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Zuckerberg overtakes Bill Gates

Zuckerberg now has a net worth of $170 billion. …reports Asian Lite News

Meta Platforms CEO Mark Zuckerberg is now the fourth richest person in the world following a surge in Meta’s share price that has increased his net worth more than any other individual this year, a report said.

In 2024 so far, Zuckerberg’s fortune has climbed by $42.4 billion, which has vaulted him to the fourth place on Bloomberg’s Billionaire Index. He has now overtaken Microsoft Co-founder Bill Gates, who dropped to the fifth position, MarketWatch reported.

Zuckerberg now has a net worth of $170 billion. The majority of Zuckerberg’s fortune is derived from a stake of about 13 per cent in Meta Platforms, formerly Facebook, based on the company’s 2023 proxy statement and regulatory filings, as per the Bloomberg Billionaires Index.

Zuckerberg is the Co-founder and Chief Executive of Meta Platforms, the company behind Facebook — the world’s largest social-network.

The Menlo Park, California-based business had a revenue of $117 billion in 2022 and has about 3.7 billion monthly users. Its initial public offering in 2012 was the biggest-ever technology IPO at the time.

Facebook is the world’s largest social network. Meta Platforms has about 3.7 billion active users each month, including about 3 billion on Facebook, according to a January 2023 company presentation.

Meanwhile, Facebook has turned 20, after Mark Zuckerberg launched the site in 2004 which rapidly became the most loved social networking platform in the years to come.

On Instagram, Zuckerberg shared snippets of his early days at Facebook.

“Twenty years ago, I launched a thing. Along the way, lots of amazing people joined and we built some more awesome things. We’re still at it and the best is yet to come,” Zuckerberg posted on Instagram, sharing a reel which included his old Facebook display picture.

The official Instagram handle of Facebook commented: “Love you dad.”

In less than a year of its launch, Facebook had one million users, and within four years it had overtaken its rival MySpace.

By 2012, Facebook had surpassed one billion users a month.

At the end of 2023, Facebook reported it had 2.11 billion daily users.

Meta’s family of apps, which includes Facebook, Instagram, Messenger and WhatsApp, are now being used by 3.19 billion people daily in the fourth quarter, up from the 3.14 billion.

The Family monthly active people figure was 3.98 billion as of December 31, 2023, an increase of six per cent year-over-year.

Meta CEO Mark Zuckerberg is now the fifth richest person in the world following a surge in Meta’s share price.

Facebook’s parent company Meta is now an advertising giant.

Meta last week reported more than $40 billion in revenue for the last quarter of 2023 and around $14 billion in profit.

However, Facebook also faced billions of dollars in fine in the past over its poor data collection practices.

In the Cambridge Analytica scandal in 2014, Facebook paid $725 million to settle legal action due to a significant data breach.

In 2022, Facebook also paid a 265 million euros fine for allowing personal data to be extracted from the site.

Last year, the social network was fined a record 1.2 billion euros by the Irish Data Protection Commission, for transferring European users’ data outside of the jurisdiction.

Facebook is currently appealing against the fine, reports the BBC.

Instagram Threads has now reached 130 million monthly active users, up 30 million from the last quarter.

Zuckerberg said during the company’s fourth-quarter earnings call that Threads is “growing steadily”.

Threads had a record-breaking launch, reaching 100 million registered users within its first five days last July. But the interest faded over time.

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-Top News Media USA

ZUCKERBERG SAYS SORRY

In a tense Senate Judiciary Committee hearing, Meta CEO stood to offer a public apology to families affected by the alleged repercussions of social media platforms, acknowledging the pain and suffering they have endured…reports Asian Lite News

In a dramatic Senate Judiciary Committee hearing, the CEOs of major tech companies face intense scrutiny over the potential harms of their platforms to teens, CNN reported.

In a tense Senate Judiciary Committee hearing, Meta CEO Mark Zuckerberg stood to offer a public apology to families affected by the alleged repercussions of social media platforms, acknowledging the pain and suffering they have endured.

“I’m sorry for everything you have all been through. No one should go through the things that your families have suffered, and this is why we invest so much,” Zuckerberg said, emphasising ongoing industry-wide efforts to mitigate the negative impacts associated with their products, as reported by CNN.

“We are going to continue doing industry wide efforts to make sure no one has to go through the things your families have had to suffer,” he added.

The apology came amid a grilling of five tech executives, including Zuckerberg, Snap CEO Evan Spiegel, X (formerly Twitter) CEO Linda Yaccarino, TikTok CEO Shou Chew, and Discord CEO Jason Citron.

The Senate Judiciary Committee focused on examining the potential harms inflicted on teenagers by these platforms.

However, the hearing took a combative turn when Missouri Republican Sen Josh Hawley called on Zuckerberg, a billionaire, to financially compensate families affected by the adverse effects of his company’s platforms on their children. The demand for compensation underscored the severity of the allegations against these tech giants.

The atmosphere in the hearing room was charged as dozens of parents stood, holding up pictures of their loved ones allegedly harmed by social media. The room fell silent at the sight of grieving families, creating a poignant backdrop for the unfolding proceedings.

Lawmakers, including Texas Republican Sen Ted Cruz and South Carolina Republican Sen. Lindsey Graham, began to filter in as the audience awaited the testimonies.

Senator Lindsey Graham’s opening remarks set a confrontational tone, accusing the tech CEOs of having “blood on their hands” due to the alleged negative consequences of their products. Graham argued that these platforms, particularly Meta, have a product that is “killing people,” and he called for the repeal of Section 230, a federal law providing immunity to websites and social media platforms for their content moderation decisions and user-generated content.

Graham cited the case of South Carolina state house Rep Brandon Guffey, who lost his eldest son to suicide and is now suing Meta.

Guffey claims that after his son’s funeral, he received messages demanding money in exchange for explicit photos of his late son, who had unwittingly become a victim of sexual extortion on Instagram. The lawsuit alleges wrongful death, gross negligence, and other claims against Meta.

This hearing once again highlighted the bipartisan criticism of social media companies among lawmakers.

Senator Graham acknowledged the rare unity between Democrats and Republicans on the issue, emphasising the need to address the abuse facilitated by tech platforms, according to CNN.

Despite the bipartisan concern, meaningful legislation to regulate social media companies at the federal level is yet to be passed. The focus has shifted to state legislatures and courts, where battles over new policies, such as age minimums for social media use, are being waged.

During the hearing, the CEOs sought to convey their commitment to child safety on their platforms by emphasising their roles as parents.

Snap CEO Evan Spiegel mentioned that his wife approves every app their 13-year-old downloads, TikTok CEO Shou Chew highlighted being a father of three young children, X CEO Linda Yaccarino identified herself as a mother, and Discord CEO Jason Citron emphasised his role as a father of two.

However, Zuckerberg, despite being a parent himself, did not explicitly mention his fatherly role in his remarks. The CEOs’ parental connections aimed to humanize them and demonstrate a personal stake in ensuring the safety of young users on their platforms.

As the hearing unfolded, it became clear that lawmakers are demanding more than apologies – they are pushing for accountability, regulatory measures, and, in some cases, financial compensation for the alleged damages caused by social media platforms, CNN reported.

The Senate Judiciary Committee has concluded its hearing.

In his opening remarks, Zuckerberg touted investments in safety and recent policy changes to give parents more control over their children’s data, while calling on Congress to force app store giants — like Google and Apple — to play a bigger part in vetting children’s ages online. Washington Post reporting this week revealed that Meta’s parental surveillance features are poorly used.

Yaccarino, the first executive for X to testify since Elon Musk took over the platform formerly known as Twitter, highlighted plans to stand up a new safety team in Texas and automate some of the company’s reports to government that flag child abuse material. TikTok’s Chew, meanwhile, repeatedly emphasized that despite a common perception that his platform’s audience skews young, the average age for users is over 30. (ANI)

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Ensure Neutrality, INDIA Bloc Urges Zuckerberg, Pichai

INDIA parties warned the two companies that in view of the upcoming national elections in 2024, it should consider these facts “seriously”…reports Asian Lite News

Alleging partisan by the Meta’s WhatsApp and Alphabet’s YouTube, the Indian National Developmental Inclusive Alliance (INDIA) parties on Thursday wrote to Meta’s Mark Zuckerberg and Google CEO Sundar Pichai saying they are culpable of abetting social disharmony and inciting communal hatred in India.

It also alleged algorithmic moderation and suppression of Opposition leaders content on their platforms while promoting ruling party (BJP) content.

INDIA parties also warned the two companies that in view of the upcoming national elections in 2024, it should consider these facts “seriously” and ensure immediately that Meta’s and Alphabet’s operations “in India remain neutral” and are not used wittingly or unwittingly to cause social unrest or distort India’s much cherished democratic ideals.

Sharing the letter on X, Congress President Mallikarjun Kharge said: “Letter by INDIA parties to Facebook’s CEO Mark Zuckerberg citing the exhaustive investigations by the Washington Post that Meta is culpable of abetting social disharmony and inciting communal hatred in India.”

In another tweet he wrote: “INDIA parties also write to Google’s Sundar Pichai exhaustive investigation by the Washington Post that Alphabet and specifically YouTube is culpable of abetting social disharmony and inciting communal hatred in India.”

He also shared the Washington Post news report to back the INDIA parties claims.

In the letter to Facebook Chief and Alphabet CEO, INDIA parties said: “We are writing on behalf of the INDIA, an alliance of 28 political parties in India that represent the combined Opposition coalition.”

It said that they are the ruling alliance in 11 states and represent nearly half of all Indian voters.

“You may be aware of the recent exposes by the Washington Post newspaper about the role of WhatsApp and Facebook in aiding the communal hatred campaign of the ruling BJP. Specifically, the article cites details of how this vile, communally divisive propaganda is carried out using WhatsApp groups by BJP members and supporters,” the letter read, referring to the news report against Meta.

“In another article titled ‘Under India’s pressure, Facebook let propaganda and hate speech thrive’, the Post has elucidated with evidence the blatant partisanship by Facebook India executives towards the ruling dispensation. This was well known to us in the Opposition for a long time and have even raised it several times in the past,” it said.

The INDIA parties said that it is very clear from these exhaustive investigations by the Washington Post that Meta is culpable of abetting social disharmony and inciting communal hatred in India.

“Further, we have data that shows algorithmic moderation and suppression of Opposition leaders’ content on your platform while also promoting ruling party content. Such blatant partisanship and bias towards one political formation by a private foreign company is tantamount to interfering in India’s democracy, one that we in the INDIA alliance will not take lightly,” it said.

Referring to the report against YouTube, the INDIA parties said that it may be aware of the recent expose by the Washington Post newspaper titled “He live-streamed his attacks on Indian Muslims YouTube gave him an award” about the role of YouTube in propagating communal hatred and dividing Indian society.

“Specifically, the article cites details of how this vile, communally divisive propaganda is carried out using YouTube by BJP members and supporters,” it said.

“It is very clear from this exhaustive investigation by the Washington Post that Alphabet and specifically YouTube is culpable of abetting social disharmony and inciting communal hatred in India. Further, we have data that shows algorithmic moderation and suppression of Opposition leaders content on your platform while also promoting ruling party content,” it alleged.

The INDIA parties said that in light of the upcoming national elections in 2024, it is our earnest and urgent plea to you to consider these facts “seriously” and ensure immediately that Meta’s and Alphabet’s operations “in India remain neutral” and are not used wittingly or unwittingly to cause social unrest distort India’s much cherished democratic ideals.

“It is ironical that we are writing this letter in the birth month anniversary of the greatest champion of non-violence and social harmony in history Mahatma Gandhi. We are confident that you and Meta also yearn for a harmonious India that the Mahatma wished for. We look forward to your full cooperation in this regard,” it added.

The letter was signed by Kharge, former Congress president Rahul Gandhi, NCP chief Sharad Pawar, Shiv Sena chief Uddhav Thackeray, Jharkhand Chief Minister and JMM leader Hemant Soren, RJD leader Tejashwi Yadav, DMK leader TR Baalu, Samajwadi Party leader Akhilesh Yadav, JD-U president Lallan Singh, Trinamool Congress leader Derek O’Brian, PDP chief Mehbooba Mufti, CPi leader D Raja, CPI-M leader Sitaram Yechury, NC leader Omar Abdullah.

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Social Media Tech Lite

Meta Unveils WhatsApp Channels for Private Updates Worldwide

Channels can be found in a new tab called Updates, where “you’ll find Status and channels you choose to follow”…reports Asian Lite News

Meta Founder and CEO Mark Zuckerberg on Wednesday announced to launch WhatsApp Channels in India and over 150 countries.

WhatsApp Channels are a one-way broadcast tool and deliver a private way to receive updates from people and organisations that matter to users, within WhatsApp.

“Excited to introduce you all to WhatsApp Channels, a new private way for you to get updates from people and organisations you follow. I’m starting this channel to share Meta news and updates. Looking forward to connecting with you all around the world,” Zuckerberg added.

Channels can be found in a new tab called Updates, where “you’ll find Status and channels you choose to follow”. 

WhatsApp Channels are rolling out globally over the next few weeks and the company will continue to add more features and expand Channels based on feedback. 

“Over the coming months, we’ll also make it possible for anyone to create a channel,” said the social network.

“The Indian Cricket team is thrilled to partner with WhatsApp on the launch of Channels. We kick-off our partnership with WhatsApp with the ICC Men’s Cricket World Cup 2023 which is set to begin in October. We will leverage Channels to generate excitement and support as India gets ready to host the marquee event after a decade-long wait,” said the BCCI, after launching the official Indian cricket team WhatsApp Channel.

“WhatsApp Channels is something I’m personally excited about because now I have a place where I can share important updates about my life and express myself using all the things I love on WhatsApp, like videos, photos or polls,” said music sensation Diljit Dosanjh.

Channels are separate from chats, and who you choose to follow is not visible to other followers.

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