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AI

Meta Open Sources An AI-Powered Music Generator (techcrunch.com) 39

TechCrunch's Kyle Wiggers writes: Not to be outdone by Google, Meta has released its own AI-powered music generator -- and, unlike Google, open-sourced it. Called MusicGen, Meta's music-generating tool, a demo of which can be found here, can turn a text description (e.g. "An '80s driving pop song with heavy drums and synth pads in the background") into about 12 seconds of audio, give or take. MusicGen can optionally be "steered" with reference audio, like an existing song, in which case it'll try to follow both the description and melody.

Meta says that MusicGen was trained on 20,000 hours of music, including 10,000 "high-quality" licensed music tracks and 390,000 instrument-only tracks from ShutterStock and Pond5, a large stock media library. The company hasn't provided the code it used to train the model, but it has made available pre-trained models that anyone with the right hardware -- chiefly a GPU with around 16GB of memory -- can run.

So how does MusicGen perform? Well, I'd say -- though certainly not well enough to put human musicians out of a job. Its songs are reasonably melodic, at least for basic prompts like "ambient chiptunes music," and -- to my ears -- on par (if not slightly better) with the results from Google's AI music generator, MusicLM. But they won't win any awards.

Facebook

What Mark Zuckerberg Thinks About Apple's Vision Pro (theverge.com) 103

An anonymous reader quotes a report from The Verge: Mark Zuckerberg doesn't seem fazed by Apple's introduction of the Vision Pro. In a companywide meeting with Meta employees today that The Verge watched, the CEO said Apple's device didn't present any major breakthroughs in technology that Meta hadn't "already explored" and that its vision for how people will use the device is "not the one that I want." He also pointed to the fact that Meta's upcoming Quest 3 headset will be much cheaper, at $499 compared to the Vision Pro's $3,499 price tag, giving Meta the opening to reach a wider user base.

"I think that their announcement really showcases the difference in the values and the vision that our companies bring to this in a way that I think is really important," Zuckerberg told employees, who were gathered at the company's Menlo Park, California, headquarters for its first all-hands meeting since 2020. Zuckerberg said that the Quest is about "people interacting in new ways and feeling closer" while also "about being active and doing things." "By contrast, every demo that they showed was a person sitting on a couch by themself," he said of Apple's WWDC keynote earlier this week. "I mean, that could be the vision of the future of computing, but like, it's not the one that I want."

Facebook

More Than 2,000 Families Suing Social Media Companies Over Kids' Mental Health (cbsnews.com) 92

schwit1 shares a report from CBS News: When whistleblower Frances Haugen pulled back the curtain on Facebook in the fall of 2021, thousands of pages of internal documents showed troubling signs that the social media giant knew its platforms could be negatively impacting youth, and were doing little to effectively change it. With around 21 million American adolescents on social media, parents took note. Now, families are suing social media. Since we first reported this story last December, the number of families pursuing lawsuits has grown to over 2,000. More than 350 lawsuits are expected to move forward this year against TikTok, Snapchat, YouTube, Roblox and Meta -- the parent company to Instagram and Facebook.

Kathleen Spence: They're holding our children hostage and they're seeking and preying on them. Sharyn Alfonsi: Preying on them? Kathleen Spence: Yes. The Spence family is suing social media giant Meta. Kathleen and Jeff Spence say Instagram led their daughter Alexis into depression and to an eating disorder at the age of 12. [...] Attorney Matt Bergman represents the Spence family. He started the Social Media Victims Law Center after reading the Facebook papers and is now working with more than 1,800 families who are pursuing lawsuits against social media companies like Meta. Matt Bergman: Time and time again, when they have an opportunity to choose between safety of our kids and profits, they always choose profits.

This summer, Bergman and his team plan on starting the discovery process for the federal case against Meta and other social media companies, a multi-million dollar suit that he says is more about changing policy than financial compensation. This summer, Bergman and his team plan on starting the discovery process for the federal case against Meta and other social media companies, a multi-million dollar suit that he says is more about changing policy than financial compensation. Matt Bergman: They have intentionally designed a product that is addictive. They understand that if children stay online, they make more money. It doesn't matter how harmful the material is.

Facebook

Meta Threatens To Yank News Content From California Over Payments Bill (reuters.com) 68

Meta announced that it would remove news content from its platform in California if the state government passes legislation requiring tech companies to pay publishers. Reuters reports: The proposed California Journalism Preservation Act would require "online platforms" to pay a "journalism usage fee" to news providers whose work appears on their services, aimed at reversing a decline in the local news sector. In a tweeted statement, Meta spokesman Andy Stone called the payment structure a "slush fund" and said the bill would primarily benefit "big, out-of-state media companies under the guise of aiding California publishers."

The statement was Meta's first on the California bill specifically, although the company has been waging similar battles over compensation for news publishers at the federal level and in countries outside the United States.

Facebook

Facebook Parent In Talks With Magic Leap Over Augmented Reality Deal (ft.com) 13

Facebook's parent company Meta is reportedly in discussions with augmented reality start-up Magic Leap to establish a multiyear agreement for intellectual property licensing and contract manufacturing in North America. While the partnership is not expected to result in a joint headset, Magic Leap's technology could play a crucial role in Meta's ambitious metaverse project as it seeks to compete with Apple's upcoming mixed reality device. The Financial Times reports: Magic Leap produces custom components, including high-tech lenses and associated software, which are key technologies that may be required to build a metaverse. Two former employees said Magic Leap's "biggest asset" is the sophistication of its "waveguides" -- technology that allows thin glass in front of the user's eyes to conjure up realistic images at different depths.

Meta sells nearly 80 per cent of all VR/AR headsets, thanks to its VR Quest models. But the market itself is small -- fewer than 9mn units sold last year, according to IDC -- a tenuous lead given Apple's expected entry into the market during its developer conference next month.
The company told the Financial Times: "Given the complexities of developing true augmented reality technologies and the intricacies involved with manufacturing these optics, as well as the issues many companies experience with overseas supply chain dependencies, we have entered into several non-exclusive IP licensing and manufacturing partnerships with companies looking to enter the AR market or expand their current position."
The Almighty Buck

Metaverse Could Contribute Up To 2.4% of US GDP By 2035, Study Shows (reuters.com) 88

A study commissioned by Meta has found that the metaverse could contribute around 2.4% to U.S. annual GDP by 2035, equating to as much as $760 billion. Reuters reports: The concept of the metaverse includes augmented and virtual reality technologies that allow users to immerse themselves in a virtual world or overlay information digitally on images of the real world, according to the report by consulting firm Deloitte. Economic gains may come from the use of the technologies in the defense, medical and manufacturing sectors, plus entertainment use cases such as video games and communication, the report said.

Social media giant Meta, which pivoted its focus on building metaverse technologies in 2021, has forecast the tech would eventually replace mobile as the main computing platform. In a separate report, Meta said the European Union may see an increased economic opportunity of up to 489 billion euros ($538.29 billion) in annual GDP by 2035 or about 1.3%-2.4% of its total GDP. The metaverse could contribute between C$45.3 billion ($33.88 billion) and C$85.5 billion to Canada's annual GDP by 2035, Deloitte said.
Last year, a Meta-funded report estimated that metaverse adoption would contribute $3.01 trillion by 2031.
Facebook

FTC Proposes Barring Meta From Monetizing Kids' Data (cnbc.com) 11

The FTC is proposing to prevent Meta from monetizing children's data due to alleged violations of a 2020 privacy order. CNBC reports: According to the FTC, an independent assessor found "several gaps and weaknesses in Facebook's privacy program" that posed "substantial risks to the public." The company had agreed to independent assessments of its updated privacy program as part of the 2020 settlement, under which Facebook paid a $5 billion civil penalty following an FTC investigation around the Cambridge Analytica data scandal. The FTC alleges Facebook also violated an earlier 2012 order by continuing to allow app developers access to private user information. Facebook allowed third-party apps to access user data until mid-2020 in some cases, the FTC alleges. The FTC is also accusing Meta of violating the Children's Online Privacy Protection Rule by misrepresenting parental controls on its Messenger Kids app. The COPPA Rule requires parental consent for websites to collect personal information from kids under 13. The FTC alleged that while the company marketed that the app would only allow kids to talk with contacts their parents approved, children were able to communicate with additional contacts in group chats or group video calls in some circumstances.

As a result, the FTC is proposing to strengthen the terms of the 2020 agreement to put additional restrictions on the company, which would apply to all of Meta's services including Facebook, Instagram, WhatsApp and Oculus. The proposed terms include a blanket ban on monetizing data from users under 18. That means any data collected from these users could only be used for security reasons and any data collected while users are under age could not be later monetized once they turn 18. The FTC also seeks to impose a pause on the company's ability to launch new or modified products or services until the independent assessor confirms in writing that Meta's privacy program is in full compliance with the terms of the agreement. Compliance with the 2020 order would also extend to any companies Meta acquires or merges with. The proposal would also require Meta to get affirmative consent from users for future use of facial recognition technology.
Facebook spokesperson Andy Stone called the FTC's move a "political stunt." He said in a statement: "Despite three years of continual engagement with the FTC around our agreement, they provided no opportunity to discuss this new, totally unprecedented theory. We have spent vast resources building and implementing an industry-leading privacy program under the terms of our FTC agreement. We will vigorously fight this action and expect to prevail."
Businesses

Meta Records Almost $4 Billion Loss On Metaverse In First Quarter (cnbc.com) 97

In its first-quarter earnings report today, Meta said its virtual reality and augmented reality unit, Reality Labs, recorded a $3.99 billion operating loss. The unit generated just $339 million in revenue. CNBC reports: The numbers show a slowdown from last quarter, when Reality Labs lost $4.28 billion on $727 million of revenue. For all of last year, Reality Labs recorded an operating loss of $13.72 billion on $2.16 billion in sales, underscoring how VR and AR technologies have yet to reach the mainstream. Despite Reality Labs' operating loss, Meta posted first-quarter net earnings of $5.71 billion, or $2.20 a share, with revenue up less than 3% to $28.65 billion from $27.91 billion a year ago. This sent its stock soaring more than 10% in extended trading Wednesday.

"Facebook had 2.04 billion daily active users, up 5% from a year ago, and the 'family' of Meta apps -- which includes Instagram -- reported daily active users of 3.02 billion, up 4%," adds MarketWatch.
Facebook

Zuckerberg Says Meta May Not Be Through With Layoffs (marketwatch.com) 43

Meta Chief Executive Mark Zuckerberg reportedly said the embattled company may not be done with layoffs even as it goes through its latest round of 4,000 this week and braces for another batch in May. MarketWatch reports: The parent company of Facebook and Instagram, which announced its intention to slash 21,000 jobs late last year, is also likely to dramatically slow down hiring, Zuckerberg told employees in a town hall on Thursday, according to a Wall Street Journal report. "I just kind of think that for where we are in the efficiency that we're able to get from new technologies, that's probably the right model to expect going forward and that will be a different operating model and I think we can do it well," Zuckerberg said in a virtual Q&A session, the report said.

Meta, which announces quarterly results on Wednesday, faces an uncertain future over the next few years, Zuckerberg said, and there are no guarantees the workforce reductions are over. "I generally feel good about the position here, but just given the volatility, I don't want to kind of promise that there won't be future things in the future," he said. "What I can say is that there's nothing that we're planning now, and if we do something, it'll be sort of on that time frame."

Facebook

Facebook Users Can Now File a Claim For $725 Million Privacy Settlement (cnbc.com) 49

An anonymous reader quotes a report from CNBC: Facebook users have until August to claim their share of a $725 million class-action settlement of a lawsuit alleging privacy violations by the social media company, a new website reveals. The lawsuit was prompted in 2018 after Facebook disclosed that the information of 87 million users was improperly shared with Cambridge Analytica.

People who had an active U.S. Facebook account between May 2007 and December 2022 have until Aug. 25 to enter a claim. Individual settlement payments haven't yet been established because payouts depend on how many users submit claims and how long each user maintained a Facebook account. Facebook users can make a claim by visiting Facebookuserprivacysettlement.com and entering their name, address, email address, and confirming they lived in the U.S. and were active on Facebook between the aforementioned dates.

Businesses

Meta Is About To Start Its Next Round of Layoffs (vox.com) 46

An anonymous reader quotes a report from Vox: Meta will conduct another mass round of layoffs on Wednesday, several sources working at the company told Vox. In an internal memo posted to a Meta employee message board on Tuesday evening and viewed by Vox, the company told employees that the layoffs will start on Wednesday and will impact a wide range of technical teams including those working on Facebook, Instagram, Reality Labs, and WhatsApp. A Meta spokesperson confirmed the memo was sent to employees but declined to comment further. The cuts could be in the range of 4,000 jobs, one source said.

"This will be a difficult time as we say goodbye to friends and colleagues who have contributed so much to Meta," Lori Goler, Meta's head of people, said in the memo. Meta employees in North America will be notified by email between 4 am to 5 am PT Wednesday morning, according to Goler's note. Outside of North America, the timelines will vary country to country, and some countries will not be impacted. Meta is also asking employees in North America, whose job allow it, to work from home on Wednesday to give people "space to process the news."
"The layoffs come after Meta CEO Mark Zuckerberg said in March that the company would cut 10,000 more jobs in the coming months, after already cutting 11,000 in November," notes Vox.
Businesses

Mass Layoffs and Absentee Bosses Create a Morale Crisis At Meta (nytimes.com) 54

An anonymous reader quotes a report from the New York Times: Mark Zuckerberg, Meta's chief executive, has declared that 2023 will be the "year of efficiency" at his company. So far, efficiency has translated into mass layoffs. He has conducted two rounds of cuts over the past six months, with two more to come; these will eliminate more than 21,000 people. Mr. Zuckerberg is also closing 5,000 open positions, which amounts to 30 percent of his company's work force. At the same time, some of Meta's top executives have moved away and are managing large parts of the Silicon Valley company from their new homes in places like London and Tel Aviv. The layoffs and absentee leadership, along with concerns that Mr. Zuckerberg is making a bad bet on the future, have devastated employee morale at Meta, according to nine current and former employees, as well as messages reviewed by The New York Times.

Employees at Meta, which not long ago was one of the most desirable workplaces in Silicon Valley, face an increasingly precarious future. The company's stock price has dropped 43 percent from its peak 19 months ago. More layoffs, Mr. Zuckerberg has said on his Facebook page, are coming this month. Some of those cuts could be in engineering groups, which would have been unthinkable before the trouble started last year, two employees said. "So many of the employees feel like they're in limbo right now," said Erin Sumner, a global director of human resources at DeleteMe, who was laid off from Facebook in November. "They're saying it's 'Hunger Games' meets 'Lord of the Flies,' where everyone is trying to prove their worth to management."

Meta, which owns Facebook, Instagram and WhatsApp, is not the only big tech company that has hit the brakes on spending. Amazon, Microsoft, Google, Salesforce and others have laid off thousands of workers in recent months, shed office space, dropped perks and pulled back from experimental initiatives. But Meta appears to face the most challenges. Last year, the company reported consecutive quarters of declining revenue -- a first since it became a public company in 2012.

Facebook

Meta Wants EU Users To Apply For Permission To Opt Out of Data Collection (arstechnica.com) 27

Meta announced that starting next Wednesday, some Facebook and Instagram users in the European Union will for the first time be able to opt out of sharing first-party data used to serve highly personalized ads, The Wall Street Journal reported. The move marks a big change from Meta's current business model, where every video and piece of content clicked on its platforms provides a data point for its online advertisers. Ars Technica reports: People "familiar with the matter" told the Journal that Facebook and Instagram users will soon be able to access a form that can be submitted to Meta to object to sweeping data collection. If those requests are approved, those users will only allow Meta to target ads based on broader categories of data collection, like age range or general location. This is different from efforts by other major tech companies like Apple and Google, which prompt users to opt in or out of highly personalized ads with the click of a button. Instead, Meta will review objection forms to evaluate reasons provided by individual users to end such data collection before it will approve any opt-outs. It's unclear what cause Meta may have to deny requests.

A Meta spokesperson told Ars that Meta is not sharing the objection form publicly at this time but that it will be available to EU users in its Help Center starting on April 5. That's the deadline Meta was given to comply with an Irish regulator's rulings that it was illegal in the EU for Meta to force Facebook and Instagram users to give consent to data collection when they signed contracts to use the platforms. Meta still plans to appeal those Irish Data Protection Commission (DPC) rulings, believing that its prior contract's legal basis complies with the EU's General Data Protection Regulation (GDPR). In the meantime, though, the company must change the legal basis for data collection. Meta announced in a blog post today that it will now argue that it does not need to directly obtain user consent because it has a "legitimate interest" to collect data to operate its social platforms. "We believe that our previous approach was compliant under GDPR, and our appeal on both the substance of the rulings and the fines continues," Meta's blog said. "However, this change ensures that we comply with the DPC's decision."

Facebook

Meta Winds Down Support For NFTs 17

Meta's head of commerce and financial technologies Stephane Kasriel posted on Twitter that the company will sunset its NFT and digital collectibles features on Instagram and Facebook. TechCrunch reports: This short-lived product only began testing with select Instagram creators last May, plus some Facebook users in June. By July, Meta expanded NFT support on Instagram for creators in 100 countries. Less than a year later, Meta is moving on from NFTs. "We're winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses," Kasriel wrote in a Twitter thread.

A Meta spokesperson told TechCrunch that it is shifting its investments away from NFTs toward products like Meta Pay, as well as features that enable creators to earn money directly on Meta platforms, like its tipping feature called gifts. The company also said it is testing ways for creators to earn ad revenue on Reels. "Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we're going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels," Kasriel wrote.
The Internet

Sued by Meta, Freenom Halts Domain Registrations (krebsonsecurity.com) 8

The domain name registrar Freenom, whose free domain names have long been a draw for spammers and phishers, has stopped allowing new domain name registrations. KrebsOnSecurity reports: Freenom is the domain name registry service provider for five so-called "country code top level domains" (ccTLDs), including .cf for the Central African Republic; .ga for Gabon; .gq for Equatorial Guinea; .ml for Mali; and .tk for Tokelau. Freenom has always waived the registration fees for domains in these country-code domains, presumably as a way to encourage users to pay for related services, such as registering a .com or .net domain, for which Freenom does charge a fee. On March 3, 2023, social media giant Meta sued Freenom in a Northern California court, alleging cybersquatting violations and trademark infringement. The lawsuit also seeks information about the identities of 20 different "John Does" -- Freenom customers that Meta says have been particularly active in phishing attacks against Facebook, Instagram, and WhatsApp users. The lawsuit points to a 2021 study (PDF) on the abuse of domains conducted for the European Commission, which discovered that those ccTLDs operated by Freenom made up five of the Top Ten TLDs most abused by phishers.

"The five ccTLDs to which Freenom provides its services are the TLDs of choice for cybercriminals because Freenom provides free domain name registration services and shields its customers' identity, even after being presented with evidence that the domain names are being used for illegal purposes," the complaint charges. "Even after receiving notices of infringement or phishing by its customers, Freenom continues to license new infringing domain names to those same customers." Freenom has not yet responded to requests for comment. But attempts to register a domain through the company's website as of publication time generated an error message that reads: "Because of technical issues the Freenom application for new registrations is temporarily out-of-order. Please accept our apologies for the inconvenience. We are working on a solution and hope to resume operations shortly. Thank you for your understanding." Although Freenom is based in The Netherlands, some of its other sister companies named as defendants in the lawsuit names are incorporated in the United States.

It remains unclear why Freenom has stopped allowing domain registration, but it could be that the company was recently the subject of some kind of disciplinary action by the Internet Corporation for Assigned Names and Numbers (ICANN), the nonprofit entity which oversees the domain registrars. In June 2015, ICANN suspended Freenom's ability to create new domain names or initiate inbound transfers of domain names for 90 days. According to Meta, the suspension was premised on ICANN's determination that Freenom "has engaged in a pattern and practice of trafficking in or use of domain names identical or confusingly similar to a trademark or service mark of a third party in which the Registered Name Holder has no rights or legitimate interest."

Facebook

Meta Plans Thousands More Layoffs As Soon As This Week (indiatimes.com) 79

An anonymous reader quotes a report from The Economic Times: Meta, the owner of Facebook andInstagram, is planning a fresh round of layoffs and will cut thousands of employees as soon as this week, according to people familiar with the matter. The world's largest social networking company is eliminating more jobs, on top of a 13% reduction in November, in a bid to become a more efficient organization. In its earlier round of cuts, Meta slashed 11,000 workers in what was its first-ever major layoff.

The company has also been working to flatten its organization, giving buyout packages to managers and cutting whole teams it deems nonessential, Bloomberg News reported in February, a move that is still being finalized and could affect thousands of staffers. The imminent round of cuts is being driven by financial targets and is separate from the "flattening," said the people, who asked not to be identified discussing internal matters. Meta, which has seen a slowdown in advertising revenue and has shifted focus to a virtual-reality platform called the metaverse, has been asking directors and vice presidents to make lists of employees that can be let go, the people said. This phase of layoffs could be finalized in the next week, according to the people.

Facebook

Meta's AR/VR Hardware Roadmap For the Next Four Years (theverge.com) 29

An anonymous reader quotes a report from The Verge's Alex Heath: Meta plans to release its first pair of smart glasses with a display in 2025 alongside a neural interface smartwatch designed to control them, The Verge has learned. Meanwhile, its first pair of full-fledged AR glasses, which CEO Mark Zuckerberg has predicted will eventually be as widely used as mobile phones, is planned for 2027. The details were shared with thousands of employees in Meta's Reality Labs division on Tuesday during a roadmap presentation of its AR and VR efforts that was shared with The Verge. Altogether, they show how Meta is planning to keep investing in consumer hardware after a series of setbacks and broader cost cutting across the company.

With regards to the VR roadmap, employees were told that Meta's flagship Quest 3 headset coming later this year will be two times thinner, at least twice as powerful, and cost slightly more than the $400 Quest 2. Like the recently announced Quest Pro, it will prominently feature mixed reality experiences that don't fully immerse the wearer, thanks to front-facing cameras that pass through video of the real world. [...] There will be 41 new apps and games shipping for the Quest 3, including new mixed reality experiences to take advantage of the updated hardware, Rabkin said. In 2024, he said that Meta plans to ship a more "accessible" headset codenamed Ventura. "The goal for this headset is very simple: pack the biggest punch we can at the most attractive price point in the VR consumer market."

During Tuesday's roadmap presentation, Alex Himel, the company's vice president for AR, laid out the plan for a bevy of devices through 2027. The first launch will come this fall with the second generation of Meta's camera-equipped smart glasses it released in 2021 with Luxottica, the parent company of Ray-Ban. In 2025, Himel said the third generation of the smart glasses will ship with a display that he called a "viewfinder" for viewing incoming text messages, scanning QR codes, and translating text from another language in real time. The glasses will come with a "neural interface" band that allows the wearer to control the glasses through hand movements, such as swiping fingers on an imaginary D-pad. Eventually, he said the band will let the wearer use a virtual keyboard and type at the same words per minute as what mobile phones allow.
While Meta halted development of its smartwatch with dual cameras,Himel said that the company is still working on another smartwatch to accompany its 2025 glasses. "We don't want people to have to choose between an input device on their wrist and smartwatch functionality that they've come to love," he said. "So we are building a neural interfaces watch. Number one, this device will do input: input to control your glasses, input to control the functionality on your wrist, and input to control the world around you."

The Verge's Alex Heath adds: "Meta's first true pair of AR glasses, which the company has been internally developing for 8 years under the codename Orion, are more technically advanced, expensive, and designed to project high-quality holograms of avatars onto the real world." These glasses will "won't be released to the public until 2027," but an "internal launch" for employees will begin in 2024.

As for advertising, Meta is planning to utilize its existing business model for these future devices. "We should be able to run a very good ads business," he said. "I think it's easy to imagine how ads would show up in space when you have AR glasses on. Our ability to track conversions, which is where there has been a lot of focus as a company, should also be close to 100 percent."

"If we're hitting anything near projections, it will be a tremendous business," he said. "A business unlike anything we've seen on mobile phones before."
AI

Meta Is Working On 'AI Personas' For Instagram, Messenger and WhatsApp (engadget.com) 16

In a Facebook post today, Mark Zuckerberg said the company plans to develop "AI personas" for Instagram, Messenger and WhatsApp. He also announced that the company is "creating a new top-level product group at Meta focused on generative AI." Engadget reports: It's currently investigating helpers for multiple media formats. You could see advanced chat features in Messenger and WhatsApp, or unique Instagram filters and ads. Video and "multi-modal" content could also benefit, Zuckerberg says. In the near future, you'll see an emphasis on tools for creation and expression. The social media giant is also pooling its generative AI teams into a single group to help "turbocharge" efforts in the emerging field, the executive adds. He doesn't provide more details, and cautions that there's a "lot of foundational work to do" before the most advanced projects come to fruition.
Businesses

Meta Soars by Most in Decade, Adding $100 Billion in Value (nytimes.com) 12

Meta's stock surged on Thursday after the company reported better-than-expected earnings, said it would buy back billions of dollars in its stock, and overcame a court challenge to its ambitions in the so-called metaverse. The New York Times reports: Shares of the tech giant, the owner of Facebook, Instagram and WhatsApp, climbed more than 23 percent, its biggest daily gain in nearly 10 years. And it was a huge move for a company its size, adding nearly $100 billion in market value in a single day, or about as much as Citigroup's entire market capitalization.

After ending last year with a loss of more than 60 percent, Meta's stock is up more than 50 percent this year, as the mood among tech investors has brightened. The Nasdaq Composite, an index that includes many tech companies, including Meta, has risen nearly 20 percent this year.
The report notes that plenty of challenges remain for the company. "Meta faces setbacks in digital advertising as clients rein in spending because of higher interest rates and inflation," reports The New York Times. "The company is also fighting to retain users drawn to newer apps like TikTok, the short-form video app that Mr. Zuckerberg considers one of his most formidable rivals. The billions that Meta is spending pursuing its founder's vision of the metaverse may not pay off."

In November, Meta laid off more than 11,000 employees in what was the most significant job cuts since its founding in 2004.
Facebook

Meta Abandons Original Quest VR Headset (gizmodo.com) 54

Meta is dropping support for its first Meta Quest VR headset. The device will no longer receive future content updates, and by 2024 it will no longer get any bug fixes or security patches. Gizmodo reports: Notably, users will no longer have significant functionality. Though Meta promised you will still be able to use the headset and its installed games and apps, Quest 1 users will no longer be able to join parties, and they will also lose access to Meta's feature product Horizon Home on March 5 this year. Users will no longer be able to invite others to their homes or travel over to another user's home.

Meta CEO Mark Zuckerberg announced what was originally called the Oculus Quest in 2018 as the premiere wireless VR headset. The company released the headset in 2019 (so Meta is a little off in their letter when they said they launched the device "over four years ago"), and this was all before Meta officially renamed the devices and its various services in 2021. So the Quest 1 is working off four-year-old tech, and it would make some sense why Meta would not want to support aging hardware.

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