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meta

Meta – A Company That Has Got Half The Population Scrolling Down Their Mobile Phones.

Meta is most commonly known as Facebook Inc as it hasn’t been a year since the company was rebranded. It is one of the world’s largest technology companies apart from Google, Amazon, Apple, and Microsoft. By the end of 2021, Mark Zuckerberg announced the change of the name to Meta as it also reflects the focus of the company to building the metaverse. Facebook Inc (now Meta) was founded in 2004, and it is the parent company of Facebook, Instagram, Whatsapp, and many other subsidiaries. So, the company is mostly dominating the entire social media industry in most parts of the globe apart from countries where it is blocked.

About Meta

The brains behind founding Meta are Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. Meta’s headquarters are located in Menlo Park, California, US and there are more than 70,000 employees working for the company from various parts of the world. Apart from billions of active users of social media, Meta earns a good portion of its revenue from advertisement postings. One of the early and largest acquisitions by Meta was in 2012 when it bought Instagram. Meta has also acquired companies like Giphy, Mapillary, Oculus, and owns a 9.99% stake in Jio Platforms.

Meta
Image source: vox-cdn.com

History of Facebook

Facebook was launched during a time when the internet eventually became famous and it was coming closer to common people in terms of availability. A social media platform for chatting, posting pictures, etc sounded very new and thus exciting, especially for the younger population. In 2012, when Mark Zuckerberg decided to file an IPO, the Facebook platform was already receiving billions of likes and comments. After Facebook becomes public, Zuckerberg was to retain 22% ownership of the company and 57% of the voting shares. So, when Facebook became a public company it was valued at $104 billion. The IPO raised for Facebook was one of the largest in the history of the US economy.

But, a massive company like Facebook that had to increase the number of shares offered due to high public demand, caught everyone’s attention. So, the regulators from Wall Street decided to investigate if there has been any leaking of information to selected clients rather than the general public. There were several accusations leading to the filing of several lawsuits some retail investors losing millions over this fury. Facebook became a part of the S&P 500 index in 2013. In 2014, the company decided to change its motto to “Move fast with stable infrastructure” from “Move fast and break things.”

Acquisitions

Facebook has acquired several companies which the company calls “talent acquisitions”. After acquiring Instagram which was one of the first acquisitions of the company, it acquired Onavo, an Israeli company in 2013. In 2014, Facebook showed its interest in buying Whatsapp for $19 billion and later that year also acquired Oculus VR for $2.3 billion. Facebook wanted to create its own stable coin cryptocurrency hence it founded Libra Networks in 2019. Meta has also mentioned that Libra is backed up by companies like Visa, PayPal, Uber, and Mastercard. In 2019, Meta acquired the game developer Beat Games and then next year announced about the 10 percent (approximate) stake acquisition of Jio Platforms, digital media of Reliance Industries. In 2020, Meta also announced the acquisition of Giphy for $400 million.

About Mark Zuckerberg

Mark Zuckerberg is one of the most famous tech entrepreneurs across the globe. He started writing software from an early age (when he was in middle school) and his dad also taught him basic programming. Zuckerberg went to Harvard and he was already famous as a programming prodigy. He started writing the code for a website early in 2004 and after one month he launched the website, “Thefacebook.” Eventually, he dropped out of college to carry on with his project. In 2017, he received an honorary degree from Harvard. Zuckerberg is currently the CEO of Meta Platforms.

tumblr

Verizon to Sell Tumblr to Automattic the WordPress.com Owner

Verizon Media, who last year acquired the microblogging site Tumblr has agreed to sell it off to Automattic Inc. According to The Wall Street Journal reports, the WordPress owner company, Automattic, will be acquiring Tumblr for an undisclosed amount soon.

Verizon bought Tumblr after it had acquired Yahoo, last year. Tumblr was the Yashoo’s subsidiary, and for the last year, Verizon Media was taking care of its operations and actions. The company had also imposed a ban on the adult content sharing over the platform, which got the platform to lose most of its user base.

Tumblr was one of the first and the most popular social media platform, but for the past couple of years, it has been struggling with its position in the market. Though before Verizon bought the company, many preferred Tumblr over any other social media platform. The ban that Verizon had put on the company has made many of its users boycott the platform. Since then, the companies, including Instagram and Snapchat, that came after Tumblr into the field of social media, are taking over the whole business game.

tumblr
Image Source: forbes.com

Even though the ban has led to the fall in the number of users for Tumblr, Automattic Inc. has no plans to remove the ban and continue with the Tumblr operations as it is.

“Adult content is not our forte either, and it creates a huge number of potential issues with app stores, payment providers, trust and safety,” said Automattic’s CEO Matt Mullenweg on Monday. “It’s a problem area best suited for companies fully dedicated to creating a great experience there. I have very liberal views on these things, but supporting adult content as a business is very different,” he added further.

Mullenweg also said that the company would be using Tumblr as complementary to its current platforms, and it won’t receive any changes shortly. Since Tumblr also has its app, Automattic may use its app for the expansion for its other products and services.

“Today’s announcement is the culmination of a thoughtful, thorough and strategic process,” Verizon Media CEO Guru Gowrappan said. “Tumblr is a marquee brand that has started movements, allowed for true identities to blossom and become home to many creative communities and fandoms. We are proud of what the team has accomplished and are happy to have found the perfect partner in Automattic.”

But for everyone’s surprise, according to a report from Axios, the acquisition will take place for a sum of 3 million, which is way less than the amount that Yahoo paid for to buy it in 2013, i.e. $1.1 billion.

orkut

Orkut Buyukkokten : Founder of Orkut, One of the First Social Media Network

The power of social networking sites has made our public life more scintillating and invigorating. Updating every single incident occurring in our life and getting to know about other people’s status, all at once, have attracted the audience, especially, the youngsters around the globe. But the history of social media dates back to long before you used a filter on Instagram or even updated the status on Facebook. On 24th January 2004, Orkut Buyukkokten created one of the first social networking websites, Orkut, which was under the acquisition of Google. Buyukkokten is a software engineer who worked at Google and did much more than creating Orkut.

Early life of Buyukkokten

Orkut Buyukkokten was born on 6th February 1975, in Konya, Turkey. After a year of his birth, the family shifted to Germany and came back to Turkey a few years later. Buyukkokten had already adopted a German accent by then and got admitted in the second standard after they moved back to Turkey. Buyukkokten always maintained good grades in school and started coding when he was only in the fourth standard. Büyükkökten, in one of his interviews, said that a bunch of students always bullied him at school.

Higher studies and career

Buyukkokten went to Bilkent University in Ankara, from where he graduated with a B.Sc. degree in Computer Engineering and Information Science. The time he had to go for his master’s, he almost had thought of dropping the idea of applying in Stanford, due to the high application fee. But, he eventually applied and made it to Stanford University.

Orkut Buyukkokten
Image Source: vox.com

After completing his M.S, he pursued a PhD degree from Stanford as well. He researched mainly on how to create a better and more efficient way of web browsing based on the devices used by individuals. And during his days in Stanford, while working for his thesis, he created a social network, Club Nexus, in 2001, for the students of Stanford University. The students of the university used the platform for chatting, finding people with similar interests, buying and selling products and many other things. He received a good response from the students, especially the undergraduates, and by opening this platform, he actually enhanced the interaction between the undergraduates and graduates.

Buyukkokten also introduced another social network, inCircle, which was for the Stanford Alumni Association. He wrote the entire code for these networking websites in C#, and as the number of users increased rapidly, he started using different serves to reduce the traffic.

In 2002, When Buyukkokten was in his final year, he eventually, started receiving job offers, and finally, he ended up in Google. Even after he joined Google, he worked hard to develop better social networking sites. He believed in bringing the entire world together on a single platform where people can enjoy, make new friends and socialize. Buyukkokten also launched a company, Affinity Engines, which later, sued both Google and Buyukkokten for trading secrets.

Success of Orkut.com

Since Buyukkokten gave 20% of his time to create a new social networking site, he finally, built one and, named it Eden. And then, after a suggestion by Eric Schmidt and Marissa Mayer, the name was changed to Orkut.com. Google launched Orkut on 22nd January, Buyukkokten being the creator of the platform. Starting it as a 20% project, it turned into a massive success that the company and Büyükkökten, himself, never expected. Though Affinity engines claimed the code of Orkut to be theirs, the lawsuit they filed against Google and Buyukkokten was settled in 2006. A lot of new features were added once the website went live. A logo was resigned in 25th August 2007, followed by second redesigning in 27th October 2009.

As the number of people making profiles in Orkut increased, Buyukkokten declared that it will also be released in 6 different languages (Hindi, Bengali, Marathi, Tamil, Kannada and Telugu). Orkut was launched worldwide and gained the most popularity in Estonia, Brazil and India. Buyukkokten decided to leave the team of Orkut.com in 2008 and started working as a product manager at Google.

In 30th June 2014, Google announced that it will be closing Orkut.com by 30th September 2014. But for the time span it existed, Orkut changed the face of social media by giving the common people a real experience of communicating virtually and socializing.

Hello

Buyukkokten launched another social networking site Hello, in 2016, which is having users from all over the world, and he, still, thrive to make the world a better place by connecting people through technology.

Personal life

His parent’s names are still unknown to most of the world. He was in an openly gay relationship, and eventually, married to Derek Holbrook. But later, they got separated. He has two children.

Instagram is Trialing a Shopping Checkout Feature to be Available for its US Users

Instagram on Tuesday, announced that it is testing a new checkout feature for its US users and will be rolling out the same in the next couple of weeks. According to a statement from Instagram, its US-based users will be able to shop items with tags for sale, directly from Instagram.

instagram-shopping
Image Source: esquire.com

Currently, Instagram is one of the most engaging platforms operated by Facebook Inc., and many retailers are using the same to selling their products online. But the News Feed of this platform is not enough to engage people for a longer time. Also, shopping through the app is not convenient as there is no payment feature embedded to the app and people are forced to contact the retailers even to know the price of the goods. This is one of the steps that Facebook has taken to monetise its one of the most popular platforms, in order to enter into the eCommerce business.

The users now will be able to see and order products directly through the app. For the payment, the users will be offered with options like Visa, Mastercard, American Express, Discover, PayPal, etc.

Though the feature will only be available for the US users, and for now, only a few famous brands including Adidas, H&M, Kylie Cosmetics and Michael Kors will be able to use it to sell their goods on Instagram. Noticeably, the company has already partnered with twenty different brands.

Though the company has not commented on the worth of the partnership with different brands, it has confirmed that it will be charging a fixed fee from the various brands interested to sell on Instagram. The fee will also be covering the purchase protection policy for those brands, and it will be Instagram which would pay for any damage to the items or lost items.

According to an Instagram spokesperson, the users will only be able to buy one thing at a time, and the feature is only available for the mobile app users. However, the company is still working on improving the shopping experience for its users.

While it is a piece of exciting news for the Instagram users, and also, this step will help many brands with their business, many people are also worried about the Facebook’s track record on privacy, which may also affect the launch of this new in-app purchase feature of Instagram.