forged "emergency data requests".&nbsp;

According to people such demands are usually provided with a search warrant or subpoena signed by a judge. However, emergency requests don't require a court order.&nbsp;

The report mentioned that the same hackers sent a forged legal request to Snap Inc, but it's unclear whether the company has provided the data in response. It's also unclear that hoe many times the company has provided data in response to forged legal requests.&nbsp;

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As per the reports, cybersecurity experts suspect that some of the hackers are sending these forged requests are minors located in the UK and the US.&nbsp;

Seven people were recently arrested by the City of London Police in connection with an investigation into the lapsus$ hacking group, the investigation is still going.&nbsp;

An Apple representative referred a section of its law enforcement guidelines to Bloomberg News. According to the guidelines, a government supervisor or law enforcement agent who submitted the request "may be called and asked to confirm to Apple that the emergency request was legitimate".&nbsp;

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In response, Meta spokesperson Andy Stone said, "We review every data request for legal sufficiency and use advanced systems and processes to validate law enforcement requests and detect abuse."&nbsp;

"We block known compromised accounts from making requests and work with law enforcement to respond to incidents involving suspected fraudulent requests, as we have done in this case," Stone added.&nbsp;

Cyber expert Brian Krebs wrote on Tuesday that criminal hackers have been compromising email accounts or websites tied to police or government and claiming they can't wait for a judge's order for information because it's an "urgent matter of life and death".&nbsp;

Krebs noted that the lack of a unitary, national system for these type of requests is one of the key problems associated with them, as companies end up deciding how to deal with them.&nbsp;

"To make matters more complicated, there are tens of thousands of police jurisdictions around the world — including roughly 18,000 in the United States alone&nbsp;— and all it takes for hackers to succeed is illicit access to a single police email account," he wrote.&nbsp;

WATCH | Facebook's parent company Meta gave user data to hackers&nbsp;

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(With inputs from agencies)&nbsp;

Apple Inc and Meta provided their customer data to hackers who pretended to be enforcement officials, according to three people with knowledge of this matter, reported news agency AFP on Wednesday (March 30) citing a company source.

Apple Inc and Meta provided their customer data to hackers who pretended to be enforcement officials, according to three people with knowledge of this matter, reported news agency AFP on Wednesday (March 30) citing a company source. As per the report, both Apple and Meta provided their basic subscriber details such as the customer's address, phone number, IP address in mid-2021 in response to the forged "emergency data requests". According to people such demands are usually provided with a search warrant or subpoena signed by a judge. However, emergency requests don't require a court order. The report mentioned that the same hackers sent a forged legal request to Snap Inc, but it's unclear whether the company has provided the data in response. It's also unclear that hoe many times the company has provided data in response to forged legal requests. Also read | How a group of student photographers from India caught Apple CEO Tim Cook's attention As per the reports, cybersecurity experts suspect that some of the hackers are sending these forged requests are minors located in the UK and the US. Seven people were recently arrested by the City of London Police in connection with an investigation into the lapsus$ hacking group, the investigation is still going. An Apple representative referred a section of its law enforcement guidelines to Bloomberg News. According to the guidelines, a government supervisor or law enforcement agent who submitted the request "may be called and asked to confirm to Apple that the emergency request was legitimate". Also read | $625 million in Ether stolen in one of the biggest crypto heists In response, Meta spokesperson Andy Stone said, "We review every data request for legal sufficiency and use advanced systems and processes to validate law enforcement requests and detect abuse." "We block known compromised accounts from making requests and work with law enforcement to respond to incidents involving suspected fraudulent requests, as we have done in this case," Stone added. Cyber expert Brian Krebs wrote on Tuesday that criminal hackers have been compromising email accounts or websites tied to police or government and claiming they can't wait for a judge's order for information because it's an "urgent matter of life and death". Krebs noted that the lack of a unitary, national system for these type of requests is one of the key problems associated with them, as companies end up deciding how to deal with them. "To make matters more complicated, there are tens of thousands of police jurisdictions around the world — including roughly 18,000 in the United States alone — and all it takes for hackers to succeed is illicit access to a single police email account," he wrote. WATCH | Facebook's parent company Meta gave user data to hackers × (With inputs from agencies)

Apple and Meta give user data to hackers who pretended to be enforcement officials: Report

Facebook's parent company Meta has been hit with security concerns yet again after the social media giant gave user information to hackers who pretended to be law enforcement officials.

Facebook's parent company Meta gave user data to hackers

Ukraine has launched a collection of non-fungible tokens (NFTs) called 'Meta History: Museum of War' in an expansion of a cryptocurrency fundraising push.

The collection is a series of digital images, including silhouettes of warplanes, screengrabs of news reports, and a cartoon-style image of an explosion, each one marking a different day in the conflict.

Ukraine's Ministry of Digital Transformation said it is meant "to spread truthful information among the digital community in the world and to collect donations for the support of Ukraine."&nbsp;

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NFT sales platforms use the blockchain technology behind cryptocurrencies, and transform anything from illustrations to memes into virtual collectors' items that cannot be duplicated.

Just over a month into the invasion, Russia’s attack has slowed into a grinding war of attrition. Russian forces in Ukraine appear to have shifted their focus from a ground offensive aimed at Kyiv to instead prioritizing what Moscow calls the liberation of the contested Donbas region, suggesting a new phase of the war.

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Russian President Vladimir Putin’s forces are under great strain in many parts of the country, and the United States and other countries are accelerating their transfer of arms and supplies to Ukraine.

The global NFT boom, with US artist Beeple selling artwork at a record-breaking $69 million last year, has encouraged people to turn to digital art.&nbsp;

Opinions on the merits of NFT art vary wildly. The most famous collections, Bored Ape Yacht Club and CryptoPunks, feature cartoon images replicated 10,000 times with algorithm-generated variations.

They are often pilloried for blocky graphics or tacky animation style.&nbsp;

Also, those who buy NFTs do not get a physical product, rather they receive a verified entry on a blockchain, essentially a piece of computer code.

The value comes from the supposed rarity or fame of the object, often driven by celebrity endorsements.

(With inputs from agencies)

Ukraine has launched a collection of non-fungible tokens (NFTs) called 'Meta History: Museum of War' in an expansion of a cryptocurrency fundraising push. The collection is a series of digital images, including silhouettes of warplanes, screengrabs of news reports, and a cartoon-style image of an explosion, each one marking a different day in the conflict.

Ukraine has launched a collection of non-fungible tokens (NFTs) called 'Meta History: Museum of War' in an expansion of a cryptocurrency fundraising push. The collection is a series of digital images, including silhouettes of warplanes, screengrabs of news reports, and a cartoon-style image of an explosion, each one marking a different day in the conflict. Ukraine's Ministry of Digital Transformation said it is meant "to spread truthful information among the digital community in the world and to collect donations for the support of Ukraine." NFT sales platforms use the blockchain technology behind cryptocurrencies, and transform anything from illustrations to memes into virtual collectors' items that cannot be duplicated. Just over a month into the invasion, Russia’s attack has slowed into a grinding war of attrition. Russian forces in Ukraine appear to have shifted their focus from a ground offensive aimed at Kyiv to instead prioritizing what Moscow calls the liberation of the contested Donbas region, suggesting a new phase of the war. Also see | Why Russia's missiles in Ukraine are failing to hit the target Russian President Vladimir Putin’s forces are under great strain in many parts of the country, and the United States and other countries are accelerating their transfer of arms and supplies to Ukraine. The global NFT boom, with US artist Beeple selling artwork at a record-breaking $69 million last year, has encouraged people to turn to digital art. Opinions on the merits of NFT art vary wildly. The most famous collections, Bored Ape Yacht Club and CryptoPunks, feature cartoon images replicated 10,000 times with algorithm-generated variations. They are often pilloried for blocky graphics or tacky animation style. Also, those who buy NFTs do not get a physical product, rather they receive a verified entry on a blockchain, essentially a piece of computer code. The value comes from the supposed rarity or fame of the object, often driven by celebrity endorsements. (With inputs from agencies)

'Meta History: Museum of War': Ukraine launches NFT in crypto crowdfunding push

Negotiators from the European Parliament and EU member states agreed on Thursday on a landmark law to curb the market dominance of US big tech giants such as Google, Meta, Amazon and Apple.

Meeting in Brussels the lawmakers nailed down a long list of do's and don'ts that will single out the world's most iconic web giants as internet "gatekeepers" subject to special rules.

The "Digital Markets Act" (DMA) has sped through the bloc's legislative procedures and is designed to protect consumers and give rivals a better chance to survive against the world's powerful&nbsp;tech&nbsp;juggernauts.

Also read |&nbsp;<a href="https://www.wionews.com/world/unsettling-influences-australia-reacts-sharply-to-chinese-military-moves-in-solomon-islands-465323">Unsettling influences: Australia reacts sharply to Chinese military moves in Solomon Islands</a>

"The agreement ushers in a new era of&nbsp;tech&nbsp;regulation worldwide," said German MEP Andreas Schwab, who led the negotiations for the European Parliament.

"The Digital Markets Act puts an end to the ever-increasing dominance of&nbsp;Big&nbsp;Tech&nbsp;companies," he added.&nbsp;

The main point of the&nbsp;law&nbsp;is to avert the years of procedures and court battles needed to punish&nbsp;Big&nbsp;Tech's monopolistic behaviour where cases can end with huge fines but little change in how the giants do business.

Once implemented, the&nbsp;law&nbsp;will give Brussels unprecedented authority to keep an eye&nbsp;on&nbsp;decisions by the giants, especially when they pull out the chequebook to buy up promising startups.

"The gatekeepers -- they now have to take responsibility," said the&nbsp;EU's competition supremo Margrethe Vestager.

"A number of things they can do, a number of things they can't do, and that of course gives everyone a fair chance," she added.

Also read |&nbsp;<a href="https://www.wionews.com/world/hacker-group-anonymous-hacks-into-printers-all-across-russia-to-print-anti-war-sentiment-465081">Hacker group Anonymous&nbsp;hacks into printers ‘all across Russia’ to print anti-war sentiment</a>

Concrete impacts

The&nbsp;law&nbsp;contains about 20 rules that in many cases target practices by&nbsp;Big&nbsp;Tech&nbsp;that have gone against the bloc's rules on competition, but which Brussels has struggled to enforce.

The DMA imposes myriad obligations&nbsp;on&nbsp;Big&nbsp;Tech,&nbsp;including forcing Apple to open up its App Store to alternative payment systems, a demand that the iPhone maker has opposed fiercely, most notably in its feud with Epic games, the maker of Fortnite.

Google will be asked to clearly offer users of Android-run smartphones alternatives to its search engine, the Google Maps app or its Chrome browser.

A Google spokesperson told AFP that the US internet giant will "take time to study the final text and work with regulators to implement it."

"While we support many of the&nbsp;DMA's ambitions around consumer choice and interoperability, we remain concerned that some of the rules could reduce innovation and the choice available to Europeans," the spokesperson said.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-blocks-google-over-inauthentic-information-on-ukraine-war-465012">Russia blocks Google over 'inauthentic' information on Ukraine war</a>

Apple would also be forced to loosen its grip&nbsp;on&nbsp;the iPhone, with users allowed to uninstall its Safari web browser and other company-imposed apps that users cannot currently delete.

In a statement, Apple swiftly expressed regret over the&nbsp;law, saying it was "concerned that some provisions of the DMA will create unnecessary privacy and security vulnerabilities for our users".

After a furious campaign by influential MEPs, the&nbsp;law&nbsp;also forces messaging services such as Meta-owned WhatsApp to make themselves available to users&nbsp;on&nbsp;other services such as Signal or Apple's iMessage, and vice-versa.

France, which holds the&nbsp;EU&nbsp;presidency and negotiated&nbsp;on&nbsp;behalf of the bloc's 27 member states, said the&nbsp;law&nbsp;would deliver "concrete impacts&nbsp;on&nbsp;the lives of European citizens".

"We are talking about the goods you buy online, the smartphone you use every day, and the services you use every day," said France's digital affairs minister, Cedric O.

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Comply or Challenge

Violation of the rules could lead to fines as high as 10 percent of a company's annual global sales and even 20 percent for repeat offenders.

The DMA "will have a profound impact&nbsp;on&nbsp;the way some gatekeepers' operations are currently conducted," said lawyer Katrin Schallenberg, a partner at Clifford Chance.

"Clearly, companies affected... are already working&nbsp;on&nbsp;ways to comply with or even challenge the regulation," she added.

The&nbsp;Big&nbsp;Tech&nbsp;companies have lobbied hard against the new rules and the firms have been defended in Washington, where it is alleged that the new&nbsp;law&nbsp;unfairly targets US companies.&nbsp;

With the deal now&nbsp;reached by&nbsp;negotiators, the DMA now faces final votes in a full session of the European Parliament as well as by ministers from the&nbsp;EU's 27 member states.

The rules could come into place starting&nbsp;on&nbsp;January 1, 2023, though&nbsp;tech&nbsp;companies are asking for more time to implement the&nbsp;law.

Watch |&nbsp;Gravitas: Russia’s war exposes rifts in Europe

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Negotiators from the European Parliament and EU member states agreed on Thursday on a landmark law to curb the market dominance of US big tech giants such as Google, Meta, Amazon and Apple.

Negotiators from the European Parliament and EU member states agreed on Thursday on a landmark law to curb the market dominance of US big tech giants such as Google, Meta, Amazon and Apple. Meeting in Brussels the lawmakers nailed down a long list of do's and don'ts that will single out the world's most iconic web giants as internet "gatekeepers" subject to special rules. The "Digital Markets Act" (DMA) has sped through the bloc's legislative procedures and is designed to protect consumers and give rivals a better chance to survive against the world's powerful tech juggernauts. Also read | Unsettling influences: Australia reacts sharply to Chinese military moves in Solomon Islands "The agreement ushers in a new era of tech regulation worldwide," said German MEP Andreas Schwab, who led the negotiations for the European Parliament. "The Digital Markets Act puts an end to the ever-increasing dominance of Big Tech companies," he added. The main point of the law is to avert the years of procedures and court battles needed to punish Big Tech's monopolistic behaviour where cases can end with huge fines but little change in how the giants do business. Once implemented, the law will give Brussels unprecedented authority to keep an eye on decisions by the giants, especially when they pull out the chequebook to buy up promising startups. "The gatekeepers -- they now have to take responsibility," said the EU's competition supremo Margrethe Vestager. "A number of things they can do, a number of things they can't do, and that of course gives everyone a fair chance," she added. Also read | Hacker group Anonymous hacks into printers ‘all across Russia’ to print anti-war sentiment Concrete impacts The law contains about 20 rules that in many cases target practices by Big Tech that have gone against the bloc's rules on competition, but which Brussels has struggled to enforce. The DMA imposes myriad obligations on Big Tech, including forcing Apple to open up its App Store to alternative payment systems, a demand that the iPhone maker has opposed fiercely, most notably in its feud with Epic games, the maker of Fortnite. Google will be asked to clearly offer users of Android-run smartphones alternatives to its search engine, the Google Maps app or its Chrome browser. A Google spokesperson told AFP that the US internet giant will "take time to study the final text and work with regulators to implement it." "While we support many of the DMA's ambitions around consumer choice and interoperability, we remain concerned that some of the rules could reduce innovation and the choice available to Europeans," the spokesperson said. Also read | Russia blocks Google over 'inauthentic' information on Ukraine war Apple would also be forced to loosen its grip on the iPhone, with users allowed to uninstall its Safari web browser and other company-imposed apps that users cannot currently delete. In a statement, Apple swiftly expressed regret over the law, saying it was "concerned that some provisions of the DMA will create unnecessary privacy and security vulnerabilities for our users". After a furious campaign by influential MEPs, the law also forces messaging services such as Meta-owned WhatsApp to make themselves available to users on other services such as Signal or Apple's iMessage, and vice-versa. France, which holds the EU presidency and negotiated on behalf of the bloc's 27 member states, said the law would deliver "concrete impacts on the lives of European citizens". "We are talking about the goods you buy online, the smartphone you use every day, and the services you use every day," said France's digital affairs minister, Cedric O. Also read | Netflix rival NENT to offer live sports in Britain after launch Comply or Challenge Violation of the rules could lead to fines as high as 10 percent of a company's annual global sales and even 20 percent for repeat offenders. The DMA "will have a profound impact on the way some gatekeepers' operations are currently conducted," said lawyer Katrin Schallenberg, a partner at Clifford Chance. "Clearly, companies affected... are already working on ways to comply with or even challenge the regulation," she added. The Big Tech companies have lobbied hard against the new rules and the firms have been defended in Washington, where it is alleged that the new law unfairly targets US companies. With the deal now reached by negotiators, the DMA now faces final votes in a full session of the European Parliament as well as by ministers from the EU's 27 member states. The rules could come into place starting on January 1, 2023, though tech companies are asking for more time to implement the law. Watch | Gravitas: Russia’s war exposes rifts in Europe

EU negotiators agree landmark law to curb Big Tech

Australia's competition watchdog filed a lawsuit against&nbsp;Facebook&nbsp;owner Meta Platforms on Friday, alleging the social media giant failed to prevent scammers using its platform to promote fake ads featuring well-known people.

The advertisements, which endorsed investment in cryptocurrency or money-making schemes, could have misled&nbsp;Facebook&nbsp;users into believing they were promoted by famous Australians, the Australian Competition &amp; Consumer Commission (ACCC) said.

The lawsuit filed in the Federal Court also alleges&nbsp;Facebook&nbsp;"aided and abetted or was knowingly concerned in false or misleading conduct and representations by the advertisers," the ACCC said in a statement.

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"The essence of our case is that Meta is responsible for these ads that it publishes on its platform," ACCC Chair Rod Sims said. "It is alleged that Meta was aware ... scam ads were being displayed on&nbsp;Facebook&nbsp;but did not take sufficient steps to address the issue."

Meta said any ads that scammed people out of money or misled users violated its policies and the company uses technology to detect and block such posts, adding it had "cooperated with the ACCC's investigation into this matter to date."

"We will review the recent filing by the ACCC and intend to defend the proceedings," a Meta spokesperson said in an emailed statement, declining to comment further as the case was before court.

The ACCC said the ads used images of several Australian business leaders, TV hosts and politicians and contained links to fake media articles that included quotes attributed to the personalities.

Also read |&nbsp;<a href="https://www.wionews.com/world/children-and-climate-change-australian-court-strikes-down-landmark-ruling-protecting-minors-462384">Children and climate change: Australian court strikes down landmark ruling protecting minors</a>

Users who signed up were contacted by scammers to convince them to deposit funds into the fake schemes, the regulator said.

"We are aware of a consumer who lost more than A$650,000 ($480,000) due to one of these scams ... this is disgraceful," Sims said.

Australian iron ore magnate Andrew Forrest, chairman of Fortescue Metals Group, launched criminal proceedings against&nbsp;Facebook&nbsp;last month over scam ads, including ones using his image to promote cryptocurrency schemes.

The corporate regulator, the Australian Securities and Investments Commission (ASIC), usually handles financial fraud complaints against companies. The ACCC, which is seeking financial penalties, said it was given temporary powers to file the lawsuit.

Facebook&nbsp;earlier this week announced a programme to help train Australian political candidates and influencers on cyber security to stop the spread of potential misinformation during campaigning for the country's upcoming federal election.

Watch |&nbsp;Australian dollar bruised by lockdown, US fed reserve set to raise rates

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Australia's competition watchdog filed a lawsuit against Facebook owner Meta Platforms on Friday, alleging the social media giant failed to prevent scammers using its platform to promote fake ads featuring well-known people.

Australia's competition watchdog filed a lawsuit against Facebook owner Meta Platforms on Friday, alleging the social media giant failed to prevent scammers using its platform to promote fake ads featuring well-known people. The advertisements, which endorsed investment in cryptocurrency or money-making schemes, could have misled Facebook users into believing they were promoted by famous Australians, the Australian Competition & Consumer Commission (ACCC) said. The lawsuit filed in the Federal Court also alleges Facebook "aided and abetted or was knowingly concerned in false or misleading conduct and representations by the advertisers," the ACCC said in a statement. Also read | In Pics: Protests against Covid measures rock Europe, Australia "The essence of our case is that Meta is responsible for these ads that it publishes on its platform," ACCC Chair Rod Sims said. "It is alleged that Meta was aware ... scam ads were being displayed on Facebook but did not take sufficient steps to address the issue." Meta said any ads that scammed people out of money or misled users violated its policies and the company uses technology to detect and block such posts, adding it had "cooperated with the ACCC's investigation into this matter to date." "We will review the recent filing by the ACCC and intend to defend the proceedings," a Meta spokesperson said in an emailed statement, declining to comment further as the case was before court. The ACCC said the ads used images of several Australian business leaders, TV hosts and politicians and contained links to fake media articles that included quotes attributed to the personalities. Also read | Children and climate change: Australian court strikes down landmark ruling protecting minors Users who signed up were contacted by scammers to convince them to deposit funds into the fake schemes, the regulator said. "We are aware of a consumer who lost more than A$650,000 ($480,000) due to one of these scams ... this is disgraceful," Sims said. Australian iron ore magnate Andrew Forrest, chairman of Fortescue Metals Group, launched criminal proceedings against Facebook last month over scam ads, including ones using his image to promote cryptocurrency schemes. The corporate regulator, the Australian Securities and Investments Commission (ASIC), usually handles financial fraud complaints against companies. The ACCC, which is seeking financial penalties, said it was given temporary powers to file the lawsuit. Facebook earlier this week announced a programme to help train Australian political candidates and influencers on cyber security to stop the spread of potential misinformation during campaigning for the country's upcoming federal election. Watch | Australian dollar bruised by lockdown, US fed reserve set to raise rates

Australian watchdog sues Facebook-owner Meta over scam advertisements

In the first step towards a possible access ban, Russian regulators on Friday accused US tech giant Google and its video subsidiary YouTube of "terrorist" activities.

Earlier this month, the country launched a criminal case against Meta, which owns Facebook and Instagram, accusing the company of allowing posts "calling for the murder" of Russians.

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Russia's media regulator, Roskomnadzor said adverts on the platform were calling for the communications systems of Russia and Belarus' railway networks to be suspended and that their dissemination was evidence of the US tech giant's anti-Russian position.&nbsp;

"The YouTube administration's activities are terrorist in nature and threaten the life and health of Russian citizens," Roskomnadzor said, quoted by Interfax news agency.

"Roskomnadzor categorically opposes such advertising campaigns and demands that Google stop broadcasting anti-Russia videos as soon as possible."

It was the latest salvo in a row between Moscow and foreign tech firms over Ukraine.

Also read |&nbsp;<a href="https://www.wionews.com/world/from-deepfakes-to-hoax-calls-fake-news-war-in-russia-ukraine-crisis-463476" hreflang="en">From Deepfakes to hoax calls: 'Fake news war' in Russia-Ukraine crisis</a>

YouTube, which has blocked Russian state-funded media globally, is under heavy pressure from Russia's communications regulator and politicians.

Russia has already blocked access to other global tech giants including Facebook, Twitter and Instagram as well as several independent media.

Russian tech entrepreneurs have said they would launch picture-sharing application Rossgram on the domestic market to help fill the void left by Instagram.

Russia is one of the most restrictive countries for press freedom and freedom of expression, but the situation has worsened in the past few weeks since the operation in Ukraine began on February 24.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-revokes-russian-channel-rts-licence-after-probe-into-ukraine-coverage-463392" hreflang="en">UK revokes Russian channel RT's licence after probe into Ukraine coverage</a>

Former Russian President Dmitry Medvedev on Friday wrote a fierce criticism of foreign social media firms, namechecking both Meta and YouTube, but he hinted that the door leading to their possible return to the Russian market would be left ajar.

"The 'guardians' of free speech have in all seriousness allowed users of their social media to wish death upon the Russian military," Medvedev, who served as president from 2008 to 2012 and is now deputy secretary of Russia's Security Council, wrote on his Telegram channel.

Medvedev said Russia has the necessary tools and experience to develop its own social media, saying the "one-way game" of Western firms controlling information flows could not continue.

"In order to return, they will have to prove their independence and good attitude to Russia and its citizens," he wrote.

"However, it is not a fact that they will be able to dip their toes in the same water twice."

(With inputs from agencies)

In the first step towards a possible access ban, Russian regulators on Friday accused US tech giant Google and its video subsidiary YouTube of "terrorist" activities.

In the first step towards a possible access ban, Russian regulators on Friday accused US tech giant Google and its video subsidiary YouTube of "terrorist" activities. Earlier this month, the country launched a criminal case against Meta, which owns Facebook and Instagram, accusing the company of allowing posts "calling for the murder" of Russians. Russia's media regulator, Roskomnadzor said adverts on the platform were calling for the communications systems of Russia and Belarus' railway networks to be suspended and that their dissemination was evidence of the US tech giant's anti-Russian position. "The YouTube administration's activities are terrorist in nature and threaten the life and health of Russian citizens," Roskomnadzor said, quoted by Interfax news agency. "Roskomnadzor categorically opposes such advertising campaigns and demands that Google stop broadcasting anti-Russia videos as soon as possible." It was the latest salvo in a row between Moscow and foreign tech firms over Ukraine. Also read | From Deepfakes to hoax calls: 'Fake news war' in Russia-Ukraine crisis YouTube, which has blocked Russian state-funded media globally, is under heavy pressure from Russia's communications regulator and politicians. Russia has already blocked access to other global tech giants including Facebook, Twitter and Instagram as well as several independent media. Russian tech entrepreneurs have said they would launch picture-sharing application Rossgram on the domestic market to help fill the void left by Instagram. Russia is one of the most restrictive countries for press freedom and freedom of expression, but the situation has worsened in the past few weeks since the operation in Ukraine began on February 24. Also read | UK revokes Russian channel RT's licence after probe into Ukraine coverage Former Russian President Dmitry Medvedev on Friday wrote a fierce criticism of foreign social media firms, namechecking both Meta and YouTube, but he hinted that the door leading to their possible return to the Russian market would be left ajar. "The 'guardians' of free speech have in all seriousness allowed users of their social media to wish death upon the Russian military," Medvedev, who served as president from 2008 to 2012 and is now deputy secretary of Russia's Security Council, wrote on his Telegram channel. Medvedev said Russia has the necessary tools and experience to develop its own social media, saying the "one-way game" of Western firms controlling information flows could not continue. "In order to return, they will have to prove their independence and good attitude to Russia and its citizens," he wrote. "However, it is not a fact that they will be able to dip their toes in the same water twice." (With inputs from agencies)

Russia accuses Google and its video subsidiary YouTube of 'terrorist' activities

Facing heat from Russia for allowing users to post ‘threats of violence against Moscow’, Meta on Monday tightened its content moderation policy to restrict calls for the death of a head of state, according to Reuters.

"We are now narrowing the focus to make it explicitly clear in the guidance that it is never to be interpreted as condoning violence against Russians in general," Meta global affairs President Nick Clegg wrote in a post on the company's internal platform on Sunday that was seen by Reuters.

"We also do not permit calls to assassinate a head of state...So, in order to remove any ambiguity about our stance, we are further narrowing our guidance to make explicit that we are not allowing calls for the death of a head of state on our platforms," Clegg said.

The latest move comes a week after Facebook temporarily relaxed its policies,&nbsp;allowing&nbsp;Ukrainian users to post death threats on Facebook and Instagram against Russian President Vladimir Putin or Belarusian President Alexander Lukashenko.

Also read |&nbsp;<a href="https://www.wionews.com/world/opening-pandoras-box-facebook-allows-calls-for-violence-and-death-against-russian-invaders-461123">Opening Pandora's box? Facebook allows calls for violence and death against 'Russian invaders'</a>

Facebook had clarified that it was temporarily making changes to its content policy only for Ukrainian users only to condemn violent Russian attacks.

The move triggered an outrage in Russia which pressed criminal charges against the social media firm for allowing hate speech.

Clegg clarified that there would be no change to policies on hate speech as far as the Russian people are concerned.

Also read |&nbsp;<a href="https://www.wionews.com/world/for-censoring-domestic-media-russian-government-partially-limits-access-to-facebook-456624">For 'censoring' domestic media, Russian government partially limits access to Facebook</a>

"Meta stands against Russophobia. We have no tolerance for calls for genocide, ethnic cleansing, or any kind of discrimination, harassment, or violence towards Russians on our platform," he said.

Meanwhile, Instagram was no longer accessible in Russia, reported AFP.

Instagram's app was not refreshing without a VPN connection on Monday, AFP journalists said.

The social network also appeared on a list of online resources with "restricted access" published by Russia's media regulator Roskomnadzor.&nbsp;

Watch |&nbsp;Russia opens criminal case against Meta after Facebook eases rules on violent speech

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(With inputs from agencies)

Facing heat from Russia for allowing users to post ‘threats of violence against Moscow’, Meta on Monday tightened its content moderation policy to restrict calls for the death of a head of state, according to Reuters.

Facing heat from Russia for allowing users to post ‘threats of violence against Moscow’, Meta on Monday tightened its content moderation policy to restrict calls for the death of a head of state, according to Reuters. "We are now narrowing the focus to make it explicitly clear in the guidance that it is never to be interpreted as condoning violence against Russians in general," Meta global affairs President Nick Clegg wrote in a post on the company's internal platform on Sunday that was seen by Reuters. "We also do not permit calls to assassinate a head of state...So, in order to remove any ambiguity about our stance, we are further narrowing our guidance to make explicit that we are not allowing calls for the death of a head of state on our platforms," Clegg said. The latest move comes a week after Facebook temporarily relaxed its policies, allowing Ukrainian users to post death threats on Facebook and Instagram against Russian President Vladimir Putin or Belarusian President Alexander Lukashenko. Also read | Opening Pandora's box? Facebook allows calls for violence and death against 'Russian invaders' Facebook had clarified that it was temporarily making changes to its content policy only for Ukrainian users only to condemn violent Russian attacks. The move triggered an outrage in Russia which pressed criminal charges against the social media firm for allowing hate speech. Clegg clarified that there would be no change to policies on hate speech as far as the Russian people are concerned. Also read | For 'censoring' domestic media, Russian government partially limits access to Facebook "Meta stands against Russophobia. We have no tolerance for calls for genocide, ethnic cleansing, or any kind of discrimination, harassment, or violence towards Russians on our platform," he said. Meanwhile, Instagram was no longer accessible in Russia, reported AFP. Instagram's app was not refreshing without a VPN connection on Monday, AFP journalists said. The social network also appeared on a list of online resources with "restricted access" published by Russia's media regulator Roskomnadzor. Watch | Russia opens criminal case against Meta after Facebook eases rules on violent speech (With inputs from agencies)

Meta issues clarification after facing flak for ‘allowing death threats to Putin’

In a recent move to penalize Russia over its attack on Ukraine, Facebook and other US tech giants have blocked access to its network in Moscow. In light of Ukraine's invasion, Facebook said it has temporarily eased its rules about violent speech to allow statements like "death to Russian invaders" on its platform. However, Russia has opened criminal case against Meta.

Russia opens criminal case against Meta after Facebook eases rules on violent speech

The EU and Britain on Friday opened&nbsp;antitrust&nbsp;probes&nbsp;into a 2018 deal between tech giants Google and Facebook owner Meta allegedly aimed at cementing their dominance over the online advertising market.

The European Commission said it was investigating the so-called "Jedi Blue" agreement that has also faced lawsuits in the United States as global regulators up their campaign to seriously limit the power of big tech.

The EU said its probe would explore whether the arrangement between the internet behemoths had been used to "restrict and distort competition in the already concentrated ad tech market".

The bloc's competition supremo Margrethe Vestager said if confirmed, the arrangement will have served to distort competition, squeezing rival ad tech companies, publishers "and ultimately consumers."

The UK's Competition Market Authority also launched its own investigation into the agreement and the two watchdogs will "closely cooperate" on the investigation, the EU said.

Chief Executive Andrea Coscelli said the CMA "will not shy away from scrutinising the behaviour of big tech firms... working closely with global regulators to get the best outcomes possible."

The two online advertising giants are under intense pressure from publishers and ad rivals as together they overwhelm the online advertising market in much of the world.

In a statement, Google said the "allegations made about this agreement are false" and that its deal with Meta "is a publicly documented, procompetitive agreement" that exists with other companies.

Meta said it would cooperate with the enquiries but that the arrangements "deliver more value to advertisers and publishers, resulting in better outcomes for all".

US lawsuits&nbsp;

US Big Tech companies have been under intense pressure over their business practices in Europe, resulting in&nbsp;probes, huge fines and plans for EU-wide legislation to rein them in.

In the latest accusations, which also form the basis for lawsuits in the United States, the "Jedi Blue" deal served to oust competition by manipulating ad auctions.

These are the ultra-sophisticated system that determines which ads appear on web pages based on the anonymised profiles of internet users.

US court documents revealed that the top bosses of Google and Facebook were directly involved in approving the allegedly illegal 2018 deal.&nbsp;

The legal documents filed in a New York court clearly refer to Sundar Pichai, chief of Google's parent firm Alphabet, as well as Facebook executive Sheryl Sandberg and CEO Mark Zuckerberg -- even if their names were redacted.

Google has further enraged publishers and online ad rivals with its plan to overhaul its ad tracking system on its world leading Chrome browser and Android smartphone operating system.

The internet giant made the move -- which does away with personal online trackers known as "cookies" -- to answer increasing pressure to better guarantee privacy for web users.

Critics see it as a way for Google to deny publishers and advertisers precious data and embolden the company's dominance in advertising.

Alphabet pulled in over $60 billion in the fourth quarter of 2021 just in ad revenue, which makes up over 80 percent of its income.

The EU and Britain on Friday opened antitrust probes into a 2018 deal between tech giants Google and Facebook owner Meta allegedly aimed at cementing their dominance over the online advertising market.

The EU and Britain on Friday opened antitrust probes into a 2018 deal between tech giants Google and Facebook owner Meta allegedly aimed at cementing their dominance over the online advertising market. The European Commission said it was investigating the so-called "Jedi Blue" agreement that has also faced lawsuits in the United States as global regulators up their campaign to seriously limit the power of big tech. The EU said its probe would explore whether the arrangement between the internet behemoths had been used to "restrict and distort competition in the already concentrated ad tech market". The bloc's competition supremo Margrethe Vestager said if confirmed, the arrangement will have served to distort competition, squeezing rival ad tech companies, publishers "and ultimately consumers." The UK's Competition Market Authority also launched its own investigation into the agreement and the two watchdogs will "closely cooperate" on the investigation, the EU said. Chief Executive Andrea Coscelli said the CMA "will not shy away from scrutinising the behaviour of big tech firms... working closely with global regulators to get the best outcomes possible." The two online advertising giants are under intense pressure from publishers and ad rivals as together they overwhelm the online advertising market in much of the world. In a statement, Google said the "allegations made about this agreement are false" and that its deal with Meta "is a publicly documented, procompetitive agreement" that exists with other companies. Meta said it would cooperate with the enquiries but that the arrangements "deliver more value to advertisers and publishers, resulting in better outcomes for all". US lawsuits US Big Tech companies have been under intense pressure over their business practices in Europe, resulting in probes, huge fines and plans for EU-wide legislation to rein them in. In the latest accusations, which also form the basis for lawsuits in the United States, the "Jedi Blue" deal served to oust competition by manipulating ad auctions. These are the ultra-sophisticated system that determines which ads appear on web pages based on the anonymised profiles of internet users. US court documents revealed that the top bosses of Google and Facebook were directly involved in approving the allegedly illegal 2018 deal. The legal documents filed in a New York court clearly refer to Sundar Pichai, chief of Google's parent firm Alphabet, as well as Facebook executive Sheryl Sandberg and CEO Mark Zuckerberg -- even if their names were redacted. Google has further enraged publishers and online ad rivals with its plan to overhaul its ad tracking system on its world leading Chrome browser and Android smartphone operating system. The internet giant made the move -- which does away with personal online trackers known as "cookies" -- to answer increasing pressure to better guarantee privacy for web users. Critics see it as a way for Google to deny publishers and advertisers precious data and embolden the company's dominance in advertising. Alphabet pulled in over $60 billion in the fourth quarter of 2021 just in ad revenue, which makes up over 80 percent of its income.

EU launches antitrust probes on Google, Meta over online ads deal

Moscow has opened a case against Facebook's parent company Meta for calling for ''murder'' of Russians.

Russia's Investigative Committee, which probes major crimes, said it was launching an investigation "due to illegal calls for the murder of Russian nationals by employees of the American company Meta." &nbsp;

The Kremlin threatened to shut down Facebook owner Meta Platforms in Russia on Friday, following a Reuters report that the company had issued guidelines temporarily easing a ban on calls for political violence to allow some Facebook or Instagram posts that encourage killing invading Russian troops.

According to internal emails sent to content moderators, the guidelines would even allow posts that call for the death of Russian President Vladimir Putin or Belarusian President Alexander Lukashenko.

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"We are issuing a spirit-of-the-policy allowance to allow T1 violent speech that would otherwise be removed under the Hate Speech policy when: (a) targeting Russian soldiers, EXCEPT prisoners of war, or (b) targeting Russians where it's clear that the context is the Russian invasion of Ukraine (e.g., content mentions the invasion, self-defense, etc.)," it said in the email.

"We are doing this because we have observed that in this specific context, 'Russian soldiers' is being used as a proxy for the Russian military. The Hate Speech policy continues to prohibit attacks on Russians," the email stated.

"We don't want to believe the Reuters report - it is just too difficult to believe," Kremlin spokesman Dmitry Peskov told reporters.

"We hope it is not true because if it is true then it will mean that there will have to be the most decisive measures to end the activities of this company."

Also see |&nbsp;<a href="https://www.wionews.com/photos/what-does-aftermath-of-russian-invasion-look-like-for-ukraine-459414">What does aftermath of Russian invasion look like for Ukraine?</a>

"As a result of the Russian invasion of Ukraine, we have temporarily made allowances for forms of political expression that would normally violate our rules like violent speech such as 'death to the Russian invaders.' We still won't allow credible calls for violence against Russian civilians," a Meta spokesperson said in a statement.

The calls for the leaders' deaths will be allowed unless they contain other targets or have two indicators of credibility, such as the location or method, one email said, in a recent change to the company's rules on violence and incitement.

Citing the Reuters story, Russia's embassy in the United States demanded that Washington stop the "extremist activities" of Meta.

Also see |&nbsp;<a href="https://www.wionews.com/photos/ukraine-claims-to-capture-russias-pantsir-s1-missile-system-is-it-a-rich-catch-461275" hreflang="en">Ukraine claims to capture Russia's Pantsir-S1 missile system; is it a rich catch?</a>

"Users of Facebook &amp; Instagram did not give the owners of these platforms the right to determine the criteria of truth and pit nations against each other," the embassy said on Twitter.

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Russian Embassy in the US: Noted the <a href="https://twitter.com/Reuters?ref_src=twsrc%5Etfw">@Reuters</a> message that the <a href="https://twitter.com/Meta?ref_src=twsrc%5Etfw">@Meta</a> permitted to post calls for violence against the Russian leadership &amp; our military personnel on <a href="https://twitter.com/hashtag/Facebook?src=hash&amp;ref_src=twsrc%5Etfw">#Facebook</a> &amp; <a href="https://twitter.com/hashtag/Instagram?src=hash&amp;ref_src=twsrc%5Etfw">#Instagram</a>. <a href="https://t.co/REv9dnA5rv">https://t.co/REv9dnA5rv</a>
— Russia in India 🇷🇺 (@RusEmbIndia) <a href="https://twitter.com/RusEmbIndia/status/1502133128587997184?ref_src=twsrc%5Etfw">March 11, 2022</a></blockquote>
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Prosecutors have asked a Russian court to designate Facebook's parent organisation Meta Platforms as an "extremist organisation," Interfax reported on Friday.

The state prosecutor also asked Russia's communications watchdog Roskomnadzor to restrict access to Meta's Instagram social networking service.

Previously, Roskomnadzor said it cut access to Twitter and Facebook in line with a decision by the prosecutor general’s office.

In blocking Facebook, Roskomnadzor cited its alleged “discrimination” of the Russian media and state information resources.&nbsp;

The agency said in a statement that the restrictions introduced by Facebook owner Meta on the Russian news channel RT and other state-controlled media violate Russian law.

(With inputs from agencies)

Moscow has opened a case against Facebook's parent company Meta for calling for ''murder'' of Russians. Russia's Investigative Committee, which probes major crimes, said it was launching an investigation "due to illegal calls for the murder of Russian nationals by employees of the American company Meta.

Moscow has opened a case against Facebook's parent company Meta for calling for ''murder'' of Russians. Russia's Investigative Committee, which probes major crimes, said it was launching an investigation "due to illegal calls for the murder of Russian nationals by employees of the American company Meta." The Kremlin threatened to shut down Facebook owner Meta Platforms in Russia on Friday, following a Reuters report that the company had issued guidelines temporarily easing a ban on calls for political violence to allow some Facebook or Instagram posts that encourage killing invading Russian troops. According to internal emails sent to content moderators, the guidelines would even allow posts that call for the death of Russian President Vladimir Putin or Belarusian President Alexander Lukashenko. "We are issuing a spirit-of-the-policy allowance to allow T1 violent speech that would otherwise be removed under the Hate Speech policy when: (a) targeting Russian soldiers, EXCEPT prisoners of war, or (b) targeting Russians where it's clear that the context is the Russian invasion of Ukraine (e.g., content mentions the invasion, self-defense, etc.)," it said in the email. "We are doing this because we have observed that in this specific context, 'Russian soldiers' is being used as a proxy for the Russian military. The Hate Speech policy continues to prohibit attacks on Russians," the email stated. "We don't want to believe the Reuters report - it is just too difficult to believe," Kremlin spokesman Dmitry Peskov told reporters. "We hope it is not true because if it is true then it will mean that there will have to be the most decisive measures to end the activities of this company." Also see | What does aftermath of Russian invasion look like for Ukraine? "As a result of the Russian invasion of Ukraine, we have temporarily made allowances for forms of political expression that would normally violate our rules like violent speech such as 'death to the Russian invaders.' We still won't allow credible calls for violence against Russian civilians," a Meta spokesperson said in a statement. The calls for the leaders' deaths will be allowed unless they contain other targets or have two indicators of credibility, such as the location or method, one email said, in a recent change to the company's rules on violence and incitement. Citing the Reuters story, Russia's embassy in the United States demanded that Washington stop the "extremist activities" of Meta. Also see | Ukraine claims to capture Russia's Pantsir-S1 missile system; is it a rich catch? "Users of Facebook & Instagram did not give the owners of these platforms the right to determine the criteria of truth and pit nations against each other," the embassy said on Twitter. Russian Embassy in the US: Noted the @Reuters message that the @Meta permitted to post calls for violence against the Russian leadership & our military personnel on #Facebook & #Instagram. https://t.co/REv9dnA5rv — Russia in India 🇷🇺 (@RusEmbIndia) March 11, 2022 × Prosecutors have asked a Russian court to designate Facebook's parent organisation Meta Platforms as an "extremist organisation," Interfax reported on Friday. The state prosecutor also asked Russia's communications watchdog Roskomnadzor to restrict access to Meta's Instagram social networking service. Previously, Roskomnadzor said it cut access to Twitter and Facebook in line with a decision by the prosecutor general’s office. In blocking Facebook, Roskomnadzor cited its alleged “discrimination” of the Russian media and state information resources. The agency said in a statement that the restrictions introduced by Facebook owner Meta on the Russian news channel RT and other state-controlled media violate Russian law. (With inputs from agencies)

Moscow opens case against Meta for calling for 'murder' of Russians

The founder of Facebook, Mark Zuckerberg, referred to his employees as “Metamates," while unveiling a list of new principles for work at Meta Platforms Inc. Zuckerberg laid out his vision for internal culture through an employee memo.&nbsp;

"Meta, Metamates, Me is about being good stewards of our company and mission," he wrote.&nbsp;

He said that it is now “a distributed company” as he said that “we will continue hiring around the world.”

The Move Fast motto remains. However, it is now joined by Build Awesome Things, Live in the Future, Focus on Long-Term Impact and Be Direct and Respect Your Colleagues.

<a href="https://www.wionews.com/world/twitter-ceo-parag-to-go-for-parental-leave-decision-appreciated-by-fellow-dads-454074">Also read |&nbsp;Twitter CEO Parag to go for parental leave, decision appreciated by fellow dads</a>

He mentioned the employee label in his conclusion and wrote, “It’s about the sense of responsibility we have for our collective success and to each other as teammates."

While some hailed his efforts, others claimed that the slogan put the company first and the worker last.&nbsp;

"Focus on long-term impact’ emphasises long-term thinking and encourages us to extend the timeline for the impact we have, rather than optimising for near-term wins,” Zuckerberg wrote.

In the end, he concluded by emphasising that values are not what you write on a website but "what we hold each other accountable for every day."&nbsp;

(With inputs from agencies)

The founder of Facebook, Mark Zuckerberg, referred to his employees as “Metamates," while unveiling a list of new principles for work at Meta Platforms Inc. Zuckerberg laid out his vision for internal culture through an employee memo.

The founder of Facebook, Mark Zuckerberg, referred to his employees as “Metamates," while unveiling a list of new principles for work at Meta Platforms Inc. Zuckerberg laid out his vision for internal culture through an employee memo. "Meta, Metamates, Me is about being good stewards of our company and mission," he wrote. He said that it is now “a distributed company” as he said that “we will continue hiring around the world.” The Move Fast motto remains. However, it is now joined by Build Awesome Things, Live in the Future, Focus on Long-Term Impact and Be Direct and Respect Your Colleagues. Also read | Twitter CEO Parag to go for parental leave, decision appreciated by fellow dads He mentioned the employee label in his conclusion and wrote, “It’s about the sense of responsibility we have for our collective success and to each other as teammates." While some hailed his efforts, others claimed that the slogan put the company first and the worker last. "Focus on long-term impact’ emphasises long-term thinking and encourages us to extend the timeline for the impact we have, rather than optimising for near-term wins,” Zuckerberg wrote. In the end, he concluded by emphasising that values are not what you write on a website but "what we hold each other accountable for every day." (With inputs from agencies)

Zuckerberg refers to his staff as 'Metamates' in a memo laying out new principles

Chief Executive Officer Mark Zuckerberg has revamped Meta's company values as it faces investment concerns.

Touting pivot and an&nbsp;all-hands approach, he has unveiled a company overhaul after its shares had the biggest single-day slide in market value.

The huge drop, erasing over $200 billion from Meta's market capitalisation and around $29 billion from Chief Executive Officer Mark Zuckerberg's net worth, spilled over to the broader technology sector and dragged the Nasdaq Composite Index lower.

Also read |&nbsp;<a href="https://www.wionews.com/world/deceitful-business-texas-sues-metas-facebook-over-facial-recognition-system-453354" hreflang="en">'Deceitful business': Texas sues Meta's Facebook over facial recognition system</a>

“‘Focus on long-term impact’ emphasizes long-term thinking and encourages us to extend the timeline for the impact we have, rather than optimizing for near-term wins,” Zuckerberg wrote in his post.&nbsp;

“We should take on the challenges that will be the most impactful, even if the full results won’t be seen for years.”

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Zuckerberg has an ironclad hold on Facebook Inc. He holds the majority of the company’s voting shares, controls its board of directors and has increasingly surrounded himself with executives who don’t appear to question his vision.

Meta reported a decline in daily active users from the previous quarter for the first time as competition with rivals like TikTok, the video sharing platform owned by China's ByteDance, heats up.

"As we build the next chapter of our company as Meta, we just updated the values that guide our work," Zuckerberg wrote.

Also read |&nbsp;<a href="https://www.wionews.com/technology/meta-threatens-eu-to-pull-facebook-instagram-on-failure-to-scrap-privacy-pact-451544" hreflang="en">Meta threatens EU to pull Facebook, Instagram on failure to scrap privacy pact</a>

Meta's new credo also calls for being direct, but respectful to colleagues, collaborating as "Metamates."

"Meta, Metamates, Me is about being good stewards of our company and mission," Zuckerberg wrote.

"It's about taking care of our company and each other."

Facebook last reworked its professed values in 2007, according to the company's co-founder and chief.

Critics have derided Facebook's rebrand as an attempted distraction from an avalanche of damaging revelations from whistleblower Frances Haugen.

The "Facebook Papers" revealed&nbsp;numerous instances where researchers and rank-and-file workers uncovered deep-seated problems that the company then overlooked or ignored.

(With inputs from agencies)

Chief Executive Officer Mark Zuckerberg has revamped Meta's company values as it faces investment concerns. Touting pivot and an all-hands approach, he has unveiled a company overhaul after its shares had the biggest single-day slide in market value.

Chief Executive Officer Mark Zuckerberg has revamped Meta's company values as it faces investment concerns. Touting pivot and an all-hands approach, he has unveiled a company overhaul after its shares had the biggest single-day slide in market value. The huge drop, erasing over $200 billion from Meta's market capitalisation and around $29 billion from Chief Executive Officer Mark Zuckerberg's net worth, spilled over to the broader technology sector and dragged the Nasdaq Composite Index lower. Also read | 'Deceitful business': Texas sues Meta's Facebook over facial recognition system “‘Focus on long-term impact’ emphasizes long-term thinking and encourages us to extend the timeline for the impact we have, rather than optimizing for near-term wins,” Zuckerberg wrote in his post. “We should take on the challenges that will be the most impactful, even if the full results won’t be seen for years.” Zuckerberg has an ironclad hold on Facebook Inc. He holds the majority of the company’s voting shares, controls its board of directors and has increasingly surrounded himself with executives who don’t appear to question his vision. Meta reported a decline in daily active users from the previous quarter for the first time as competition with rivals like TikTok, the video sharing platform owned by China's ByteDance, heats up. "As we build the next chapter of our company as Meta, we just updated the values that guide our work," Zuckerberg wrote. Also read | Meta threatens EU to pull Facebook, Instagram on failure to scrap privacy pact Meta's new credo also calls for being direct, but respectful to colleagues, collaborating as "Metamates." "Meta, Metamates, Me is about being good stewards of our company and mission," Zuckerberg wrote. "It's about taking care of our company and each other." Facebook last reworked its professed values in 2007, according to the company's co-founder and chief. Critics have derided Facebook's rebrand as an attempted distraction from an avalanche of damaging revelations from whistleblower Frances Haugen. The "Facebook Papers" revealed numerous instances where researchers and rank-and-file workers uncovered deep-seated problems that the company then overlooked or ignored. (With inputs from agencies)

‘Live in the future’: Mark Zuckerberg revamps company values as Meta faces investment concerns

Meta Platforms Inc has threatened the European Union that it will be forced to pull Facebook and Instagram if the bloc fails to scrap the privacy pact.

''The simple reality is that Meta, and many other businesses, organisations and services, rely on data transfers between the EU and the US in order to operate global services,'' the firm said in a statement.

Europe's top court in 2020 scrapped a transatlantic data transfer deal known as the Privacy Shield and relied on by thousands of companies for services ranging from cloud infrastructure to payroll and finance because of similar concerns.

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The United States and the EU have been trying to come up with a new pact in the two years since then. US&nbsp;Commerce Secretary Gina Raimondo said she was confident there would be a new accord which takes into account the EU court's concerns.

"If a new transatlantic data transfer framework is not adopted... we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe," Meta wrote in its Securities and Exchange Commission filing.

<a href="https://www.wionews.com/technology/assaulted-in-metaverse-woman-alleges-gang-rape-60-seconds-after-joining-metas-virtual-world-449784">Also read |&nbsp;Assaulted in Metaverse: Woman alleges 'gang rape' 60 seconds after joining Meta's virtual world</a>

The social media giant recently saw its worst-ever plunge in market value, after disappointing quarterly results that raised questions about its future.

The huge drop, erasing over $200 billion from Meta's market capitalization and around $29 billion from Chief Executive Officer Mark Zuckerberg's net worth, spilled over to the broader technology sector and dragged the Nasdaq Composite Index lower.

Fewer people checked their Facebook every day per quarter than they did the year before for the first time ever during the last three months of 2021, as per Meta.

Meta Chief Financial Officer Dave Wehner told financial analysts part of the usage decrease for the main Facebook app and website came from fewer COVID-19 lockdowns, which have tended to generate a boom in online activity.

He also blamed rising internet costs for consumers in India and increasing interest in ByteDance Inc's video-sharing app TikTok.

(With inputs from agencies)

Meta Platforms Inc has threatened the European Union that it will be forced to pull Facebook and Instagram if the bloc fails to scrap the privacy pact. ''The simple reality is that Meta, and many other businesses, organisations and services, rely on data transfers between the EU and the US in order to operate global services,'' the firm said in a statement.

Meta Platforms Inc has threatened the European Union that it will be forced to pull Facebook and Instagram if the bloc fails to scrap the privacy pact. ''The simple reality is that Meta, and many other businesses, organisations and services, rely on data transfers between the EU and the US in order to operate global services,'' the firm said in a statement. Europe's top court in 2020 scrapped a transatlantic data transfer deal known as the Privacy Shield and relied on by thousands of companies for services ranging from cloud infrastructure to payroll and finance because of similar concerns. The United States and the EU have been trying to come up with a new pact in the two years since then. US Commerce Secretary Gina Raimondo said she was confident there would be a new accord which takes into account the EU court's concerns. "If a new transatlantic data transfer framework is not adopted... we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe," Meta wrote in its Securities and Exchange Commission filing. Also read | Assaulted in Metaverse: Woman alleges 'gang rape' 60 seconds after joining Meta's virtual world The social media giant recently saw its worst-ever plunge in market value, after disappointing quarterly results that raised questions about its future. The huge drop, erasing over $200 billion from Meta's market capitalization and around $29 billion from Chief Executive Officer Mark Zuckerberg's net worth, spilled over to the broader technology sector and dragged the Nasdaq Composite Index lower. Fewer people checked their Facebook every day per quarter than they did the year before for the first time ever during the last three months of 2021, as per Meta. Meta Chief Financial Officer Dave Wehner told financial analysts part of the usage decrease for the main Facebook app and website came from fewer COVID-19 lockdowns, which have tended to generate a boom in online activity. He also blamed rising internet costs for consumers in India and increasing interest in ByteDance Inc's video-sharing app TikTok. (With inputs from agencies)

Meta threatens EU to pull Facebook, Instagram on failure to scrap privacy pact

Peter Thiel, one of the longest-serving board members of Meta, the parent of Facebook, plans to step down, the company said Monday.

Thiel, 54, wants to focus on influencing November’s midterm elections, said a person with knowledge of Thiel’s thinking and who declined to be identified. Thiel sees the midterms as crucial to changing the direction of the country, this person said, and he is backing candidates who support the agenda of former President Donald Trump.

Over the past year, Thiel, who has a net worth estimated at $2.6 billion by Forbes, has become one of the Republican Party’s largest donors. Last year, he gave $10 million each to the campaigns of two proteges, Blake Masters, who is running for a Senate seat in Arizona, and J.D. Vance, who is running for Senate in Ohio.

Thiel has been on Meta’s board since 2005, when Facebook was a tiny startup and he was one of its first institutional investors. But scrutiny of Thiel’s position on the board has steadily increased as the company was embroiled in political controversies, including barring Trump from the platform, and as the venture capitalist has become more politically active.

The departure means Meta loses its board’s most prominent conservative voice. The 10-member board has undergone significant changes in recent years, as many of its members have left and been replaced, often with Silicon Valley entrepreneurs. Dropbox CEO Drew Houston and DoorDash founder Tony Xu are on the board. Meta didn’t address whether it intends to replace Thiel.

The company is undertaking a shift toward the so-called metaverse, which Meta CEO Mark Zuckerberg believes is the next generation of the internet. Last week, Meta reported spending more than $10 billion on the effort in 2021, along with mixed financial results. That wiped more than $230 billion off the company’s market value.

“Peter has been a valuable member of our board and I’m deeply grateful for everything he’s done for our company,” Zuckerberg said in a statement. “Peter is truly an original thinker who you can bring your hardest problems and get unique suggestions.”

In a statement Monday, Thiel said: “It has been a privilege to work with one of the great entrepreneurs of our time. Mark Zuckerberg’s intelligence, energy and conscientiousness are tremendous. His talents will serve Meta well as he leads the company into a new era.”

Peter Thiel, one of the longest-serving board members of Meta, the parent of Facebook, plans to step down, the company said Monday. Thiel, 54, wants to focus on influencing November’s midterm elections, said a person with knowledge of Thiel’s thinking and who declined to be identified.

Peter Thiel, one of the longest-serving board members of Meta, the parent of Facebook, plans to step down, the company said Monday. Thiel, 54, wants to focus on influencing November’s midterm elections, said a person with knowledge of Thiel’s thinking and who declined to be identified. Thiel sees the midterms as crucial to changing the direction of the country, this person said, and he is backing candidates who support the agenda of former President Donald Trump. Over the past year, Thiel, who has a net worth estimated at $2.6 billion by Forbes, has become one of the Republican Party’s largest donors. Last year, he gave $10 million each to the campaigns of two proteges, Blake Masters, who is running for a Senate seat in Arizona, and J.D. Vance, who is running for Senate in Ohio. Thiel has been on Meta’s board since 2005, when Facebook was a tiny startup and he was one of its first institutional investors. But scrutiny of Thiel’s position on the board has steadily increased as the company was embroiled in political controversies, including barring Trump from the platform, and as the venture capitalist has become more politically active. The departure means Meta loses its board’s most prominent conservative voice. The 10-member board has undergone significant changes in recent years, as many of its members have left and been replaced, often with Silicon Valley entrepreneurs. Dropbox CEO Drew Houston and DoorDash founder Tony Xu are on the board. Meta didn’t address whether it intends to replace Thiel. The company is undertaking a shift toward the so-called metaverse, which Meta CEO Mark Zuckerberg believes is the next generation of the internet. Last week, Meta reported spending more than $10 billion on the effort in 2021, along with mixed financial results. That wiped more than $230 billion off the company’s market value. “Peter has been a valuable member of our board and I’m deeply grateful for everything he’s done for our company,” Zuckerberg said in a statement. “Peter is truly an original thinker who you can bring your hardest problems and get unique suggestions.” In a statement Monday, Thiel said: “It has been a privilege to work with one of the great entrepreneurs of our time. Mark Zuckerberg’s intelligence, energy and conscientiousness are tremendous. His talents will serve Meta well as he leads the company into a new era.”

Peter Thiel to exit Meta’s board to support Trump-aligned candidates 

To make the virtual reality world sexual harassment-free, the social network Meta has come up with a 'Personal Boundary' feature for Horizon Worlds and Horizon Venues virtual reality (VR) systems. &nbsp;

This feature will make it feel like there is around a four-foot distance between your avatar and others. It will help in avoiding unwanted interactions. &nbsp;

This comes as Metaverse may also witness sexual harassment from people through virtual avatars. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/science/where-can-we-expect-the-existence-of-alien-life-study-makes-the-revelation-450620" hreflang="en">Where can we expect the existence of alien life? Study makes the revelation</a>

Vivek Sharma, Vice President, Horizon, said, "Over time, we'll continue to make improvements as we learn how this affects people's experiences." &nbsp;&nbsp;

The system will halt an avatar’s forward movement by default if it tries to enter someone else’s personal boundary as it has reached the set limitation. &nbsp;

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Meta is adding a “personal boundary” system to its <a href="https://twitter.com/hashtag/Metaverse?src=hash&amp;ref_src=twsrc%5Etfw">#Metaverse</a>, aiming to stop harassment in VR. <a href="https://t.co/AFzo1UATa0">pic.twitter.com/AFzo1UATa0</a>
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In a blog post late on Friday, Sharma said, "You won't feel it -- there is no haptic feedback. This builds upon our existing hand harassment measures that were already in place, where an avatar's hands would disappear if they encroached upon someone's personal space." &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/science/omicron-variant-originated-from-mice-say-chinese-scientists-is-the-narrative-changing-continuously-450343" hreflang="en">Omicron variant originated from mice, say Chinese scientists. Is the narrative changing continuously? &nbsp;</a>

It may also help in setting behavioural norms, which is important for a relatively new medium like VR. &nbsp;&nbsp;

"In the future, we’ll explore the possibility of adding in new controls and UI changes, like letting people customise the size of their Personal Boundary," Sharma informed. &nbsp;

(With inputs from agencies)&nbsp;

To make the virtual reality world sexual harassment-free, the social network Meta has come up with a 'Personal Boundary' feature for Horizon Worlds and Horizon Venues virtual reality (VR) systems.

To make the virtual reality world sexual harassment-free, the social network Meta has come up with a 'Personal Boundary' feature for Horizon Worlds and Horizon Venues virtual reality (VR) systems. This feature will make it feel like there is around a four-foot distance between your avatar and others. It will help in avoiding unwanted interactions. This comes as Metaverse may also witness sexual harassment from people through virtual avatars. Also Read: Where can we expect the existence of alien life? Study makes the revelation Vivek Sharma, Vice President, Horizon, said, "Over time, we'll continue to make improvements as we learn how this affects people's experiences." The system will halt an avatar’s forward movement by default if it tries to enter someone else’s personal boundary as it has reached the set limitation. Meta is adding a “personal boundary” system to its #Metaverse, aiming to stop harassment in VR. pic.twitter.com/AFzo1UATa0 — Michael Wrubel (@michaelwrub) February 4, 2022 × In a blog post late on Friday, Sharma said, "You won't feel it -- there is no haptic feedback. This builds upon our existing hand harassment measures that were already in place, where an avatar's hands would disappear if they encroached upon someone's personal space." Also Read: Omicron variant originated from mice, say Chinese scientists. Is the narrative changing continuously? It may also help in setting behavioural norms, which is important for a relatively new medium like VR. "In the future, we’ll explore the possibility of adding in new controls and UI changes, like letting people customise the size of their Personal Boundary," Sharma informed. (With inputs from agencies)

Meta's 'Personal Boundary' feature to make VR world sexual harassment-free

Facebook owner Meta Platforms shares plunge 26% late on Wednesday after the social media company posted a weaker-than-expected forecast, blaming Apple's privacy changes and increased competition for users from rivals like TikTok.

Meta shares plunge 26%, Facebook reports a decline in daily active users

Meta's shares plummet 26% after Facebook reports a decline in daily active users

Facebook owner Meta Platforms shares plunged more than 20% late on Wednesday after the social media company posted a weaker-than-expected forecast, blaming Apple's privacy changes and increased competition for users from rivals like TikTok.

Meta shares plunge 20%, faces heat from Apple, TikTok

On Wednesday, Meta, Facebook's parent company, announced a gloomy mix of lower profits, fewer users and threats to its ad business that sent shares down by 22 per cent in after-hours trading.&nbsp;

As jittery markets punished pandemic-era darlings like Netflix for disappointing results, Meta also got a taste after its $10.3-billion quarterly profit and daily user growth failed to live up to expectations.

Also read |&nbsp;<a href="https://www.wionews.com/world/more-than-3000-personnel-face-getting-discharged-as-us-army-tightens-vaccine-mandate-rules-449993" hreflang="en">More than 3000 personnel face getting discharged as US Army tightens vaccine mandate rules</a>

These are the first results since the company changed its name to Metaverse in late October;&nbsp;both a move towards the metaverse vision and a departure from its scandal-prone social media empire.

Facebook reported about one million fewer daily users during the last two quarters of 2021 - a tiny drop in an app that has nearly two billion daily users, but an indication of stagnation nonetheless.

David Weiner, CFO, told analysts that global user growth was hindered by "headwinds," including growth disproportionately in Asia-Pacific during the pandemic, which has since slowed, and an increase in mobile data prices in India.

"In addition to these factors, we believe competitive services are negatively impacting growth, particularly with younger audiences," Weiner added.

Also read |&nbsp;<a href="https://www.wionews.com/world/wages-rise-at-fastest-pace-since-2002-as-inflation-continues-to-run-hot-448595" hreflang="en">Wages rise at fastest pace since 2002 as inflation continues to run hot</a>

Although the company faces numerous probes and complaints of abuse of dominance, its executives have repeatedly pointed to competition from TikTok as well as from other networks.

Analysts expected 1.95 billion daily active users on Facebook, but Meta reported 1.93 billion -- a key indicator of the growth trajectory for a company fueled by the people who choose to interact with its platforms.&nbsp;

Meta's fourth-quarter net profit was $10.3 billion, down eight per cent from last year, but the company made $33.67 billion in turnover, in line with its forecasts.

Meta attributed the disappointing performance to competition and supply chain difficulties faced by its customers, the advertisers.

Watch |&nbsp;Meta shares plunge 20%, faces heat from Apple, TikTok

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/meta-shares-plunge-20-faces-heat-from-apple-tiktok-450026/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

During after-hours trading, Meta's shares fell by 22 per cent to $250 at 0010 GMT.

Furthermore, the company said the ad targeting rules imposed by Apple last year hurt its financial results in the fourth quarter.&nbsp;

As part of a recent update to its mobile operating system, Apple required application publishers to ask permission before collecting data, much to the chagrin of companies like Meta that rely on this information to target ads.

On Wednesday, Meta, Facebook's parent company, announced a gloomy mix of lower profits, fewer users and threats to its ad business that sent shares down by 22 per cent in after-hours trading.

On Wednesday, Meta, Facebook's parent company, announced a gloomy mix of lower profits, fewer users and threats to its ad business that sent shares down by 22 per cent in after-hours trading. As jittery markets punished pandemic-era darlings like Netflix for disappointing results, Meta also got a taste after its $10.3-billion quarterly profit and daily user growth failed to live up to expectations. Also read | More than 3000 personnel face getting discharged as US Army tightens vaccine mandate rules These are the first results since the company changed its name to Metaverse in late October; both a move towards the metaverse vision and a departure from its scandal-prone social media empire. Facebook reported about one million fewer daily users during the last two quarters of 2021 - a tiny drop in an app that has nearly two billion daily users, but an indication of stagnation nonetheless. David Weiner, CFO, told analysts that global user growth was hindered by "headwinds," including growth disproportionately in Asia-Pacific during the pandemic, which has since slowed, and an increase in mobile data prices in India. "In addition to these factors, we believe competitive services are negatively impacting growth, particularly with younger audiences," Weiner added. Also read | Wages rise at fastest pace since 2002 as inflation continues to run hot Although the company faces numerous probes and complaints of abuse of dominance, its executives have repeatedly pointed to competition from TikTok as well as from other networks. Analysts expected 1.95 billion daily active users on Facebook, but Meta reported 1.93 billion -- a key indicator of the growth trajectory for a company fueled by the people who choose to interact with its platforms. Meta's fourth-quarter net profit was $10.3 billion, down eight per cent from last year, but the company made $33.67 billion in turnover, in line with its forecasts. Meta attributed the disappointing performance to competition and supply chain difficulties faced by its customers, the advertisers. Watch | Meta shares plunge 20%, faces heat from Apple, TikTok During after-hours trading, Meta's shares fell by 22 per cent to $250 at 0010 GMT. Furthermore, the company said the ad targeting rules imposed by Apple last year hurt its financial results in the fourth quarter. As part of a recent update to its mobile operating system, Apple required application publishers to ask permission before collecting data, much to the chagrin of companies like Meta that rely on this information to target ads.