Advertisements
Image

Mark Zuckerberg Loses $3.3bn From His Fortune After Facebook News Feed Change|RN

Adam Lusher
Mark Zuckerberg standing in front of a stage            © Provided by Independent Digital News & Media Limited  

Mark Zuckerberg’s decision to change the way Facebook operates people’s news feeds has cost him $3.3bn, with his personal net worth dropping by 4.4 per cent, it is believed.

After Facebook went public with the news feed change on Thursday, the website’s share value dropped by nearly four per cent before US markets opened on Friday.

By close of business on Friday Facebook shares were trading at $179.37, down more than 4.4 per cent on Thursday’s price of $187.77.

And Forbes has calculated that for Mr Zuckerberg, the co-founder, chairman and CEO of Facebook, this translated into a personal hit of 3.3bn – a 4.4 per cent fall in his personal fortune.

Mr Zuckerberg, 33, who started Facebook in 2004 aged 19, still owns a 17 per stake in the company, which went public in 2012.

He explained his reasons for changing the news feed algorithm in a Facebook post on Thursday, saying he wanted the website to prioritise posts from friends and family over businesses and brands.

“We built Facebook to help people stay connected and bring us closer together with the people that matter to us,” he said. “But recently we’ve gotten feedback that public content — posts from businesses, brands and media — is crowding out the personal moments that lead us to connect more with each other.

“Based on this … . I’m changing the goal I give our product teams from focusing on helping you find relevant content to helping you have more meaningful social interactions.”

Some, however, have suggested that the change might also have been influenced by Facebook’s alleged desire to counteract what the company is believed to refer to as “context collapse”.

This is the phenomenon where people stop sharing as much information about their personal lives on Facebook, yielding less useful data for the advertisers on whom Facebook relies to make its money.

Tweaking the news feed to encourage people to talk about their personal lives might, therefore, be seen as a means of increasing Facebook’s commercial value.

The markets, though, appear to have reacted badly to the news feed change, at least in the short term.

a screenshot of a cell phone: facebook-share-price.jpg© Provided by Independent Digital News & Media Limited facebook-share-price.jpg Some analysts, however, think the tweak will work well for the company in the long term.

Mark Mahaney, an analyst at RBC, told Bloomberg: “Making the feed more relevant should boost user and engagement growth over time.

“We believe these changes will be beneficial to Facebook in the medium and long term.”

Just how much Mr Zuckerberg will worry about the short term drop in his wealth is also unclear.

Given that Facebook shares were trading at around $127 in January 2017, the company’s value is still up by more than 40 per cent year-on-year, even after this week’s fall.

Despite losing $3.3bn, Mr Zuckerberg is still worth $72.4bn (£52.7bn) – and, anyway, it’s not as if he intends to hold on to his Facebook shares.

Mark Zuckerberg standing in front of a stage

 

In December 2015 Mr Zuckerberg and his wife Priscilla Chan said they were planning to give away 99 per cent of their Facebook shares over the course of their lives.                 (The Independent)

http://www.twitter.com/RNNetwork1

Continue reading

Advertisements
Image

Facebook To Make Major Changes With News Feed From Media, Businesses Less Prominent

Mark-Zuckerberg-Facebook

Facebook CEO, Mark Zuckerbrg

Facebook is to change how its news feed works, making posts from businesses, brands and media less prominent.

Instead, content that sparks conversations among family and friends who use the site will be emphasised, explained chief executive Mark Zuckerberg on his page.

Organisations on Facebook may see the popularity of their posts decrease as a result, the firm acknowledged.

The changes will take effect over the coming weeks.

“We’ve gotten feedback from our community that public content – posts from businesses, brands and media – is crowding out the personal moments that lead us to connect more with each other,” wrote Mr Zuckerberg.

He said that he and his team felt a responsibility to make sure Facebook was good for people’s wellbeing.

If public content is to be promoted, it will now have to be seen to encourage community interaction – as happens within the tight-knit groups that discuss TV programmes and sports, he said.

Another example given by Facebook in a separate post was live video feeds, which tend to generate much discussion.

“By making these changes, I expect the time people spend on Facebook and some measures of engagement will go down,” added Mr Zuckerberg.

“But I also expect the time you do spend on Facebook will be more valuable.”

 

In a previous post, Mr Zuckerberg had vowed to “fix” Facebook in 2018, saying he wanted to ensure that users were protected from abuse and that time spent on the site would be time well spent.

He also pledged to defend Facebook from nation states.

Analysis has recently suggested that some actors, including Russia, have tried to manipulate content on the social network.

“It’s definitely a significant change,” said Laura Hazard Owen at Harvard University’s Nieman Journalism Lab.

“It’s going to affect publishers a lot, we’re going to be seeing a lot less news organically pop up in our news feeds.”

Ms Owen added, however, that Facebook had not been very clear about what sort of discussions the site’s revamped algorithms would prioritise.

It might end up being “the most controversial stuff” that generates heated conversations, she suggested, or simply content pulled in from group pages where users engage with others on specific topics.

Given recent public scrutiny, the social network was currently “in the hot seat”, said Gabriel Kahn from the University of Southern California Annenberg School for Communication and Journalism.

“Facebook is in the midst of all of these fires it’s trying to put out, it’s trying to reassert its warm and fuzzy brand value that it has always tried to put forth,” he told the BBC.

Mr Kahn added the update from Mr Zuckerberg was a “clear admission” that Facebook wielded significant power over the health of society.

However, he argued that the new priorities could further distort views and the nature of conversations.

“There should be public debate about the values they’re applying to that algorithm,” he said.  (The Sun)

http://www.twitter.com/RNNetwork1

Continue reading

Image

Nigerian Engineer Handed Written Test At New York Airport By U.S. Immigration

Celestine Omin

 A software engineer from Lagos, Nigeria, is claiming that he was made to sit a written test by US airport immigration officers because they weren’t convinced he was telling the truth about his skills.

According to social networking site LinkedIn, Celestine Omin, 28, landed at New York’s JFK airport last Sunday after a 24-hour flight from Nigeria.

Mr Omin is employed by Andela, a tech start-up with offices in New York, Lagos, Nairobi and San Francisco.
The firm says it recruits “the most talented developers on the African continent” and connects them with tech employers in the US for potential job vacancies. Facebook chief, Mark Zuckerberg, visited Andela’s office in Lagos last year.

Mr Omin had reportedly been granted a short-term visa to work with First Access, a financial technology company in New York’s Manhattan district.
After being asked a series of questions by a US Customs and Border Protection officer, he was taken into a room for further checks.

“Your visa says you are a software engineer. Is that correct?” an officer was reported to have asked Mr Omin.
He said he was then given a piece of paper and a pen and told to answer these two questions to prove he is actually a software engineer: “Write a function to check if a Binary Search Tree is balanced.”
“What is an abstract class, and why do you need it?”

Mr Omin told LinkedIn it seemed to him the questions had been “Googled” by “someone with no technical background”.

He said later on Twitter that he was “too tired to even think”, and told the officer they could “talk about other computer science concepts”.

After he handed back his answers, he was told by the officer that they were wrong. He said he presumed he was required to provide “the Wikipedia definition” for the questions.

However, he was even more surprised a little later when the officer told him he was “free to go”.
“Look, I am going to let you go, but you don’t look convincing to me,” said the officer, according to Mr Omin.
“I didn’t say anything back. I just walked out.”

He later found out that border protection officers had phoned Andela to verify his story.
The BBC approached the Customs and Border Protection department for a comment but was yet to receive a reply.
Nigeria is not one of the seven countries included in US President Donald Trump’s temporary immigration pause.

However, the African country has been struggling with the threat of terrorism in recent times, in particular from the militant Islamist group Boko Haram.
Mr Trump has repeatedly called for “strong borders” and “extreme vetting” since taking office on 20 January.    (ThisDay)

http://www.twitter.com/RNNetwork1

Continue reading

Image

Facebook’s Zuckerberg Sues Hundreds Of Hawaiians To Force Property Sales To Him |The Republican News

 

Dan Mangan
© Provided by CNBC Aloha! Now sell me your land!

Facebook (FB) CEO Mark Zuckerberg reportedly is suing hundreds of Hawaiians to compel them to sell the billionaire small plots of land they own that lie within a 700-acre property that Zuckerberg purchased on the island of Kauai two years ago for $100 million.

Zuckberberg-controlled companies filed eight so-called “quiet” title lawsuits in a Kauai court on Dec. 30 requesting the forced sales at public auction to the highest bidder, which would allow him to make his secluded beach-front land on the island’s north shore even more private, according the Honolulu Star-Advertiser newspaper.

Currently, owners of the lands, which have been in their families for generations, have the rights to travel across Zuckerberg’s property to get to their own lands. Their lands make up slightly more than eight acres.

Many of the defendants in the suits by the social media mogul are living, but some are dead. The defendants may hold just a tiny fraction of ownership in the parcels because they are several generations removed from the original owners, according to the paper’s story on the cases.

The defendants had 20 days to respond to the suits, or they forfeited their rights to a say in the proceedings.

Zuckerberg’s lawyer, Keoni Shultz of the firm Cades Schutte, in a statement to CNBC said, “It is common in Hawaii to have small parcels of land within the boundaries of a larger tract, and for the title to these smaller parcels to have become broken or clouded over time.”

“In some cases, co-owners may not even be aware of their interests,” Shultz said. “Quiet title actions are the standard and prescribed process to identify all potential co-owners, determine ownership, and ensure that, if there are other co-owners, each receives appropriate value for their ownership share.”

The cases target a dozen small plots of so-called “kuleana” lands that are inside the much larger property that Zuckerberg bought on Kauai. Kuleana lands are properties that were granted to native Hawaiians in the mid-1800.

Some of the people who own, or who are believed to own, lands targeted by Zuckerberg’s suits are descendants of the original owners of the kuleana land.

One suit, according to the Star-Advertiser, was filed against about 300 people who are descendants of an immigrant Portuguese sugar cane plantation worker who bought four parcels totaling two acres of land in 1894.

One of that worker’s great-grandchildren, Carlos Andrade, 72, lived on the property until recently, the paper said. But the retired university professor told the Star-Advertiser that he is helping Zuckerberg’s case as a co-plaintiff in an effort to make sure the land is not surrendered to the county if no one in his extended clan steps up to take responsibility for paying property taxes on the plots.

Andrade, in a letter to his known relatives, said he believed selling to Zuckerberg would ensure that the relatives get “their fair share” of their ancestor’s investment in the property — while avoiding further dilution of the value of individual property shares due to the clan increasing in size, the paper reported.

In the same letter, Andrade estimated that a large majority of his relatives are unaware that they have an ownership stake in the land.

CNBC

http://www.twitter.com/RNNetwork1

Continue reading

%d bloggers like this: