In June 2021, a judge dismissed antitrust cases brought by. Meta founder Mark Zuckerberg said the unit will combine several teams across the company, he wrote in a Facebook post. Subscribe to Charged Retail for freeĬlick here to get the latest retail tech news free in your inbox each day Zuckerberg Tells Staff to Focus on Video Products as Meta’s Stock Plunges (Bloomberg) - Mark Zuckerberg quipped that if he started to cry, it wasn’t because of the day’s news.Most Read from. The new group will be organized under current Chief Product Officer Chris Cox. Zuckerberg said the new team would build “creative and expressive” tools to be used inside Meta’s products. “We have a lot of foundational work to do before getting to the really futuristic experiences, but I’m excited about all of the new things we’ll build along the way.” “We’re exploring experiences with text (like chat in WhatsApp and Messenger), with images (like creative Instagram filters and ad formats), and with video and multi-modal experiences,” he said. For many it represents an overly-ambitious gear shift from one version of the internet to another.Last week, the social media giant announced its own new large language model, LLaMA, stating that its models are different to its rivals because they openly available to researchers and that they are smaller and less expensive to use than larger models. But rather than focus on the evolution of the internet, Meta has tried to sell in a revolution. While we know that Meta needed to protect itself from the negative reputation surrounding Facebook, it was also motivated by a shift toward virtual reality (VR). “It brings into question the research that informed the rebranding last year. “Meta bet big on the metaverse, but its vision for the future of the internet may be too far flung for the average consumer and advertiser,” Thomas Walters, founder and chief executive of global creative agency Billion Dollar Boy, said in a statement. Zuckerberg has not given any signal that he intends to roll back his expensive ambitions for the metaverse only time will tell whether this is a catastrophic misjudgment of public interest, or a prescient long-term strategy that ultimately pays off. “This is not a reflection of the great work these groups have done, but what we need going forward.” The recruiting team “will be disproportionately affected since we’re planning to hire fewer people next year,” Zuckerberg wrote, as will the business teams. Layoffs are being made across the company’s Family of Apps and Reality Labs quadrants. In his letter to employees, Zuckerberg wrote that the severance packages for those who are laid off will include 16 weeks of base pay plus two additional weeks for every year of employment with the company, as well as six months of healthcare coverage, shares that were slated to vest on the 15th and other resources. In October, one prominent investor wrote in an open letter to Zuckerberg that Meta’s investments of $10bn to $15bn per year in metaverse-related projects, which by the company’s own estimation could take as long as a decade to come to fruition, “is super-sized and terrifying, even by Silicon Valley standards.” The author of that letter suggested that the company reduce its metaverse expenditures to a cap of $5bn per year. Shareholders have recently begun to voice their discontent about the direction in which Zuckerbeg has been steering the ship. Facebook, founded in 2004, changed its name to Meta in October 2021 to signal the company's new focus on the metaverse.
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