META
Meta’s Sandhya Devanathan to join OpenAI; IT stocks rally
Meta’s India and South East Asia head Sandhya Devanathan is departing after 10 years to join OpenAI. This and more in today’s ETtech Top 5.
Meta's Sandhya Devanathan exits after decade-long stint, to join OpenAI
Devanathan joined Meta in 2016 when the company's Singapore office had roughly 300 employees. Over her tenure, she worked across the ecommerce and gaming sectors in APAC, leading teams across India and Southeast Asia.
Matt Deitke rejected Meta’s $125 million AI offer, but Mark Zuckerberg personally stepped in with a staggering $250 million package to bring the 24-year-old researcher to Meta’s Superintelligence Lab
AI prodigy Matt Deitke, 24, reportedly rejected Meta’s $125 million offer before CEO Mark Zuckerberg personally stepped in. Meta then raised the package to about $250 million, underscoring the fierce competition for top AI talent. Meta dramatically increased the proposed compensation to around $250 million over four years after the meeting.
Inside Meta’s Project OT that could have cut some teams by 60% and why Mark Zuckerberg scrapped it
Mark Zuckerberg, the CEO of Meta, set out with Project OT to create an AI-driven future for the company, proposing substantial team reductions in favor of AI automation. Yet, internal pushback and fears over efficiency stymied the next phase of this initiative. Investors also expressed doubts regarding Meta's large-scale investments in AI. In the end, the company shifted its focus back to prioritizing its human employees.
EU waiting on Meta's proposals to limit addictive designs: Commission
The EU is pressing Meta to curb addictive social media designs and strengthen screen-time management and parental controls.
Meta's social media settlement leaves its money machine unscathed
While the headline figure is among the largest ever settlements paid by a technology company, it is unlikely to strain a business that earned more than $60 billion last year. The settlement left untouched the personalised feeds and ad targeting that underpin its profits.
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Meta’s $17.1 billion settlement puts Instagram and Facebook on a digital bedtime
Meta has agreed to pay up to $17.1 billion to settle a multistate lawsuit alleging Facebook and Instagram were designed to hook children, while introducing stricter controls for U.S. teenagers, including screen-time limits, overnight restrictions, reduced notifications, stronger parental controls and non-personalised feeds, according to ToI correspondent Chidanand Rajghatta’s report.
Poland asks EU to fine Meta €250 million, urges action against scams and false ads
In a letter to the European Commission that tests conducted by CERT Polska, the national cybersecurity incident response team, found 122 advertisements that were classified as fraudulent.
Time limits to midnight cutoff: What Meta's $18 billion deal changes for teens
Meta Platforms agreed to a significant $18 billion settlement with 48 US states. This historic deal mandates substantial changes to protect younger users on its platforms. New rules will limit daily usage and restrict access during nighttime hours for minors. Meta will also enhance its age verification technology to better identify underage users. These forthcoming changes aim to improve child safety across Instagram and Facebook.
Meta settlement opens new front in global fight over social media harm
Meta's up to $18 billion settlement with nearly 50 US states over social media harm to teenagers has opened a new front in a global government fight to protect children and curb addiction to platforms such as Facebook and Instagram.
Meta settlement puts social media industry on notice: 'There will be more'
Wednesday's historic settlement between Meta and dozens of US states could be just the start of a wave that will ripple across the social media industry, putting TikTok, YouTube and Snap under pressure to make similar changes to their apps for teens. "I hope that Snapchat, TikTok and YouTube will read the writing on the wall and enter into similar settlements," Lopez said in a statement.
What Meta agreed to in US teen safety settlement
Meta will pay up to eighteen billion dollars to settle claims regarding child engagement. States alleged social media platforms enticed and retained young users, misleading the public about risks. The agreement includes monetary payments and nationwide changes to Meta's services for teenagers. Meta will implement teen safeguards, including daily time limits and overnight blocks. These changes will be phased in after the settlement takes effect.
Meta shares hit 5% intraday high after $16.68 billion settlement over alleged harm to young users
Meta shares hit a 4.96% intraday high after the company agreed to pay up to $16.68 billion to settle claims that Facebook and Instagram harmed young users. The settlement covers claims by 29 US states and requires Meta to introduce usage limits and stronger safeguards for children on its platforms.
Meta reaches $16.68 billion settlement over social media harms to children
The deal was reached during a California federal court trial over claims brought by 29 states, averting one of the highest-profile tests yet of allegations that social media companies harmed young users. Just days before jury selection began on August 12, a federal appeals court declined to halt the trial.
Mark Zuckerberg had a bold plan to replace Meta staff with AI. Here's how it imploded.
Meta considered cutting some teams by as much as 60% under an AI-driven restructuring plan, Reuters reported. The company ultimately cut 10% of staff in May and abandoned a second round as employee opposition grew and internal data showed AI tools were not delivering expected productivity gains.
Instagram head Adam Mosseri, at children's addiction trial, says few teenagers knew of safety feature
Adam Mosseri, the head of Instagram since 2018, denied any suggestion by U.S. states suing Meta that Instagram stalled by not making the "Take a Break" feature the default setting for teenagers until September 2024, nearly three years after its launch.
Meta, US states have discussed settling teen social media harm case
The report comes during a federal court trial in California over claims brought by 29 states, in what is one of the highest-profile tests of allegations that social media companies have harmed young users. Just days before jury selection began on August 12, a federal appeals court declined to halt the trial.
Meta, US states weigh deal over claims it designed Instagram, Facebook to hook young users: Report
Meta Platforms and state attorneys general are discussing a potential mid-trial settlement. This lawsuit accuses the company of designing social media to be addictive for young users. The ongoing federal court trial in California is a significant test of these allegations. Several state attorneys general have announced plans for press conferences regarding settlements. These actions are part of a larger effort addressing youth mental health concerns.
Instagram chief admits Meta omitted weak teen safety tool uptake
Adam Mosseri, who oversees Instagram at Meta, admitted in a California court on Tuesday that he touted newly launched safety tools for teens without disclosing low adoption rates from early testing several years ago. When asked if Meta disclosed its low adoption, which only reached 1 or 2 percent of the accounts, Mosseri admitted the company did not but said the safety features were later turned on by default in Teen Accounts, which have parental controls and launched in 2024.
Meta sued for over $1 million after manager refused to back employee’s green card petition
A former Meta manager has sued the company, alleging he was fired after refusing to sign a reference letter supporting an employee’s US green card petition because he believed it contained inaccurate claims. He is seeking damages, including more than $1 million in claimed economic losses.
What if Meta loses trial? Penalties may top $1.4 trillion, matching its market cap
Meta, which owns Facebook and Instagram, is being sued by a bipartisan coalition of states on allegations of deceiving the public and designing the apps to encourage compulsive use among young users.
UK cinemas restricting Meta AI and other smart glasses over piracy concerns
The move follows growing scrutiny of smart glasses over their recording capabilities, with courts in England and Wales this month prohibiting Meta smart glasses because of restrictions on taking images and videos in courts.
Teen drops landmark social media addiction case against Meta, Google, Snap
A 15-year-old girl dropped her lawsuit against Meta, Google, and Snap Inc. She had alleged social media addiction and mental health issues. Her attorney stated the dismissal allows her client to resume her life. TikTok had previously settled her claims, while other cases proceed. Companies deny allegations and state they protect young users.
This man quit his $250,000 Meta job to start over. Three years later, he works just 20 hours a week and lives a stress-free life. What he chose to do next changed his life
Jason Shen left Meta after nearly three years, prioritising his time and personal fulfilment. He turned executive coaching into a full-time career, generating significant revenue with fewer hours. Shen's journey involved co-founding a startup acquired by Meta, which strengthened his leadership skills. He sacrificed millions in potential stock awards for greater control over his daily life. This career change highlights the importance of life satisfaction after achieving financial security.
Mark Zuckerberg encouraged growth over child safety, ex-Meta executive testifies at trial
Arturo Bejar, a vocal critic of Meta's safety record, made the allegation during his second day of testimony in a landmark trial over claims brought by a coalition of states that could reshape Facebook and Instagram, some of the most popular apps on the planet.
Former Meta engineer says Instagram took a 'don't ask, don't tell' approach on kids under 13
During his second day of testimony, Arturo Bejar said Meta consistently prioritized profits over safety in designing its products, focusing on how often and for how long people used them, even if it was detrimental to their mental well-being.
Former Meta engineer resumes testimony in landmark trial over social media's harm to young users
Arturo Bejar, who worked at Meta from 2009 to 2015 before returning to the company as an independent contractor from 2019 to 2021, is the first witness in a landmark trial over claims brought by a coalition of states accusing the company of designing its platforms to addict young users. Meta, which denies the states' allegations and says it stands by its efforts to protect teens, has argued that Bejar's opinions are beyond the scope of his work at the company.
Meta rejects claims it sought to hook children to Facebook, Instagram as landmark trial begins
Four lead states - California, Colorado, Kentucky and New Jersey - accused Meta of designing Facebook and Instagram to hook young users, fueling anxiety, depression and even suicide, and misleading consumers about the platforms' safety. All 29 states accused Meta of violating federal law by improperly collecting and using children's personal data.
Meta rejects allegations it sought to hook children as landmark trial begins
Four lead states - California, Colorado, Kentucky and New Jersey - accuse Meta of designing Facebook and Instagram to hook young users, fueling anxiety, depression and even suicide, and misleading consumers about the platforms' safety.
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