Billionaire tech entrepreneur Peter Thiel is resigning from the board of Facebook’s parent company Meta later this year, the company announced on Monday. Thiel, a co-founder of online payments system PayPal, was one of the earliest investors in Facebook and joined the company board in April 2005. He became a Facebook investor in 2004 when…
PayPal Co-founder Peter Thiel Resigning From Meta’s Board of Directors
Austrian Antitrust Court Gives Green Light to Facebook’s Giphy Deal
February 7, 2022
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VIENNA—An antitrust court in Austria on Monday approved with conditions Facebook’s purchase of animated images platform Giphy, in a boost for the social media giant after a UK watchdog said the deal should be reversed. Facebook bought Giphy, a website for making and sharing GIFs, a type of animated image used often in social media…
Meta Says It Might Have to Pull Facebook and Instagram in Europe Over Data Transfer Rules
February 7, 2022
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Meta, formerly known as Facebook, might have to entirely stop operating Instagram and Facebook in Europe, the company warned in its filings with the U.S. Securities and Exchange Commission. The EU has strict data protection requirements regarding the transfer of personal data from Europe to the United States and in 2016, the EU and United States agreed…
Australian Mining Billionaire Launches Criminal Case Against Facebook
February 3, 2022
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Mining billionaire Andrew Forrest has launched criminal proceedings against social media giant Facebook for breaching Australia’s anti-money laundering laws, and for failing to deal with clickbait advertising for cryptocurrency. Forrest has launched two simultaneous actions, one in the Magistrates Court of Western Australia and the other in the Superior Court of California, County of San…
Facebook Market Cap Falls 26% in 24 Hours; Record High Car Prices Continue in 2022 | NTD Business
Shares of Facebook’s parent company, Meta, are still falling as we hear the closing bell. They’re down over 26 percent in just 24 hours. Experts say car prices will remain high this year. What’s driving up the cost and when can you catch a break? A new bill to counter China is moving forward in…
Shares of Facebook Parent Meta Plunge 23 Percent on Lower Profits
Newly renamed Meta is investing heavily in its futuristic “metaverse” project, but for now, relies on advertising revenue for nearly all its income. So when it posted sharply higher costs but gave a weak revenue forecast late Wednesday, investors got spooked—and knocked almost $200 billion off the valuation of the company formerly known as Facebook….
Australia Commences New Online Safety Laws to Protect Aussies From ‘Vicious’ Online Abuse
January 24, 2022
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Australia’s new online safety measures came into force on Sunday, which could mean social media platforms are now able to be forced to take down offending posts and, in some cases, unmask the identity of anonymous posters. The wide-ranging Online Safety Act, which passed in 2021, grants new powers to eSafety commissioner Julie Inman Grant….
Big Tech Should Be Responsible for Tackling Online Abuse, Advocate Says
January 18, 2022
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An advocate says that big tech should take the responsibility to curb abusive content on social media as they “make a heap of money” out of their sites. It came after the federal government proposed the anti-trolling law, which will force social media platforms to take down offending posts and provide the identity of anonymous…
Facebook Parent Company Meta Sued for $3.2 Billion in First-of-Its-Kind UK Class Action Lawsuit
Facebook parent company Meta is being sued for £2.3 billion ($3.2 billion) in a first-of-its-kind lawsuit in the United Kingdom for allegedly abusing its market dominance and exploiting user data. The social media giant is being sued by competition law expert Dr. Liza Lovdahl Gormsen, who took to Twitter on Friday to announce the class-action lawsuit against Meta on…
Judge Rules Federal Trade Commission Can Proceed With Antitrust Lawsuit Against Meta
A federal judge ruled on Tuesday that the U.S. Federal Trade Commission (FTC) can proceed with an antitrust lawsuit against Meta, formerly known as Facebook, after dismissing the case in June last year. District of Columbia Judge James Boasberg said in a memorandum opinion that the FTC’s first complaint had “stumbled out of the starting blocks,” noting that the court…
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