Tag Archives: Facebook (META)

Meta’s metaverse unit – Reality Labs – recorded its most successful quarter to date despite sustaining significant financial losses. Its recently released Q4 report revealed that the division clocked over $1 billion in revenue in the last quarter of 2023, primarily driven by sales of its Quest headsets and the Ray-Ban Meta smart glasses. Reality Labs Breaks Revenue Records Although surpassing the $1 billion revenue mark marks a significant achievement for Meta’s Reality Labs,...

According to a Financial Times report, Meta, the American social media conglomerate, has publicly apologized to Qatari billionaire Wissam Al Mana, committing to enhanced protective measures on its platform following a prolonged legal battle. The apology comes after Al Mana’s image was wrongfully used in cryptocurrency scam advertisements on Facebook. Wissam Al Mana Wins Legal Battle Against Meta Wissam Al Mana, a prominent businessman in the Middle East and ex-husband of...

Meta Platforms Inc.’s ambitious pursuit of the metaverse concept, championed by CEO Mark Zuckerberg, continues to come at a staggering financial cost. In its recently released third-quarter earnings report, Meta disclosed that its Reality Labs division, responsible for developing metaverse-related technologies, recorded an operating loss of a colossal $3.7 billion. The revelation underscores the steep financial toll of Meta’s foray into virtual reality (VR) and augmented...

Bakkt, the New York-based digital assets platform, has joined LightSpark as one of the first partners in a bid to offer Universal Money Address (UMA) for KYC-verified transactions on top of the Lightning Network for B2B clients. LightSpark is headed by CEO David Marcus, who was previously in charge of Meta’s ambitious Diem project that never went live. Marcus’s new company has launched a service to make fast transactions leveraging Bitcoin on scaling solution, the Lightning...

Sui Foundation – the organization behind the development of Sui Network – announced the launch of zkLogin, a Web3 authentication solution that enables end users to log in to decentralized applications (dApps) using their familiar social accounts. According to the official press release, zkLogin will grant developers the capability to allow users to authenticate themselves on their preferred dApps through their pre-existing accounts on platforms like Google, Facebook, Twitch,...

Thailand’s Minister of Digital Economy and Society (DES) said he might propose to the court to close Meta (previously known as Facebook) to aid the investing of financial scams, including such involving cryptocurrencies.  According to him, some fraudsters use the social media platform to sponsor their fraudulent schemes and thus con victims. No More Meta for Thais? The Ministry of Digital Economy and Society of Thailand has detected that scammers publish fake ads on popular...

Sui network has laid out the SUI token release schedule just a day after the team behind the layer 1 blockchain and smart contract platform dismissed allegations that they unlocked staking rewards and “dumped” them on Binance. The decision to share the details of the schedule is in the interest of transparency and open communication about the tokenomics, Sui said in a statement. SUI Token Distribution According to the data shared by the protocol, SUI token distribution is set...

Walt Disney has knocked metaverse plans off its priority list. The entertainment giant’s “next-generation storytelling and consumer experiences” division had been tasked with exploring metaverse strategies. But now Disney is eliminating the entire division as part of its restructuring map, which entails reducing the headcount by nearly 7,000 across the company over the next two months. Metaverse No Longer a Priority for Disney According to a WSJ report, Disney’s CEO Robert...

Mark Zuckerberg-led social media giant – Meta – is developing a decentralized text-based app called Codenamed P92. According to a report, users can log in to the new app through their Instagram credentials. The latter’s head, Adam Mosseri, has been roped in to lead the project. With the new app using existing Instagram data, including names, profile photos, and followers, among other things, this may not sit well with many since Meta has faced criticism in the past for its...

Mark Zuckerberg’s Metaverse bid proved costly for the company amidst a persistent bear market as Reality Labs lost $13.7 billion in 2022. According to Meta’s earnings release, the company’s metaverse arm recorded an operating loss of $4.28 billion in the fourth quarter, dragging down its total for the year. Facebook was rebranded as Meta in the fall of 2021 as Zuckerberg doubled down on efforts to create a digital universe where people can work, shop, play, and learn....