Mark Zuckerberg, in the past week, started promoting the idea of Metaverse and considers it as a future for Facebook. On Monday, Facebook announced that a standalone product group will work internally on Metaverse. During the Q2 earnings call, Zuckerberg highlighted his idea of Metaverse for analysts and investors. No details were given regarding the investment, but it was said Facebook is spending billions and expects to get ROI once metaverse succeeds.
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After Google’s announcement that all employees should be vaccinated before returning to work on-site, Facebook released a statement on similar lines. FB’s VP Lori Goler said that their work to prioritise return to office emphasizes its employee’s health and safety. A procedure will be developed for those who cannot be vaccinated due to medical and other reasons. The timelines for return to office have not been changed.
Facebook is releasing its upcoming cloud gaming service on iOS devices on Friday. The new service will be provided on iPhones and ipads through a web app. IT is still unclear how users will be able to find it, as third-party apps are banned on iOS. Apple requires each cloud game to have its own page and undergo a review. Facebook is yet to face a number of other issues on Apple’s Safari browser due to limitations on web apps.
Mark Zuckerberg has sold his Facebook shares almost every business day since Nov, 2020. He has sold 9.4mn shares that amass a total of $2.8 bn. The 37 years old billionaire gets around $2.1 bn after taxes. Since FB’s IPO, Mark has reduced his stake in the company from 28% to 14%. Since the IPO of 2012 he has sold 132 mn shares worth $15bn. The same has been done by Amazon’s Jeff Bezos and Google’s Larry Page and Sergey Brin.
Amazon has completed the acquisition of Facebook’s 12+ members satellite internet team. Amazon is looking to launch satellite broadband in the US and abroad. The deal is another step into supporting Amazon’s plan of $10 bn to develop low-earth orbit satellites. Under the ‘Project Kuiper’ the plan is to launch 3,236 satellites and Internet services will be made available once 578 satellites reach orbit.
Netflix is looking to expand its business beyond traditional domains of films, shows and has hired former Facebook executive Mike Verdu as Gaming VP for the same. Verdu is a veteran with over three decades of experience in the gaming industry. Netflix has already tried creating interactive programming with movies and has also created games based on shows. Recently Netflix launched an online store to sell merchandise related to its TV shows.
With mobile app rival TikTok announcing 3 bn global downloads, Facebook is ramping up the process to lure content creators and is investing $ 1bn for the same. The strategic investment will have bonus programs to pay creators, including photo-sharing service Instagram, and fund users to produce content. TikTok has committed $2 bn to support creators over three years while Snapchat pays creators a $1 mn per day.
Microsoft, according to media reports, will pay $500 mn in cash for the acquisition of the security software company RiskIQ. The deal will be made public in the coming days. Microsoft has been steadily improving the security of its products, such as Windows and Azure. RiskIQ develops cloud-based security threat detection software, assisting businesses such as Facebook, BMW, and American Express in determining where, when, and how they can be attacked.
Former US President Donald Trump has sued Facebook, Twitter and Google, and its CEOs for blocking his accounts. He filed three separate class-action lawsuits in federal court in Florida as a move to defend First Amendment rights. The tech giants blocked his accounts on concerns over his role in stoking the mob that attacked the U.S. Capitol on Jan 6. NetChoice CEO Steve DelBianco said, “President Trump has no case”.