Mark Zuckerberg’s net worth passed $100-billion for the first time on Thursday after Facebook hit a record on optimism about the release of its TikTok competitor Reels.
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TikTok owner ByteDance has accused Facebook of plagiarism and smears, and said it faced “complex and unimaginable difficulties” as it worked to grow into global company.
Facebook beat analysts’ estimates for quarterly revenue on Thursday and forecast similar growth ahead, as businesses tapped its digital ads tools despite an unprecedented boycott and the coronavirus pandemic.
Google and Facebook took particularly sharp jabs for alleged abuse of their market power from politicians on Wednesday in a much-anticipated hearing that put four of the US’s most prominent tech CEOs in the hot seat.
At Wednesday’s antitrust hearing, Facebook CEO Mark Zuckerberg is set to tell the US congress his company is an American success story crucial in winning an Internet arms race against China. TikTok’s CEO is already striking back.
Organisers of a growing Facebook advertising boycott said they saw “no commitment to action” after meeting with CEO Mark Zuckerberg on Tuesday.
Facebook COO Sheryl Sandberg said the company needs to get better at removing hateful speech – a response to hundreds of companies that have stopped advertising on the social network.