Tag Archives: Facebook

Facebook, Twitter lose $51bn in value after booting out President Trump

Facebook and Twitter , the two largest social media platforms to permanently ban President Donald Trump for his role in last week’s Capitol riots, saw $51.2 billion in combined market value erased over the last two trading sessions.

Companies across sectors have responded to the president’s rhetoric in recent days by pausing political donations, making statements decrying his inflammatory remarks, and pulling products with links to right-wing movements.

Facebook and Twitter possibly took the biggest retaliatory steps when they indefinitely banned Trump from their platforms on Thursday and Friday, respectively.

Both companies cited the risk of additional violence for their bans, but investors largely balked at the action. Facebook tumbled 4% on Monday and another 2.2% on Tuesday as shareholders dumped the stock, likely fearing the ban could drive users off the platform. By the time markets closed on Tuesday, Facebook’s market cap sat $47.6 billion below its Friday level.

Twitter plunged 6.4% to start the week and dipped another 2.4% as the sell-off continued into Tuesday’s close. The declines saw Twitter’s market cap drop by $3.5 billion.

To be sure, Twitter rose as much as 2.9% on Wednesday while Facebook wavered at its previous closing level. And analysts haven’t lowered the stocks’ median price targets following the bans, signaling the slides were likely knee-jerk reactions that will reverse over time.

Other tech giants responding to last week’s insurrection have fared better through the week. Apple and Google have both climbed slightly since announcing after Friday’s close they would remove right-wing social network Parler from their app stores. Amazon shares are up 1.6% since announcing on Sunday that it kicked Parler off of its web hosting service.

Still, the actions could come back to bite tech companies in the final week of Trump’s presidency. CNN reported on Monday that Trump might retaliate against tech giants for their bans. It’s not yet clear what the president’s actions would look like and if they will materialize before President-elect Joe Biden is inaugurated.

Facebook traded at $251.70 per share as of 10:25 a.m. ET Wednesday, down roughly 8% year-to-date.

Twitter traded at $47.94 per share, down 12% year-to-date.

Trump gets 2m followers under 24hrs on Parler social app, after Facebook, Instagram blocks him indefinitely

After Facebook and Instagram blocked President Donald Trump of the United States, following an attack on Capitol Hill, his Parler account has recieved a major boost, as over 2 million people joined the social media platform just to follow him.

Parler downloads in the United States began to grow in November 2020 following the declaration of Joe Biden as president-elect.

Parler is a relatively new social media platform that is almost identical to Twitter in look and function.

Users can make posts called parleys (rather than tweets) and others can “echo” them (its version of retweeting).

You can follow people, like and comment on their posts, and send them direct messages.

After originally planning to block President Donald Trump from posting to his Facebook and Instagram account for 24 hours, CEO Mark Zuckerberg said Thursday that the blocks have been extended “indefinitely.”

“We believe the risks of allowing the President to continue to use our service during this period are simply too great,” Zuckerberg wrote in a Facebook post Thursday. “Therefore, we are extending the block we have placed on his Facebook and Instagram accounts indefinitely and for at least the next two weeks until the peaceful transition of power is complete.”

Zucked: United States government wants to break up Facebook

Less than 2 months ago, the US Department of Justice (DOJ) smacked Google with an antitrust case.

In perhaps the greatest “hold my beer” ever, another government agency — the Federal Trade Commission (FTC) — just launched an antitrust case of its own against Facebook.

And, unlike the Google case, this case is aiming for a breakup of its Big Tech target, according to the New York Times.
More than 40 states will join in on the lawsuit.

The meat of the case concerns Facebook’s history of buying on-the-rise social apps and snuffing out future competition.

Of particular note are Facebook’s acquisitions of:
Instagram for $1B in 2012
WhatsApp for $19B 2014
Today, Facebook is a $790B+ behemoth with annual revenue of $80B+ and 4 products that boast 1B+ users: Facebook (2.7B), WhatsApp (2B), Messenger (1.3B), Instagram (1.1B).

Few major antitrust cases have tried to unwind previous mergers.

One of Facebook’s defenses is the very fact that the FTC approved these mergers years ago.

Facebook further contends that without its infrastructure and social expertise, the likes of Instagram and WhatsApp would not have seen the same growth.

In more recent years, Facebook CEO Mark Zuckerberg has latched onto TikTok as an argument against a breakup of Facebook:

First, the video app’s hockey stick rise proves that social media remains competitive.
Second, Facebook is a defense against the rise of social apps from China, a country which has a “dangerous” approach to internet regulation, according to Zuckerberg.

Prosecutors want to break up Facebook and block future deals.

These are “some of the most severe penalties regulators can demand” according to the New York Times.

The case — which took 18 months to put together — will likely take years to resolve.

Somewhat ironically, Facebook announced a $1B acquisition of chatbot startup Kustomer last week.

If the FTC wins this deal, the period of freewheeling Big Tech M&A may come to an end.

The Hustle

Facebook to open 2nd African office in Lagos, Nigeria

Global tech giant, Facebook has announced plans for a Nigeria office which is to be located in the country’s commercial and tech hub, Lagos. This is coming four years after the CEO, Mark Zuckerberg visited the country.

The office location is expected to be secured and become operational between now and the second half of 2021.

During the said period, although not confirmed, the company will probably begin the recruitment of a team of engineers, sales, partnership, policy, and communication.
As revealed by Ime Archibong, Facebook’s Head of New Product Experimentation, this attraction is from the pool of tech talents within the country. Indeed, this points to an extensive intake of more local talents in the coming months.

Operations from the new Lagos office is anticipated to boost growth in sub-Saharan African nations. The team will be responsible for building African-focused products while contributing to the growth of the African tech ecosystem.

Notably, Facebook has been running its Africa operations from its South African headquarters, the first on the continent, for the past five years. Headed by Nunu Ntshingila-Njeke, the activities were planned with an initial focus on Kenya, South Africa, and Nigeria.

Interestingly, between 2015 and now, Internet penetration in these countries has greatly improved. In retrospect, Internet penetration in sub-Saharan Africa between 2015 to 2020 increased from 16% to 33.2%.

Facebook believes its next billion users are coming from Europe and MENA nations and has thus targetted Internet infrastructural development at these locations. Over the past five years, Facebook has invested in assets committed towards Internet connectivity in Africa.

The latest of this is the 2Africa project — Facebook’s collaboration with a consortium of telecom companies to connect 16 African countries to the world within four years by laying subsea Internet cables.

Meanwhile, the company has been actively involved in laying cables since 2016 and has partnered with telcos like MainOne and MTN. It has also been associated with the installation of servers in most African countries.

Asides from infrastructural development, Facebook has been involved in African talent building. In 2018, it launched NG_Hub in partnership with CcHub.

While this announcement further portrays Facebook’s interest in Africa, it’s a no-brainer that the social media giant has seen Africa has a market it will profit from in the very near future.

iPhone’s new IOS is making it harder for Facebook to track people, Facebook says it will decimate part of its business

Apple is making it harder for companies to track people’s data across apps and Facebook says it could have devastating effects on part of its business.

On Wednesday, the Silicon Valley-headquartered social-networking giant published a blog post decrying changes Apple has planned for its iOS 14 mobile operating system. Apple intends to prevent apps from tracking users using their unique device identifier, or IDFA, without their explicit permission something that Facebook’s Audience Network uses to personalize advertising in third-party apps.

Facebook said that doing so would have a significant impact on Audience Network, cutting its revenue on iOS by up to 50% because of an inability to deliver more valuable, targeted advertising. It may even force Facebook to stop developing Audience Network for iOS altogether, the company said.

“This is not a change we want to make, but unfortunately Apple’s updates to iOS 14 have forced this decision. We know this may severely impact publishers’ ability to monetize through Audience Network on iOS 14, and, despite our best efforts, may render Audience Network so ineffective on iOS 14 that it may not make sense to offer it on iOS 14 in the future,” the blog post said.

Audience Network is only one piece of Facebook’s revenue (it’s unclear precisely how much), and its core business of advertising inside its own apps will be unaffected. But any attempt to curtail data collection can pose a threat to Facebook, and the company has recently been vocal about the risks that regulators and platform changes pose.

During a recent earnings call with analysts, company executives argued that Facebook was a “lifeline” for small businesses during the pandemic and that preventing them from effectively targeting people with ads could have dangerous “macro-economic effects.”

It’s an argument that Facebook reiterated in its Wednesday blog post: “We understand that iOS 14 will hurt many of our developers and publishers at an already difficult time for businesses. We work with more than 19,000 developers and publishers from around the globe and in 2019 we paid out billions of dollars. Many of these are small businesses that depend on ads to support their livelihood.”

Facebook on fire as ladies discuss best ways to murder cheating husbands

Facebook currently on fire at the moment as some ladies have taken to the social media to educate other ladies on wicked and cruel ways to kill their husbands if they ever cheat on them.

This is coming on the heels of the rising cases of murder of husbands by their wives.

These women, who threatened that no man would remain alive after cheating on them, gave out killing methods to include stabbing, poisoning, pouring of hot water or boiling oil.

One went as far as advising her fellow women to remove his car brakes so that he will have an accident and either die or be maimed for life.

A social critic, A social media critic, Anwulika Udanoh (Euphemia Udanoh), who first observed the anomaly described one of them as a ‘potential husband killer, a very bitter young girl who sees no life outside MARRIAGE but in WIDOWHOOD!’.

Udanoh have started a campaign for security operatives to apprehend the ladies before they corrupt the society with their evil advocacy.

She put up the following notice:

WANTED PERSONS!

Please, if you hate what’s going on presently in Nigeria as regards wives killing their husbands, forward any information that could help us track these ladies for arrest and prosecution.

Inbox their address, phone number and location to me or to Spontexlady Ngozi Etie.

We are working with the law enforcement agency to ensure that they are brought to book for inciting women to kill their husbands. If you also know of a man who’s inciting men to kill women, send his details.

Click on the links to access their Facebook profiles and help us with any information you have on them.

Let’s rid this country of murderous humans!

Vivian Chidimma chidubem 👉 https://www.facebook.com/profile.php?id=100008741596639

Aguoru Ugomma 👉https://www.facebook.com/aguoru.ugomma.3

Chibundo Collette mbamalu 👉
https://www.facebook.com/mbamalu.chibundocollette

Micheals Uju 👉
https://www.facebook.com/profile.php?id=100007076131729

And another one whose Facebook link we couldn’t get. Her name is Precious Gabriel.

Below are screenshots of the evil advocacies of the ladies, along with some of their photos nicked from the social media:

18 Nigerians working with Facebook you probably haven’t heard of


Without a doubt, Mark Zuckerberg’s visit to Nigeria is a pointer that the young billionaire is beginning to take Nigeria seriously. But that didn’t happen suddenly. You’ll find proof  in the increasing number of Nigerians on his payroll.

Chukwuemeka Afigbo

Chukwuemeka Afigbo joined Facebook from Google, where he served until 2015 before being replaced by Aniedi Udo-Obong.

Afigbo currently manages Strategic Product Partnerships for Facebook in Sub-Saharan Africa and has been instrumental in Mark Zuckerberg’s Nigeria tour.

Ime Archibong

Ime Archibong is the Director, Strategic Partnerships at Facebook, where he leads a team working to connect Facebook’s products and strategies with various business partners.

Archibong and his team have worked on everything related to Facebook including the Messenger app. Prior to joining Facebook, Ime was an Advanced Technology Business Development Professional at IBM.

Nmachi Jidenma

Nmachi Jidenma manages Payments and Commerce Partnerships for Facebook Global, right from the heart of San Francisco Bay Area.

With previous experiences working at PayPal, Google and JP Morgan, she also happens to be the founder of CPAfrica.

Ebele Okobi

Ebele Okobi has headed Public Policy for Facebook in Africa for the past 2 years. She was the former Global Head & Senior Legal Director, Human Rights for Yahoo!

Laurence Aderemi

Laurence Aderemi built Moni, a person-to-person money transfer app, which won the 2013 edition of Start with e-novation.

Apparently, his competence got the attention of Mark Zuckerberg, who hired him to head Payments and Commerce Partnerships for Facebook Global.

Morin Oluwole

Having been raised in Nigeria but lived in 3 continents, Morin Oluwole is a polyglot — she speaks about 5 languages. This is probably why she sealed a role as the Chief of Staff, VP Global Marketing Solutions at Facebook.

Morin Oluwole has since taken up a new position as the Luxury Vertical Lead for Facebook/Instagram.

Lauryn (Hale) Ogbechie

Lauryn Ogbechie leads a Strategic Partnership team within Facebook’s Global Platform Partnerships organisation in Menlo Park, CA. In this role she partners with mobile developers to help them build, grow and monetise their apps through the integration of Facebook platform products.

Prior to Facebook, Ogbechie worked as a digital organiser for President Obama’s re-election campaign.

Francis Ebong

Francis Ebong joined Facebook in November 2015 where he has since acted in the capacity of Director, Online Operations. Francis is a graduate of The George Washington University.

Teniola Adedipe

Prior to joining Facebook, Teniola Adedipe served in two capacities within Konga, in the space of 14 months. She started out as the Head, Merchandise Planning in January 2014, she then went on to become Associate Director, Retail Operations.

Teniola Adedipe is now the Program Manager, Deal Desk & Global Agency at Facebook, New York City area. 

Monica Ugwi

Still relatively new at the company, Monica Ugwi works with the Product Operations division of Facebook. Prior to that, she was an Engagement Manager for McKinsey & Company and an Analyst at Goldman Sachs.

A graduate of Computer Science, Ugwi also holds a Masters in Business Administration from the Stanford University Graduate School of Business.

Ibrahim Shekoni

Ibrahim Sekoni is Facebook’s Product Specialist at San Francisco Bay Area. His previous experience no doubt played a huge role in blending him into Facebook.

Prior to joining Facebook, he was the Mobile Product Manager at optionXpress where he managed the top-rated mobile trading App across multiple Mobile platforms. He also worked as a Business Analyst at Phoenix bits LTD overseeing various operations. He joined Facebook in April 2015.

Olaoluwa Okelola

Olaoluwa Okelola is one of the few Nigerian-born software engineers at Facebook.

Having completed his secondary education at the International School Ibadan, Okelola proceeded to Avi-Cenna International School and Howard University, Washington DC, to complete his secondary and university education respectively. He then joined Microsoft as Explorer Intern in January 2005 and left in August the same year for Google where he worked as an Engineering intern from May 2006 until August 2006.

Okelola joined Facebook in 2007 and has been there ever since.

Barbara Mbanefo

Barbara Mbanefo is another Nigerian-born software Engineer at Facebook, where she develops iOS applications that help businesses connect with their customers.

Mbanefo completed her primary and secondary education in Nigeria before proceeding to France to obtain her Masters degree in Software Engineering. She speaks French fluently. Prior to joining Facebook in May 2016, Mbanefo worked as a Software Engineer and a Mobile App User Experience Designer in France, Canada and Hollywood, California

Kunbi Adeyemo

Kunbi Adeyemo has served in two capacities at Facebook. Between 2013 and 2014, she was on the Facebook North America Small and Medium Business Team as a Customer Insights Analyst.

In December 2014, Adeyemo moved up to the San Francisco Bay Area, where she has since served as Facebook’s Diversity Programs Manager – Women in Computer Science.

Isaac Nwokocha

After obtaining a First Class degree in Mechanical Engineering degree from the University of Nigeria, Nsukka in 2010, Isaac Nwokocha tried his hands out on entrepreneurship; he co-founded two startups, including real-time road traffic web app, TrafficDey.

Probably deciding he had had enough of entrepreneurship, Nwokocha proceeded to Stanford for a Master’s Degree in Management Science and Engineering. No sooner had he completed his Masters Degree than he secured a role as a Product Data Integrity, Community Operations/Project Manager at Facebook.

Michael Awotedu

Armed with an MBA in Finance (summa cum laude) from the University of Tampa John H. Sykes College of Business, Michael Awotedu works in Risk Program Management at Facebook where he helps to facilitate strategy, and execution for Risk Management on products like FB games, Oculus VR and Ads.

Prior to Facebook, Awotedu oversaw Risk Management for Walmart’s $30 billion check cashing portfolio.

Jane Okpala

With almost 10 years of strategic, analytical, negotiating, presentation, and management expertise, Jane Okpala is the Product Specialist (Social Good and Goodwill), Community Operations, at Facebook.

A polyglot in her own right — she speaks at least 4 languages — Okpala worked previously as an Associate at McKinsey & Company where she served mainly technology and financial institution clients on a wide variety of analytical and strategic engagements

Dapo Olopade

Dapo Olopade started her career as a journalist Washington, covering the 2008 campaign and the Obama era for publications including The Atlantic, The Guardian and The Washington Post.

Nowadays, Olopade applies her wealth of journalistic experience on the Facebook Media Partnerships Team, where she helps publishers take advantage of Facebook, from a business and product perspective. She maintains a painstakingly detailed personal website.