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Is Meta a shield against scrutiny for Zuckerberg? | ticker VIEWS

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Is Facebook’s rebrand just a strategic move to create a portfolio of CEO’s that allow the founder to move into a space that is removed from scandal and scrutiny?

MAT COLE ON

Facebook has officially announced that it will change its name to meta, signalling a new era for the social media giant.

The name change follows months of scrutiny and growing public distrust around the social media giant.

The shift will see a new focus on becoming a computing platform specialising in virtual reality and the metaverse.

Chief Executive and Founder Mark Zuckerberg says the metaverse is the next frontier and from now on the company will be metaverse first, not Facebook first.

But Facebook is under fire – so is Zuck looking to play the blame game?

Mat Cole from ACT media ventures this sort of re architecture of their portfolio, allows the appointment of CEOs for WhatsApp, CEO for Facebook and a CEO for Instagram, but Zuck will always controls the company

META

“Expect a new Facebook CEO, who will be the one facing the senate enquiries, while the founder and actual leader of Facebook will be of wearing Facebook glasses on morning television”

COLE SAID.

“Mark Zuckerberg as a founder, can now move away and create a shield from all the bad press that they’re getting.”

But behind the speeches, feel good stories about Facebook’s growth and ultimately – a rebrand, what will change?

Cole says the data policies across all of their business will not change and has not changed.

“By allowing him to pull in CEOs, what it does is every time that there is a controversy, and Facebook has a an amazing history of 10 years, you no longer have consistent controversies,” he told ticker.

META

“Instead of turning up and sitting in front of Congress and be grilled, he can say no, not me. Go and speak to the CEO of Facebook, or go and speak to the CEO of WhatsApp, or go and speak to the CEO of Instagram.”

Are people all going to flock to this idea of virtual reality?

META

“We’re not all going to buy VR goggles and jump into work. Like that’s that’s just not going to happen,” Cole says.

“Facebook’s users are an older group, which have a less likelihood of being able to jump in and buy virtual reality headsets. They’re just not going to do that.”

Cole says the Metaverse is part of a broader conversation, “a disconnected, interoperable, landscape of technology.”

“So I can take my avatar from work, play, to dating, and all of that can happen in the metaverse. It doesn’t happen in these, centralised environments. And that’s what Facebook talking about.”

“So it’s quite wrong in terms of what the metaverse is. So I think, it doesn’t always have to be in VR goggles, which is a lot of what Facebook is, is talking about adoption being predicated upon.”

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Elon Musk announces free premium features for high-follower accounts on X

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Elon Musk has once again stirred the online community with a recent announcement regarding the popular social media platform, X.

In a tweet on Thursday, Musk revealed a significant update that could reshape the experience for many users on the platform.

“Going forward, all accounts with over 2500 verified subscriber followers will get Premium features for free and accounts with over 5000 will get Premium+ for free,” Musk declared.

This bold move by Musk is expected to have far-reaching implications for content creators, influencers, and users alike.

By offering Premium features to accounts with a substantial following, Musk aims to incentivise growth and engagement on the platform while rewarding those who have already amassed a sizable audience.

Enhanced analystics

The Premium features include enhanced analytics, advanced customization options, and priority customer support, among others.

Meanwhile, Premium+ offers additional perks such as exclusive access to new features, ad-free browsing, and special badges to highlight top creators.

For content creators and influencers, this announcement presents a unique opportunity to leverage their existing following to gain access to premium tools and resources without any additional cost.

This could lead to increased user engagement, higher-quality content, and ultimately, a more vibrant and dynamic community on X.

For users who enjoy consuming content on the platform, this move signifies a potential improvement in the overall user experience.

With creators gaining access to advanced features, users can expect to see more innovative and engaging content, tailored to their interests and preferences.

However, some industry analysts have raised concerns about the potential implications of this announcement.

Critics argue that offering Premium features for free based solely on follower count could incentivize the pursuit of vanity metrics and discourage genuine interactions and content creation.

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Uncovering alleged misleading practices as Meta comes under fire

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Tech giant Meta, formerly known as Facebook, is facing scrutiny over allegations of misleading practices regarding its handling of disinformation and misinformation on its platform.

A recent formal complaint has raised concerns about the efficacy of Meta’s fact-checking system and the transparency of its reporting.

Allegations and Concerns

The complaint, filed by online safety research group Reset.Tech, alleges that Meta is not living up to its claims outlined in its transparency report. It suggests that small changes in wording can circumvent Meta’s automated labeling of known falsehoods, leading to misinformation slipping through the cracks undetected.

Meta HQ in the United States.

Loopholes in Fact-Checking

One of the key issues highlighted in the complaint is the treatment of misinformation posts that undergo slight modifications.

While Meta’s fact-checkers may identify and label the original post, variations of the same misinformation with minor changes often go unlabeled, creating loopholes in Meta’s fact-checking system.

Response from Meta

Meta has denied the allegations, stating that its transparency report accurately reflects its practices. According to Meta, the company proactively identifies and labels content that matches or is near-identical to content previously identified as false by third-party fact-checking organizations.

The complaint has been submitted to the Digital Industry Group Inc (DIGI), which represents major tech platforms in Australia, including Meta.

However, the complaint is currently stalled at a procedural hurdle, raising concerns about the effectiveness of self-regulation and corporate accountability in addressing misinformation.

As the complaint against Meta awaits further review, it underscores the ongoing challenges in combating misinformation online.

With the proliferation of false information and the potential impact on public discourse, there is a growing need for robust fact-checking mechanisms and transparent reporting practices from tech companies like Meta.

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Fight for AI talent as companies offer million dollar packages

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As the demand for expertise in generative AI surges, tech companies are engaging in fierce competition, offering million-dollar compensation packages and even poaching entire engineering teams.

This fervent pursuit of AI talent occurs against a backdrop of layoffs in other tech sectors and a significant reallocation of resources towards AI development.

Tech companies are going to unprecedented lengths to attract individuals with expertise in generative AI, the technology that underpins innovations like ChatGPT and humanlike bots.

With a shortage of qualified candidates, these companies are resorting to eye-catching compensation packages and aggressive recruitment tactics to secure the necessary talent.

According to Naveen Rao, head of Generative AI at Databricks, the pool of individuals capable of training large language models (LLMs) from scratch or tackling complex AI problems is extremely limited.

AI is becoming a top job skill.

Requisite skills

Rao estimates that only a few hundred people possess the requisite skills, leading to intense competition among employers.

To entice top-tier candidates, companies are offering total compensation packages exceeding $1 million annually, far surpassing industry norms.

Sales professionals with expertise in AI are also in high demand, commanding double the salary of their counterparts in other sectors.

The scarcity of AI talent is reflected in significant salary increases across managerial and non-managerial roles within the industry.

A survey by WTW revealed base-pay increases ranging from 5% to 19% from April 2022 to April 2023, with median compensation figures reaching staggering heights.

Startup struggle

Startups, in particular, are facing challenges in attracting and retaining talent due to their limited resources compared to tech giants like Google and Meta.

Despite offering potentially lucrative equity incentives, startups struggle to compete with the financial stability and resources provided by established companies.

Some individuals with entrepreneurial aspirations are leveraging the demand for AI expertise by launching their own startups.

Arthur Mensch, a former Google employee, founded Mistral AI, which quickly gained a valuation of over $2 billion within its first year.

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