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Facebook Changes Name to Meta, CEO Mark Zuckerberg Says Rebranding Reflects Investment in ‘Metaverse’

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By Reuters | Updated: 29 October 2021

Facebook is now called Meta, the company said on Thursday, in a rebrand that focuses on building the “metaverse,” a shared virtual environment that it bets will be the successor to the mobile internet.

The name change comes as the world’s largest social media company battles criticisms from lawmakers and regulators over its market power, algorithmic decisions and the policing of abuses on its services.

CEO Mark Zuckerberg, speaking at the company’s live-streamed virtual and augmented reality conference, said the new name reflected its work investing in the metaverse, rather than its namesake social media service, which will continue to be called Facebook.

The metaverse is a term coined in the dystopian novel “Snow Crash” three decades ago and now attracting buzz in Silicon Valley. It refers broadly to the idea of a shared virtual realm which can be accessed by people using different devices.

“Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future,” said Zuckerberg.

The company, which has invested heavily in augmented and virtual reality, said the change would bring together its different apps and technologies under one new brand. It said it would not change its corporate structure.

The tech giant, which reports about 2.9 billion monthly users, has faced increasing scrutiny in recent years from global lawmakers and regulators.

In the latest controversy, whistleblower and former Facebook employee Frances Haugen leaked documents which she said showed the company chose profit over user safety. Haugen has in recent weeks testified before a US Senate subcommittee and lawmakers in the UK’s Parliament. Zuckerberg earlier this week said the documents were being used to paint a “false picture.”

The company said in a blog post that it intends to start trading under the new stock ticker it has reserved, MVRS, on Decemeber 1. On Thursday, it unveiled a new sign at its headquarters in Menlo Park, California, replacing its thumbs-up “Like” logo with a blue infinity shape.

Facebook shares closed 1.5 percent higher at $316.92 (roughly Rs. 23,700) on Thursday.

Tarnished Reputation

Facebook said this week that its hardware division Facebook Reality Labs, which is responsible for AR and VR efforts, would become a separate reporting unit and that its investment in it would reduce this year’s total operating profit by about $10 billion (roughly Rs. 74,795 crore).

This year, the company created a product team in this unit focused on the metaverse and it recently announced plans to hire 10,000 employees in Europe over the next five years to work on the effort.

In an interview with tech publication the Information, Zuckerberg said he has not considered stepping down as CEO, and has not thought “very seriously yet” about spinning off this unit.

The division will now be called Reality Labs, its head Andrew “Boz” Bosworth said on Thursday. The company will also stop using the Oculus branding for its VR headsets, instead calling them “Meta” products.

The name change, the plan for which was first reported by the Verge, is a significant rebrand for Facebook, but not its first. In 2019 it launched a new logo to create a distinction between the company and its social app.

The company’s reputation has taken multiple hits in recent years, including over its handling of user data and its policing of abuses such as health misinformation, violent rhetoric and hate speech. The US Federal Trade Commission has also filed an antitrust lawsuit alleging anticompetitive practices.

“While it’ll help alleviate confusion by distinguishing Facebook’s parent company from its founding app, a name change doesn’t suddenly erase the systemic issues plaguing the company,” said Mike Proulx, research director at market research firm Forrester.

The plans to phase out the Facebook name even from products like video calling device Portal show the company is eager to prevent the unprecedented scrutiny from hurting the rest of its apps, said Prashant Malaviya, a marketing professor at Georgetown University McDonough School of Business.

“Without a doubt, (the Facebook name) is definitely damaged and toxic,” he said.

Zuckerberg said the new name, coming from the Greek word for “beyond,” symbolized there was always more to build. Twitter CEO Jack Dorsey on Thursday tweeted out a different definition “referring to itself or to the conventions of its genre; self-referential.”

Zuckerberg said the new name also reflects that over time, users will not need to use Facebook to use the company’s other services.

In 2015, Google reorganized to create a new holding company called Alphabet, as the popular search engine broke into new fields such as self-driving cars, high-speed broadband and expanded its cloud business. Snapchat also rebranded to Snap Inc in 2016, the same year it launched its first pair of smart glasses.

Facebook, which this year launched its own pair of smart glasses with Ray-Ban, announced a slew of new AR and VR product updates during Connect. These included a way for people using its Oculus VR headset to call friends using Facebook Messenger and for people to invite others to a social version of their home, dubbed “Horizon Home.”

Zuckerberg also showed video demos of what the metaverse could look like, with people connecting as avatars and being transported to digital versions of various places and time periods. He said that the metaverse would need to be built with safety and privacy in mind.

© Thomson Reuters 2021

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Facebook Owner Meta Launches New Platform, Safety Hub to Protect Women in India

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By Press Trust of India | Updated: 3 December 2021

Meta (formerly Facebook) on Thursday announced a slew of steps to protect woman users on its platform, including the launch of StopNCII.org in India that aims to combat the spread of non-consensual intimate images (NCII).

Meta has also launched the Women’s Safety Hub, which will be available in Hindi and 11 other Indian languages, that will enable more women users in India to access information about tools and resources that can help them make the most of their social media experience, while staying safe online.

This initiative by Meta will ensure women do not face a language barrier in accessing information Karuna Nain, director (global safety policy) at Meta Platforms, told reporters here.

“Safety is an integral part of Meta’s commitment to building and offering a safe online experience across the platforms and over the years the company has introduced several industry leading initiatives to protect users online.

“Furthering our effort to bolster the safety of users, we are bringing in a number of initiatives to ensure online safety of women on our platforms,” she added.

StopNCII.org is a platform that aims to combat the spread of non-consensual intimate images (NCII).

“It gives victims control. People can come to this platform proactively, hash their intimate videos and images, share their hashes back with the platform and participating companies,” Nain said.

She explained that the platform doesn’t receive any photos and videos, and instead what they get is the hash or unique digital fingerprint/unique identifier that tells the company that this is a known piece of content that is violating. “We can proactively keep a lookout for that content on our platforms and once it”s uploaded, our review team check what”s really going on and take appropriate action if it violates our policies,” she added.

In partnership with UK Revenge Porn Helpline, StopNCII.org builds on Meta’s NCII Pilot, an emergency programme that allows potential victims to proactively hash their intimate images so they can”t be proliferated on its platforms.

The first-of-its-kind platform, has partnered with global organisations to support the victims of NCII. In India, the platform has partnered with organisations such as Social Media Matters, Centre for Social Research, and Red Dot Foundation.

Nain added that the company is hopeful that this becomes an industrywide initiative, so that victims can just come to this one central place to get help and support and not have to go to each and every tech platform, one by one to get help and support.

Also, Bishakha Datta (executive editor of Point of View) and Jyoti Vadehra from Centre for Social Research are the first Indian members in Meta”s Global Women”s Safety Expert Advisors. The group comprises 12 other non-profit leaders, activists, and academic experts from different parts of the world and consults Meta in the development of new policies, products and programmes to better support women on its apps.

“We are confident that with our ever-growing safety measures, women will be able to enjoy a social experience which will enable them to learn, engage and grow without any challenges.

“India is an important market for us and bringing Bishakha and Jyoti onboard to our Women”s Safety Expert Advisory Group will go a long way in further enhancing our efforts to make our platforms safer for women in India,” Nain said.

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Facebook, Instagram Remove Chinese Accounts Over Fake ‘Swiss Biologist’ COVID-19 Origin Claims

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By Reuters | Updated: 2 December 2021

Facebook owner Meta Platforms said on Wednesday it had removed accounts used by an influence operation originating in China that promoted claims of a fake “Swiss biologist” saying the United States was interfering in the search for COVID-19’s origins.

Meta said in a report the social media campaign was “largely unsuccessful” and targeted English-speaking audiences in the United States and Britain and Chinese-speaking audiences in Taiwan, Hong Kong, and Tibet.

Claims by “Swiss biologist” Wilson Edwards were widely quoted by Chinese state media in July. In August, several Chinese newspapers removed comments and deleted articles quoting him after the Swiss embassy in Beijing said it had found no evidence of him as a Swiss citizen.

Meta said Facebook removed the Wilson Edwards account in August and has since removed 524 Facebook accounts, 20 Pages, four Groups and 86 Instagram accounts as part of its investigation. Such removals also take down content that these entities have posted.

“We…were able to link the activity to individuals in mainland China, including employees of a particular company in China, the Sichuan Silence Information Technology Company Limited, as well as some individuals associated with Chinese state infrastructure companies around the world,” Meta’s head of global threat disruption David Agranovich told Reuters.

Sichuan Silence Information Technology Co did not immediately respond to a request for comment. The Chinese foreign ministry and internet regulator Cyberspace Administration of China also did not immediately respond to requests for comment.

Meta said it had not found any connection between Sichuan Silence Information Technology and the Chinese government.

Silence Information’s website describes itself as a network and information security company that provides network security services to China’s Ministry of Public Security activities and China’s CNCERT, the key coordination team for China’s cybersecurity emergency response.

On July 24, 10 hours after its creation, the “Wilson Edwards” Facebook account uploaded a post saying he had been informed the United States was seeking to discredit the qualifications of World Health Organization scientists working with China to probe the origins of COVID-19.

Meta said the account’s operators used virtual private network (VPN) infrastructure to conceal its origin and made efforts to give Edwards a rounded personality.

The persona’s original post was initially shared and liked by fake Facebook accounts, and later forwarded by authentic users, most of which belonged to employees of Chinese state infrastructure companies in over 20 countries, Meta said.

“This is the first time we have observed an operation that included a coordinated cluster of state employees to amplify itself in this way,” the report said. Meta said it did not find evidence that the network gained any traction among authentic communities.

China’s state-run media, from China Daily to TV news service CGTN, cited the July post widely as evidence that US President Joe Biden’s administration was politicising the WHO. The administration had said the joint WHO-China investigation lacked transparency.

The origin of the SARS-CoV-2 virus that causes COVID-19 remains a mystery and a source of tension between China, the United States and other countries.

© Thomson Reuters 2021

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Jack Dorsey-Led Square Rebrands to Block After Facebook’s Meta Change

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By Reuters | Updated: 2 December 2021

Square, the payments company led by Twitter Inc co-founder Jack Dorsey, said on Wednesday it was changing its name to Block Inc, as it looks to expand beyond its payment business and into new technologies like blockchain.

The San Francisco-based company said the name Square had become synonymous with it’s seller business. The new name would distinguish the corporate entity from its businesses, Square added, a strategy similar to Meta Platforms’s rebrand last month.

The company said there would be no organisational changes and its different business units – Square, peer-to-peer payment service Cash App, music streaming service Tidal and its bitcoin-focused financial services segment – will continue to maintain their respective brands. Shares were up nearly 1 percent in extended trading.

“The name has many associated meanings for the company — building blocks, neighbourhood blocks, and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome,” Square said in a statement.

The move comes days after Dorsey stepped down from his role as chief executive officer at Twitter. The digital payments giant’s Square Crypto, a team “dedicated to advancing Bitcoin”, will also change its name to Spiral. Bitcoin price in India stood at Rs. 45.21 lakh as of 10am IST on December 2.

Under Dorsey, who has frequently expressed his interest in the cryptocurrency, Square bought $50 million (roughly Rs. 375 crore) worth of Bitcoin even before the wave of institutional interest that propelled the digital currency’s price to record highs this year. In February, it further raised its wager and invested another $170 million (roughly Rs. 1,275 crore) in it.

Square has also been weighing the creation of a hardware wallet for Bitcoin to make its custody more mainstream.

The new name would become effective on or about December 10, Square said, but the “SQ” ticker symbol on the New York Stock Exchange would not change at this time.

© Thomson Reuters 2021

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Twitter Bans Sharing Personal Photos, Videos of Other People Without Consent

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By Agence France-Presse | Updated: 1 December 2021

Twitter launched new rules Tuesday blocking users from sharing private images of other people without their consent, in a tightening of the network’s policy just a day after it changed CEOs.

Under the new rules, people who are not public figures can ask Twitter to take down pictures or video of them that they report were posted without permission.

Twitter said this policy does not apply to “public figures or individuals when media and accompanying tweet text are shared in the public interest or add value to public discourse.”

“We will always try to assess the context in which the content is shared and, in such cases, we may allow the images or videos to remain on the service,” the company added.

The right of Internet users to appeal to platforms when images or data about them are posted by third parties, especially for malicious purposes, has been debated for years.

Twitter already prohibited the publication of private information such as a person’s phone number or address, but there are “growing concerns” about the use of content to “harass, intimidate, and reveal the identities of individuals,” Twitter said.

The company noted a “disproportionate effect on women, activists, dissidents, and members of minority communities.”

High-profile examples of online harassment include the barrages of racist, sexist,and homophobic abuse on Twitch, the world’s biggest video game streaming site.

But instances of harassment abound, and victims must often wage lengthy fights to see hurtful, insulting or illegally produced images of themselves removed from the online platforms.

Some Twitter users pushed the company to clarify exactly how the tightened policy would work.

“Does this mean that if I take a picture of, say, a concert in Central Park, I need the permission of everyone in it? We diminish the sense of the public to the detriment of the public,” tweeted Jeff Jarvis, a journalism professor at the City University of New York.

The change came the day after Twitter co-founder Jack Dorsey announced he was leaving the company, and handed CEO duties to company executive Parag Agrawal.

The platform, like other social media networks, has struggled against bullying, misinformation, and hate-fuelled content.

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Twitter’s Former CEO Jack Dorsey’s Journey: From Microblogging Pioneer to Billionaire

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By Reuters | Updated: 30 November 2021

Jack Dorsey on Monday stepped down as the chief executive officer of Twitter, the social media firm he helped found in 2006 and steered through a high-profile hack and the controversial banning of former US President Donald Trump.

Dorsey, who also helms fintech firm Square, will be succeeded by Chief Technology Officer Parag Agrawal.

Here is a timeline of milestones in Dorsey tenure at Twitter:

2006: Typed out the microblogging platform’s first post: “just setting up my twttr”.

2008: Co-founder Evan Williams took over as CEO after the board pushed Dorsey out. Dorsey assumed the role of chairman.

2013: Twitter went public at a valuation of $31 billion (roughly Rs. 2,32,400 crore).

2015: Dorsey returned as CEO after Dick Costolo stepped down.

2017: A Twitter employee on his last day deactivated then US President Donald Trump’s account which was restored 11 minutes later.

2018: Twitter increased the character limit of tweets to 280 from 140, sparking a mixed reaction in twitterverse.

2020: Activist hedge fund Elliott Management pushed for changes, including the removal of Dorsey as CEO.

2020: Twitter reached an agreement with Elliott to add three new directors for letting Dorsey stay on as CEO.

2021: In the wake of the riots at the Capitol, Twitter permanently suspended Trump’s account, with the company citing a risk of further incitement of violence.

2021: Twitter outlined plans in February to attain at least $7.5 billion (roughly Rs. 56,230 crore) in annual revenue and 315 million monetisable daily active users, or those who see ads, by the end of 2023.

2021: In March, Dorsey sold his first tweet as a non-fungible token (NFT) – a kind of unique digital asset – for just over $2.9 million (roughly Rs. 21,745 crore).

2021: Former US President Donald Trump in July filed lawsuits against Twitter, Facebook, and Alphabet’s Google, as well as their chief executives, alleging they unlawfully silence conservative viewpoints.

2021: The company said it had 211 million average monetisable daily active users, as of the three months ended September 30.

2021: Dorsey’s net worth is $11.8 billion (roughly Rs. 88,500 crore) as of November 29, according to Forbes.

© Thomson Reuters 2021

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Who Is Twitter’s New CEO Parag Agrawal?

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By Reuters | Updated: 30 November 2021

Twitter on Monday promoted company insider and technology head Parag Agrawal to replace Chief Executive Officer Jack Dorsey. The social media networking platform joins tech giants Apple, Amazon, and Alphabet in tapping a company insider for the top job.

Here are some facts about Agrawal:

Decade with Twitter

Agrawal joined Twitter as a software engineer and has been with the company for over a decade. He was appointed chief technology officer in October 2017.

He oversaw Twitter’s technical strategy and was responsible for improving the pace of software development, while advancing the use of machine learning across the company.

Project Bluesky

Since December 2019, Agrawal has also been working on Project Bluesky, an independent team of open source architects, engineers and designers to combat abusive and misleading information on Twitter.

Bluesky is seeking to introduce a new decentralised technology, the idea being that Twitter and others will become clients of Bluesky and rebuild their platforms on top of the standard, Dorsey has said previously.

Ex-Microsoft, Yahoo employee

Before joining Twitter, Agrawal worked at Microsoft, Yahoo, and AT&T Labs in their research units, according to his LinkedIn profile.

Stanford graduate

Agrawal has a Ph.D. in computer science from Stanford University and a bachelor’s degree in computer science and engineering from Indian Institute of Technology, Bombay.

© Thomson Reuters 2021

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