Meta CEO Mark Zuckerberg celebrated Halloween by dressing up as John Wick, not as some scary character. Zuckerberg wore a suit and tie including a fake long hairs just like the Hollywood character and shared his image on social media platform Instagram. He posted, “When your house full of girls decides to be ballerinas, be John Wick.” He also shared his picture with his wife Priscilla Chan and three girls – Maxima Chan Zuckerberg, August Chan Zuckerberg, Aurelia Chan Zuckerberg. Apple CEO Tim Cook Wishes Everyone Joyous and Peaceful Diwali, Shares Image Shot on iPhone 16 Pro Max.
Mark Zuckerberg Dressed Up John Wick for Halloween 2024
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A group of angry shareholders say Mark Zuckerberg’s weak leadership has sent Meta’s stock tumbling 34% this year — and they plan to push for checks on the CEO’s power, The Post has learned.
Concerned investors are pushing two resolutions at the social media titan’s upcoming shareholder meeting they say would provide badly needed oversight of Facebook, Instagram and the potential “dystopian downsides” of Mark Zuckerberg’s metaverse project.
In an effort to drum up support, a corporate accountability group called SumOfUs that’s working with activist investors is sending a report to more than 4,000 institutional investors with stakes in the company — among them Vanguard, Fidelity and BlackRock.
The scathing report, which was exclusively obtained by The Post, describes three crises “engulfing” Zuckerberg’s company: privacy restrictions by Google and Apple that have bruised Meta’s advertising business, the storm of antitrust lawsuits and bills targeting Meta and other big tech firms, as well as allegations that Zuckerberg has lied to investors and lawmakers about Instagram’s harmful effects on teens.
The group places blame for these crises squarely on Zuckerberg, who they say has failed to prove that his recent embrace of the metaverse is anything more than a “rushed attempt to divert attention from fundamental issues with Meta’s core business.”
Christina O’Connell, SumOfUs’s shareholder engagement advisor, told The Post that Meta’s plummeting stock price should wake up investors.
“When you see a loss of over $230 billion in February, that shakes up everybody, and that should be a sign that it’s time for change,” O’Connell said.
The first resolution, which SumOfUs is pushing alongside shareholders Harrington Investments and the Park Foundation, calls for an outside assessment of Meta’s Audit and Risk Oversight Committee, a board the company created in 2020 that is supposedly independent from Zuckerberg and makes decisions about content moderation issues such as former President Donald Trump’s ban from Facebook and Instagram.
“There’s a real concern that given the amount of problems we’ve seen with the company, that the committee is not managing the company’s behavior and performance very well,” O’Connell said. “We would like to see an independent analysis of how that committee is functioning.”
The second resolution sounds the alarm about “potential psychological and civil and human rights harms” associated with Zuckerberg’s metaverse push.
The proposal is supported by SumOfUs alongside responsible investment fund Arjuna Capital, investor advisory group SHARE and Storebrand, a Norwegian asset manager that manages more than $100 billion.
The groups want Meta to commission an outside audit of the metaverse’s potential risks — such as the potential for harassment and hate speech, as well as privacy concerns — then seek a shareholder vote to gauge whether investors support the project.
“Meta has been unable to manage its problems here now in the world where we’re all living, so it’s pretty shocking that they want to move into a more complex platform such as the metaverse,” O’Connell said. “Harms to children, harassment, hate speech — that all becomes amplified when you start moving into the metaverse.”
Meta’s board has urged shareholders to vote against both resolutions, calling them “unnecessary.”
Meta’s unconventional ownership structure allows Zuckerberg to effectively veto any shareholder attempt to change the company’s operations. His stake in Meta is composed largely of “supervoting” shares, allowing him to control roughly 58% of votes when the company considers shareholder proposals.
Nonetheless, O’Connell argues that shareholder action is still one of the best ways to push Zuckerberg to change his ways.
The resolutions were included in Meta’s proxy statement, which was sent to shareholders on Friday.
Shareholders will now submit votes on the resolutions ahead of Meta’s annual shareholder meeting, which is set for May 25. Backers of the proposals will be allowed to speak at the virtual meeting and the results of the vote will be announced afterward.
“Even when shareholder resolutions don’t win the majority, they do have influence in the board and in management and also notify the broader public that shareholders are worried about what’s going on,” O’Connell said. “We want to see real corporate governance. We want to see competent management of this company.”
Asked for comment on the resolutions, a Meta spokesperson said, “We value the views of our investors and regularly engage with them to get their perspective. We look forward to continuing the dialogue, including at our Annual Shareholder Meeting in May.”
Mark Zuckerberg just can’t quit the concept of creating his own payments system.
Facebook parent Meta is reportedly working on several financial products to add to its platforms – including a virtual coin for use in its planned metaverse. Company employees have nicknamed the tokens “Zuck Bucks” in a nod to the Facebook founder.
“Zuck Bucks” are expected to be a form of in-app currency controlled by Meta rather than another cryptocurrency linked to blockchain technology, the Financial Times reported, citing several sources familiar with the matter.
Meta cut ties with its first doomed foray into crypto earlier this year following pushback from regulators.
The proposed “Zuck Bucks” would function similarly to “Robux” currency used to facilitate transactions on the popular children’s video game platform Roblox – another company dabbling in the metaverse, according to report.
The in-app currency is one of several financial products in the works for Meta, which is aiming to build fresh revenue streams and maintain its user base despite intense competition from rivals such as TikTok. Meta shares plunged earlier this year after the company reported the first decline in its active user base in its history.
Meta is also considering the launch of “social tokens” that could be awarded to users who make positive contributions to Facebook groups, as well as “creator coins” to support specific influencers active on Instagram, according to the FT.
Zuckerberg’s company is also dabbling in non-fungible tokens, or NFTs. Earlier this year, the billionaire confirmed that Meta would be “bringing NFTs to Instagram in the near term.” The FT cited a memo indicating Faceook would launch a pilot program allowing NFTs to be shared and “minted” – or created – on the platform in mid-May.
A Meta spokesperson told The Verge that the company has “no updates to share today” on the initiatives.
“We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like,” the spokesperson said.
Facebook initially announced plans to launch its own cryptocurrency, dubbed Libra, in 2019. But the project quickly faced regulatory scrutiny, with federal officials and lawmakers citing concerns about Facebook’s checkered history with user privacy and the potential impacts to the global economy.
The Libra Association rebranded as “Diem,” but the Meta-backed project was forced to sell off its assets to Silvergate earlier this year after failing to gain traction with regulators.
Facebook’s attempts to refocus its business on the metaverse have drawn mixed reviews in recent months. Zuckerberg faced mockery in February after suggesting employees should refer to themselves as “Metamates” to reflect the company’s new mission.
Former Twitter CEO Jack Dorsey poked fun at fellow tech billionaire Mark Zuckerberg after the Facebook founder said that employees at his company, Meta, “lovingly” referred to him as “the Eye of Sauron.”
Ferriss asked Zuckerberg how he divides his energy in the workplace while being inundated with information.
“Maybe I’m not strong-willed enough or calm enough to do just straight-up meditation,” the Meta CEO said.
“I actually need to put myself in a situation where it’s difficult to not focus on that thing.”
He continued: “Some of the folks I work with at the company — they say this lovingly — but I think that they sometimes refer to my attention as the Eye of Sauron.”
“You have this unending amount of energy to go work on something, and if you point that at any given team, you will just burn them.”
The “Eye of Sauron” is an evil Dark Lord from J.R.R. Tolkien’s trilogy “The Lord of the Rings” who seeks to exert total power over Middle-earth.
The news site Mediaite cited a passage written by Tolkien in “The Silmarillion,” which is a prequel to “The Hobbit” and “The Lord of the Rings.”
“Sauron was become now a sorcerer of dreadful power, master of shadows and of phantoms, foul in wisdom, cruel in strength, misshaping what he touched, twisting what he ruled, lord of werewolves; his dominion was torment,” Tolkien wrote.
Dorsey replied to a post on Twitter linking to an article about Zuckerberg’s nickname, writing: “Makes sense.”
During the same interview with Ferriss, Zuckerberg revealed that he likes to surf every morning before starting work as he struggles to cope with getting “punched” by bad news.
“When you’re out there in the water, it’s pretty hard to focus on anything else,” Zuckerberg said.
“When you’re on the board, you’re focused on making sure you stay on the board and don’t mess something up.”
Zuckerberg said that shortly after he wakes up in the morning, he checks his emails about internal goings-on at his company — which is normally “a fair amount of bad news and new things that I need to absorb.”
He said he would not be able to dive into work after seeing the emails because “it’s almost like getting punched with a ton of new context.”
“Home Economics” adds another notch to its metaverse-ian belt with guest star Mark Cuban — who plays a pivotal role in Wednesday night’s episode (9:30 on ABC).
“He’s made cameos [before] and this was an idea our writers had and we thought it was a great use of our show,” series star Topher Grace, 43, told The Post.
Cuban plays himself in the episode, in which Tom (Grace) and his sister, Sarah (Caitlin McGee), try to cheer up their wealthy kid brother, Connor (Jimmy Tatro), who runs a private equity firm and is depressed after his girlfriend, JoJo (Tetona Jackson) left town to pursue her dreams. Tom figures he and Sarah will bring a copy of the much-maligned 1996 movie “Dunston Checks In” — Connor’s “second favorite movie where a monkey wears clothes” — over to his house for a sibling bonding session.
When they arrive, Connor tries to get rid of them, feigning drowsiness — when, in fact, he’s hosting a high-stakes ($800 ante) poker game that includes Cuban, who’s friends with goofy family friend Spags (Dustin Ybarra) in a “no one saw that coming” twist.
After some arm-twisting, Connor lets Tom and Sarah join the game — and Connor, after some awkward moments (Sarah, too), ends up bonding with Cuban, who’s impressed with his in-the-works novel.
“Tom is jealous of his little brother as it is when he finds out he’s in the 1 percent of the 1 percent, and not only does he have this poker group but he doesn’t know about it,” Grace said. “One of the writers said, ‘What if Mark Cuban was in the episode? Do you think he’d do it? Let’s ask him.’ Not only did he come and do it, but he was a total pro and had all his lines memorized and even showed up in a beat-up old car when I thought he’d helicopter in.
“He’s a normal guy and started improvising some jokes that were funny and made it into the show,” he said “We didn’t expect him to say yes [to the cameo]; he’s probably within one of the three or four most famous billionaires in the world, which points to why he’s so successful — he’s got a real adventurous spirit. He totally surpassed out expectations. It was such a cool twist.”
A subplot in the episode centers around Marina (Karla Souza), Denise (Sasheer Zamata) and Camila (Chloe Jo Rountree) who fear there’s a ghost in the house.
It couldn’t have hurt the cause that Cuban co-hosts “Shark Tank” which, like “Home Economics,” airs on ABC.
“I’m the biggest ‘Shark Tank’ fan there is,” Grace said. “Me and my wife [Ashley Hinshaw] are both actors and we feel like we understand the business … we have no idea what’s going on … I’ve watched every episode the way people binge other shows, and to be able to sit next to [Cuban] and ask him any question about [‘Shark Tank’] and talk to him for a couple of days was great.”
“Home Economics” made news a few weeks back in an episode about social media influencers that featured an ad for a [fictional] ABC called “Influencer Lagoon.” The spot quickly gained traction on social media, including being posted on YouTube.
“Some of the producers said, ‘Maybe we should shoot some promo stuff’ [for ‘Influence Lagoon’] and they sent it to ABC and the same people that cut ads for ‘The Bachelor,’” Grace said. “We put it at the front of the [‘Home Economics’] episode — it starts with the ad, then fades to black and then the episode starts — and people thought it was an ad between ‘The Conners’ and our show.
“ABC actually aired it during ‘The Bachelor’ and it was seeded on Reddit and some publications picked it up,” he said. “People hosting this fake show were doing interviews on ‘Entertainment Tonight.’”
There’s no word, yet, on whether “Home Economics” will return for a third season.
“I love the end of our season,” Grace said. “It kind of comes to a head whether Tom publishes his book. Rhys Darby plays the publisher and the writers found a very inventive way to figure that all out. It’s not exactly what you think. It’s very meta.
“Not only is the book the same title as the show, but the font you see on the cover of Tom’s book is the same font we used in our logo, and the art on the book is a version of the billboards that we had this year.
“Every character weighs in on this book — even in the class Tom teaches at college — but they’re really talking about the show,” he said. “One of Tom’s students says, ‘I can’t tell — is the brother [Connor] a doofus or a tech genius? I don’t get it. How does he have so much money?’”
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You can now join the cosmic chaos at Cosmonious High, a new virtual reality game launching today for Meta Quest 2 and SteamVR.
It’s the latest VR adventure from Owlchemy Labs, creators of hilarious Job Simulator and Vacation Simulator VR games. Austin, Texas-based Owlchemy Labs (owned by Google) has been working on the title for a few years with the hope of amusing fans again with its quirky characters and a vibrant and silly world.
I played a demo of it last week and stepped into the body of a cartoonish alien experiencing high school for the first time. It’s a rich place that Owlchemy Labs has been working on for almost three years. The tutorial was quite easy and I was in high school in no time.
In Cosmonious High, you play as a Prismi alien who crash-lands into their first day at an alien high school. This welcoming place is alive with funny characters but plagued by mysterious malfunctions. Players will unlock powers, take classes, make friends, and restore Cosmonious High to its former glory.
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Featuring VR gestures built to make interactions feel more natural, the game lets you say hello to your best alien friend by waving your real hand. Characters have unique personalities and will react to the world around them, whether that’s throwing a ball or starting a conversation. The characters and environment come together to make Cosmonious High Owlchemy’s largest sandbox world to date where players can interact intuitively with almost anything.
Cosmonious High also offers a wide range of accessibility features, including a mindful color palette, single-handed playing, dynamic subtitles, and more. Owlchemy Labs applies its “VR for everyone” motto as a key development principle to each of their games, allowing more people to enjoy the full Cosmonious High experience.
“With Owlchemy’s signature VR gestures, character interactions, and reactive environments, Cosmonious High pushes the boundaries of what you’ve come to expect from VR games. We put so much into making the world feel intuitive, responsive, and most importantly, satisfying. We’ve also made accessibility a core pillar of our studio’s development pipeline, ensuring anyone can experience Cosmonious High. We cannot wait for everyone to jump in and see what chaos they can create,” said Devin Reimer, CEO of Owlchemy Labs, in a statement.
The game has VR interaction with dynamic characters that respond to natural gestures. You can high five, fist bump, and converse with them. The entire school is one big interactive playground for your powers. And it has a lot of exploration, with places like a Grand Hall where you can hang out.
I performed a coup of experiments in the Chemosophy lab. You can also get creative in Visualetics. You can talk to the aliens and discover they are like normal kids with their own problems and needs. Your powers can relate to water, wind, fire, and more. You have telekinesis power, and you can read minds. It has perhaps five hours of content. All told, there are 80,000 lines of dialogue or double that of Job Simulator. That’s should give VR fans a lot of material to engage with.
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Meta has hired a top GOP consulting firm to gin up rage against TikTok and deflect political scrutiny away from Facebook and Instagram, according to a report on Wednesday.
The consulting firm, Targeted Victory, pushed to “get the message out that while Meta is the current punching bag, TikTok is the real threat especially as a foreign owned app that is #1 in sharing data that young teens are using,” according to an internal email from February reported by the Washington Post.
Targeted Victory reportedly advanced Meta’s agenda by pushing news stories blaming dangerous online trends such as the “slap a teacher challenge” on TikTok — even though the trend actually originated on Facebook.
The group also helped place op-eds and letters to the editor in local papers like the Denver Post and Des Moines Register, raising concerns about China “deliberately collecting behavioral data on our kids,” according to the report.
Meta CEO Mark Zuckerberg has blamed TikTok for Facebook’s slowing user growth, which has contributed to its stock tanking 32.5% so far this year.
“People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly,” Zuckerberg said during an earnings call in February.
Targeted Victory’s mandate from Meta appeared to be twofold: stop TikTok from drawing users from Instagram and Facebook while also sapping support for antitrust lawsuits and bills targeting Meta.
“Bonus point if we can fit this into a broader message that the current bills/proposals aren’t where [state attorneys general] or members of Congress should be focused,” one Targeted Victory staffer wrote in an email obtained by the newspaper.
Targeted Victory’s CEO Zac Moffatt, who previously worked digital director of Mitt Romney’s 2012 presidential campaign, told The New York Post he is “working on a list of points where the [Washington Post’s] reporting was inaccurate or just totally wrong.”
“Targeted Victory’s corporate practice manages bipartisan teams on behalf of our clients,” Moffatt added. “It is public knowledge we have worked with Meta for several years and we are proud of the work we have done.”
A TikTok spokesperson said that the company is “deeply concerned that the stoking of local media reports on alleged trends that have not been found on the platform could cause real world harm.”
A Meta spokesperson said, “We believe all platforms, including TikTok, should face a level of scrutiny consistent with their growing success.”
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Silent errors, as they are called, are hardware defects that don’t leave behind any traces in system logs. The occurrence of these problems can be further exacerbated by factors such as temperature and age. It is an industry-wide problem that poses a major challenge for datacenter infrastructure, since they can wreak havoc across applications for a prolonged period of time, all while remaining undetected.
In a newly published paper, Meta has detailed how it detects and mitigates these errors in its infrastructure. Meta uses a combined approach by testing both while machines are offline for maintenance as well as to perform smaller tests during production. Meta has found that while the former methodology achieves a greater overall coverage, in-production testing can achieve robust coverage within a much shorter timespan.
Silent errors
Silent errors, also called silent data corruptions (SDC), are the result of an internal hardware defect. To be more specific, these errors occur at places where there is no check logic, which leads to the defect being undetected. They can be further influenced by factors such as temperature variance, datapath variations and age.
The defect causes incorrect circuit operation. This can then manifest itself at the application level as a flipped bit in a data value, or it may even lead the hardware to execute the wrong instructions altogether. Their effects could even propagate to other services and systems.
As an example, in one case study a simple calculation in a database returned the wrong answer 0, resulting in missing rows and subsequently led to data loss. At Meta’s scale, the company reports to have observed hundreds of such SDCs. Meta has found an SDC occurrence rate of one in thousand silicon devices, which it claims is reflective of fundamental silicon challenges rather than particle effects or cosmic rays.
Meta has been running detection and testing frameworks since 2019. These strategies can be categorized in two buckets: fleetscanner for out-of-production testing, and ripple for in-production testing.
Silicon testing funnel
Before a silicon device enters the Meta fleet, it goes through a silicon testing funnel. Already prior to launch during development, a silicon chip goes through verification (simulation and emulation) and subsequently post silicon validation on actual samples. Both of these tests can last several months. During manufacturing, the device undergoes further (automated) tests at the device and system level. Silicon vendors often exploit this level of testing for the purposes of binning, as there will be variations in performance. Nonfunctional chips result in a lower manufacturing yield.
Finally, when the device arrives at Meta, it undergoes infrastructure intake (burn-in) testing on many software configurations at the rack-level. Traditionally, this would have concluded the testing, and the device would have been expected to work for the rest of its lifecycle, relying on built-in RAS (reliability-availability-serviceability) features to monitor the system’s health.
However, SDCs cannot be detected by these methods. Hence, this requires dedicated test patterns that are run periodically during production, which requires orchestration and scheduling. In the most extreme case, these tests are done during
It is notable that the closer the device gets to running production workloads, the shorter the duration of the tests, but also the lower the ability to root cause (diagnose) silicon defects. In addition, the cost and complexity of testing, as well as the potential impact of a defect, also increases. For example, at the system level multiple types of devices have to work in cohesion, while the infrastructure level adds complex applications and operating systems.
Fleetwide testing observations
Silent errors are tricky since they can produce erroneous results that go undetected, as well as impact numerous applications. These errors will continue to propagate until they produce noticeable differences at the application level.
Moreover, there are multiple factors that impact their occurrence. Meta has found that these faults fall into four major categories:
Data randomization. Corruptions tend to be dependent on input data, for example due to certain bit patterns. This creates a large state space for testing. For example, perhaps 3 times 5 is evaluated correctly to 15, while 3 times 4 is evaluated to 10.
Electrical variations. Changes in voltage, frequency and current may lead to higher occurrences of data corruptions. Under one set of these parameters, the result may be accurate, while this might not be the case for another set. This further complicates the testing state space.
Environmental variations. Other variations such as temperature and humidity can also impact silent errors, since these may directly influence the physics associated with the device. Even in a controlled environment like a datacenter, there can still be hotspots. In particular, this could lead to variations in results across datacenters.
Lifecycle variations. Like regular device failures, the occurrence of SDCs can also vary across the silicon lifecyle.
Infrastructure testing
Meta has implemented two categories of fleetwide testing across millions of machines. These are out-of-production and in-production testing.
In out-of-production testing, machines are taken offline and subjected to known patterns of inputs. The output is then compared to references. In these tests, all variables as discussed above are taken into account and tested against using state search policies.
Mostly, machines are not specifically taken offline for testing on silent errors, but rather they are opportunistically tested while the machine is offline for various other reasons such as firmware and kernel upgrades, provisioning or traditional server repair.
During such a server maintenance, Meta performs silent error detection with a test tool called fleetscanner. This way of operation minimizes overhead and hence cost. When a silent data corruption is detected, the machine is quarantined and subjected to further tests.
Since out-of-production is slow, as it has a long reaction time to newly identified signatures, Meta also performs in-production testing with a tool called ripple. It co-locates with the workload and executes test instructions in millisecond level intervals. Meta reported that it has been able to perform shadow testing by running A/B testing across different variables, and also has the tool always on. Meta has identified ripple testing in particular as a major evolution for silent data corruption tools.
Findings and tradeoffs
Based on three years of observations, fleetscanner achieved 93% coverage for a certain defect family, and 23% unique coverage that was not reachable by ripple. However, the cost is of course a nontrivial amount of time (and hence cost) that is spent testing. By contrast, ripple offered 7% unique coverage. Meta argues this coverage would be impossible to achieve with fleetscanner due to the frequent transition of workloads with ripple.
When comparing the time to achieve an equivalent SDC coverage of 70%, fleetscanner would take 6 months compared to just 15 days for ripple.
When remaining undetected, applications may be exposed for months to silent data corruptions. This in turn could lead to significant impacts such as data loss that could take months to debug. Hence, this poses a critical problem for datacenter infrastructure.
Meta has implemented a comprehensive testing methodology consisting of an out-of-production fleetscanner that runs during maintenance for other purposes, and faster (millisecond level) in-production ripple testing.
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Shares of Facebook and Instagram parent Meta have plummeted more than 40% over the past six months — and some employees saddled with underwater stock options are eyeing the exits.
“Joined Meta near [all time stock high], now feeling like s—t,” one Meta employee said this week in a popular thread on Blind, a corporate message board with verified members. “What should I do?”
“Leave this crap place,” another “Metamate” responded.
“Same boat,” a third said, adding that they’re “already interviewing” at other companies.
“Duh, you’re supposed to think Meta, Metamates, and me. Ask yourself if this train of thought is good for the company,” a fourth joked. “Just kidding… it super sucks.”
Meta is facing a worker stampede as its stock price has fallen from an all-time high of more than $380 in September to $216.49 on Friday. The slide started last fall as a damning series of leaks put massive political pressure on the company and kicked into overdrive as Meta started to feel the multibillion-dollar sting of privacy changes from Apple and Google that are pummeling its advertising business.
“People are definitely paying attention and are concerned about the stock price,” Michael Solomon, who manages software engineers through his talent firm 10x Management, told The Post. “I think a lot of people have questions about if Meta is going to get out of this — if this could be the beginning of the end for them.”
‘In your interest to leave’
When software engineers join companies like Meta, Google or Amazon, their compensation typically consists of a roughly 50/50 mix of a cash and stock options, with entry-level employees getting more cash and more experienced workers getting more stock, according to data from tech salary tracker levels.fyi.
At Meta, new hires are typically given a set number of restricted stock units based on the company’s average stock price around the time they were hired. That means there can be huge upsides for employees who join before a company’s stock rockets — but it also leaves them vulnerable to downturns.
For example, a Meta employee who was given $100,000 worth of restricted stock units around the company’s September stock peak would now be left with roughly $57,000.
It also means that opportunists from other companies — such as Microsoft, which is down 10.3% so far this year — can theoretically “buy the dip” by taking a job at a beaten-down company like Meta, getting more stock options at a lower price.
In response to a disgruntled “Metamate’s” post on Blind, one Microsoft employee wrote, “The only people would be doing well are those who are currently transferring companies right now. I’m doing exactly that and headed to Meta.”
Laura Martin, a tech and media analyst with Needham & Company, said that while many tech workers may feel loyal to their companies, it makes financial sense for many to switch jobs when the value of their options tanks.
“If you’re not going to be making any money in your equity options for three years, it is in your interest to leave,” Martin told The Post. “I agree with the decision to leave your current firm and go to a company and get stock at their current price.”
‘Far higher cash compensation’
While Meta is the most extreme example, the entire tech sector has sagged this year after reaching record highs in 2021. The tech-heavy Nasdaq composite index has fallen 12.3% so far in 2022, while Apple stock has fallen 9.9%, Amazon stock 5.3% and Google stock 5.7%.
With stock options becoming less valuable across the board, big tech companies are now realizing that cash is king, according to Richard Kramer, a tech analyst and founder of Arete Research.
“The big tech firms are simply paying far higher cash compensation since the top five collectively have $345 billion of net cash,” Kramer told The Post. “The battle to secure top talent has not slowed down.”
The compensation often comes in the form of “cash retention incentives,” which are paid out contingent on employees staying with the company for a set number of years, according to Brian Kropp, chief of human resources research at the consulting firm Gartner.
“As your stock price falls, the effectiveness of restricted stock units as a retention strategy becomes less and less,” Kropp told The Post.
And some engineers who are looking for cash rather than stock options have been able to negotiate massive payouts from Meta in recent months, according to Solomon, the talent agent.
“They’re getting better offers because Meta knows they have to compensate,” Solomon said.
Meta did not respond to questions about measures it’s taking to retain and attract talent.
‘Shares down a lot more than Meta’
While the likes of Meta and Amazon have been battered in 2022, some smaller tech names that boomed during the pandemic have felt even more pain as the Federal Reserve raises interest rates and investors pull back from tech stocks.
Shares of Netflix, which boomed during lockdowns, have tanked 33.9% this year. Videoconferencing company Zoom’s stock has plummeted from an all-time-high of $310 in September to just $116.28. And Robinhood, the stock trading app that capitalized on the “meme stock” boom in 2020 and 2021, traded as high as $70 shortly after it went public last summer but has since plummeted to less than $13.50.
The list goes on, with employees from PayPal, e-commerce company Shopify, beleaguered fitness company Peloton and electric carmaker Rivian all griping about their companies’ shares plummeting in recent months.
“I joined Rivian in January and I’m over 50% loss,” one Rivian employee wrote accompanied by a “facepalm” emoji.
The shakeout at lower-tier tech firms could help Meta and other big tech companies swoop in and recruit talent, at least partly making up for any stock slump-related departures, Kramer said.
“They are recruiting from hundreds of other enterprise software companies, etc. that have shares down a lot more than Meta,” he said.
Kramer added that the biggest tech companies don’t actively poach each others’ employees because it would be a “recipe for wage inflation.”
However, that doesn’t stop workers from one big tech firm choosing to apply for jobs at another.
Australia said Friday it is suing Facebook owner Meta over scam advertisements for cryptocurrency schemes that falsely claimed to be endorsed by prominent figures.
Australia’s consumer protection commission said it had started Federal Court proceedings against Meta Platforms for “false, misleading or deceptive conduct” in breach of consumer or securities laws.
It accused Meta of failing to do enough to stop scam ads for cryptocurrency or money-making schemes, even after being alerted by celebrities who had been misrepresented by similar ads published on Facebook.
Meta vowed to defend itself, saying in a statement that it sought to stop scam ads by using technology to detect and block them.
“We don’t want ads seeking to scam people out of money or mislead people on Facebook — they violate our policies and are not good for our community,” a Meta spokesperson said.
The social media titan said it had cooperated with the Australian Competition and Consumer Commission’s investigation.
According to the commission, the ads featured well-known Australians, including former New South Wales premier Mike Baird and businessman Dick Smith.
But the high-profile personalities featured in the ads had never approved or endorsed them, it said.
“Apart from resulting in untold losses to consumers, these ads also damage the reputation of the public figures falsely associated with the ads,” said the commission’s chair, Rod Sims.
“Meta failed to take sufficient steps to stop fake ads featuring public figures, even after those public figures reported to Meta that their name and image were being featured in celebrity endorsement cryptocurrency scam ads,” he said.
The commission said it was aware of one consumer who had lost more than A$650,000 (US$480,000) in one of the scams being falsely advertised as an investment opportunity on Facebook.
“This is disgraceful,” Sims said.
The consumer protection authority said it was seeking orders from the court including injunctions, penalties and the payment of legal costs.