Business Highlights: Fed resignation, ‘metaverse’ pitfalls
3 years, 2 months ago

Business Highlights: Fed resignation, ‘metaverse’ pitfalls

Associated Press  

___ Latest exit from Fed’s board gives Biden three slots to fill WASHINGTON — Randal Quarles announced Monday that he will resign from the Federal Reserve’s Board of Governors at the end of the year after completing a four-year term as the central bank’s top bank regulator, opening up another vacancy on the Fed’s influential board for President Joe Biden to fill. ___ Another day, another record on Wall Street as stocks inch up NEW YORK — Stocks notched some modest gains on Wall Street Monday, enough to mark more record highs for major U.S. indexes. —- Fed: Risks to US financial system ease as economy recovers NEW YORK — The Federal Reserve says that the risks to the U.S. financial system have eased significantly compared to a year earlier. ___ Robinhood hit by data breach exposing users’ emails, names NEW YORK — Popular investing app Robinhood said Monday that it suffered a security breach last week where hackers accessed some personal information for roughly 7 million users and demanded a ransom payment.

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History of this topic

Mark Zuckerberg's wealth plunges after Meta shares sink 13% in one day
8 months, 2 weeks ago

Mark Zuckerberg's wealth plunges after Meta shares sink 13% in one day

Daily Mail  

Meta shares crashed in after-hours trading Wednesday after the company warned profits will slip over the summer. Meta says it will see second quarter revenue between $36.5 and $39 billion. Shares were also hit after Meta said it expects overall expenses this year to be higher than it previously forecast - as the Facebook parent spends heavily to roll out …

Mark Zuckerberg becomes $27 billion richer as Meta stock rallies; net worth surpasses Bill Gates
11 months, 1 week ago

Mark Zuckerberg becomes $27 billion richer as Meta stock rallies; net worth surpasses Bill Gates

Hindustan Times  

Facebook co-founder and Meta CEO Mark Zuckerberg made a comeback in the top four of the billionaire's list as he became over $27 billion richer on Friday with Meta's quarterly profits exceeding the expectations of Wall Street. Meta's CEO Mark Zuckerberg After releasing the company's quarterly results, Meta shares were up by 20 percent. With a significant surge in his …

Meta reports “good” quarter after revenue growth, launch of Threads and AI products
1 year, 2 months ago

Meta reports “good” quarter after revenue growth, launch of Threads and AI products

The Hindu  

Meta CEO Mark Zuckerberg noted a “good quarter” for the company’s community and business as the social media giant reported revenue growth of 23% year-over-year to reach $34.15 billion. Zuckerberg earlier announced that 2023 would be Meta’s year of “efficiency” and the company proceeded to lay off hundreds of workers across its tech and business divisions. “I’m proud of the …

Mark Zuckerberg is still losing billions on the Metaverse, Meta results show – and he plans to lose even more
1 year, 5 months ago

Mark Zuckerberg is still losing billions on the Metaverse, Meta results show – and he plans to lose even more

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Mark Zuckerberg’s big bet on the metaverse has now lost $40 billion – …

Facebook-parent Meta to lay off 10,000 employees in second round of job cuts
1 year, 9 months ago

Facebook-parent Meta to lay off 10,000 employees in second round of job cuts

The Hindu  

Facebook-parent Meta Platforms said on March 14, 2023 it would cut 10,000 jobs, just four months after it let go 11,000 employees, the first Big Tech company to announce a second round of mass layoffs. "We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired," Chief …

Meta cuts more than 11,000 jobs; biggest cull in its history
2 years, 2 months ago

Meta cuts more than 11,000 jobs; biggest cull in its history

Al Jazeera  

Facebook’s parent company, whose shares have lost more than two-thirds of their value, said it also plans to cut discretionary spending and extend its hiring freeze through the first quarter. The broad job cuts, the first in Meta’s 18-year history, follow thousands of layoffs at other leading tech companies including Elon Musk-owned Twitter and Microsoft Corp. “Today I’m sharing some …

Meta’s Calamitous Week Won’t Stop Mark Zuckerberg’s Plans
2 years, 2 months ago

Meta’s Calamitous Week Won’t Stop Mark Zuckerberg’s Plans

Slate  

This article is from Big Technology, a newsletter by Alex Kantrowitz. “It’s some of the most historic work that we’re doing.” Apple’s anti-tracking iOS changes are hampering Meta, having been projected to deliver a $10 billion revenue hit this year, but they haven’t destroyed the business. “Deceleration was inevitable, and that’s mostly what we are seeing.” The biggest threat to …

Meta investors call Zuckerberg's metaverse project 'terrifying': Report
2 years, 2 months ago

Meta investors call Zuckerberg's metaverse project 'terrifying': Report

Hindustan Times  

Wall Street is losing patience over Meta boss Mark Zuckerberg's enormous and experimental bets on his metaverse project that helped drive up the company's overall costs by a fifth in the third quarter. Investors rushed to dump Meta Platforms Inc's stock after hours, pushing it down 20% and wiping $67 billion off its market value after the company posted its …

Investors punish Zuckerberg as costly metaverse pitch falls flat
2 years, 2 months ago

Investors punish Zuckerberg as costly metaverse pitch falls flat

The Hindu  

Wall Street is losing patience over Meta boss Mark Zuckerberg's enormous and experimental bets on his metaverse project that helped drive up the company's overall costs by a fifth in the third quarter. The Facebook-parent said its overall expenses could rise as much as 16% next year and anticipates that operating losses at Reality Labs - the unit responsible for …

JPMorgan CEO Dimon warns of recession in 6 to 9 months - Report
2 years, 3 months ago

JPMorgan CEO Dimon warns of recession in 6 to 9 months - Report

Live Mint  

JPMorgan Chase & Co Chief Executive Jamie Dimon said the United States and the global economy could tip into a recession by the middle of the next year, CNBC reported on Monday. "These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and …

Wall Street slammed as recession worries mount; S&P 500 sinks 3%
2 years, 6 months ago

Wall Street slammed as recession worries mount; S&P 500 sinks 3%

Live Mint  

US stock tumbled on Thursday, with growth shares bearing the brunt of the selloff, after the Federal Reserve's largest rate increase in nearly 30 years to combat decades-high inflation fanned worries of a recession. Declaring that it’s essential to tame inflation, Jerome Powell engineered the biggest rate increase since 1994 Wednesday and held out the distinct possibility of another jumbo …

Wall Street mixed after September jobs miss
3 years, 3 months ago

Wall Street mixed after September jobs miss

Live Mint  

U.S. stocks oscillated between gains and losses on Friday after data showed U.S. jobs rose far less than expected in September, but not slow enough to throw the Federal Reserve off its presumed course of tapering asset purchases this year. The tech-heavy Nasdaq was weighed down by declines in shares of broadband and cable operator Charter Communications Inc and media …

The $4 trillion force propelling US stocks to record highs
5 years, 1 month ago

The $4 trillion force propelling US stocks to record highs

CNN  

New York CNN Business — The Federal Reserve’s rescue of the overnight lending market appears to be having an unintended side effect: it’s juicing the stock market. Markets view any increase in the size of the Fed’s balance sheet as QE and the $250B increase in just two months is no doubt helping to lift stock prices.” Peter Boockvar, chief …

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