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Facebook Daily Users Decline For First Time In 18 Years As Shares Sink 20%

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Facebook’s global daily active users declined from the previous quarter for the first time in eighteen years to 1.929 billion from 1.930 billion.

Investors King gathered that the company’s shares in other social media platforms, including Twitter, Snap and Pinterest, also fell sharply in extended trading.

According to Reuters, the 18-year-old tech giant, which also faces pressure from platforms like TikTok and Google’s YouTube, said it expected slowing revenue growth in the coming quarter due to increased competition for users’ time and a shift of engagement toward such features as its short video offering Reels, which generate less revenue.

Meta said it faced hits from Apple Inc’s (AAPL.O) privacy changes to its operating system, which have made it harder for brands to target and measure their ads on Facebook and Instagram. It also cited macroeconomic issues like supply-chain disruptions.

Investors King recalls that Meta, owner of the second-largest digital ad platform in the world after Google, had previously warned its advertising business faced “significant uncertainty” in the fourth quarter.

Meta’s chief financial officer, Dave Wehner, told analysts on a conference call that the impact of Apple’s privacy changes could be “in the order of $10 billion” for 2022.

According to IBES data from Refinitiv, the company’s total revenue, the bulk of which comes from ad sales, rose to $33.67 billion in the fourth quarter from $28.07 billion a year earlier, beating analysts’ estimates of $33.40 billion,

“I’m encouraged by the progress we made this past year in a number of important growth areas like Reels, commerce, and virtual reality, and we’ll continue investing in these and other key priorities in 2022 as we work towards building the metaverse”, the company’s CEO, Mark Zuckerberg said in the earnings release.

Meta, formerly known as Facebook, Inc, is an American multinational technology conglomerate based in Menlo Park, California.

The company is the parent organization of Facebook, Instagram and WhatsApp, among other subsidiaries.

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World Richest Man, Elon Musk Offers $44 Billion to Close Twitter Deal

Tesla CEO and the world’s richest man, Elon Musk has offered to buy Twitter at the original price of $44 billion. 

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Tesla CEO and the world’s richest man, Elon Musk has offered to buy Twitter at the original price of $44 billion. 

Microblog platform Twitter has confirmed that Elon Musk has offered to close his $44 billion deal to buy Twitter Inc. on the terms he originally agreed to.

This is coming two months after the world’s richest man had initially pulled out of the deal. He alleged some inconsistency in the number presented to him.

He alleged that the company lied about the number of bots and spam accounts on its platform.

Investors King learnt that Elon Musk’s deal to buy Twitter Inc. has been on a wild ride during the past six months. 

On the 4th of April, Elon Musk disclosed a 9 percent stake in Twitter. Ten days after, he made a bid to buy Twitter at a share price of $54.20. He threaten to sell his stake in Twitter if the company rebuffed his offer. 

On the 21st of April, Elon Musk disclosed that he had lined up a $46.5 billion package to finance his bid for Twitter. 

In May, Musk tweeted that the deal was “temporarily on hold” because of concerns he had about fake accounts on the platform, prompting Twitter’s shares to fall 10 percent.

He further stated that he would not move on with the deal until Twitter was clearer about how many of its accounts were fake. 

On the 8th of July, he officially aim to terminate the deal, alleging that Twitter did not provide significant information about the fake accounts. 

In reaction to the termination, Twitter sued Elon Musk and tried to force him to honour the term of the agreement. 

However, his recent decision to go ahead with the deal will be a big win for the social media platform. 

Already Twitter’s share price has spiked by more than 20 percent after the news. A check by our correspondent shows that Twitter’s share price is trading above $50 as of the time of this report. 

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Nigerian Government Sue Facebook And Instagram; Seeks N30 Billion as Penalty

the Advertising Regulatory Council of Nigeria says it has lodged a suit against Meta. 

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An agency of the Nigerian government, the Advertising Regulatory Council of Nigeria says it has lodged a suit against Meta. 

Investors King learnt that the Advertising Regulatory Council of Nigeria (ARCON)  is seeking a penalty of N30 billion against Meta in a suit filed at the Federal High Court in Abuja. 

Meta is the parent company of Facebook, Instagram and WhatsApp. American billionaire Mark Zuckerberg has a majority stack in the company. 

ARCON claimed that both Facebook and Instagram displaced unapproved advertisements to Nigerian audiences. 

The advertisement regulatory agency further stated that the actions have caused a loss of revenue for the Nigerian Government. 

ARCON stated that “the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring the same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising Law in Nigeria”. 

It also stated that the council will not permit unethical and irresponsible advertising in Nigeria’s advertising space. 

Meta’s agent, AT3 Resources Limited was also joint in the suit. However, the court has not fit a date for the suit.

If the court rules in favour of ARCON, it will change the face of social media advertising in Nigeria. 

ACORN further clarified that the council is not regulating the online media space. Rather, its focus is on advertising and marketing communications on the online platforms in line with its establishment Act.

The Advertising Regulatory Council of Nigeria (ARCON) has the government mandate to oversee, approve or disapprove any advertisement in the Nigerian public space. It also has the statutory mandate to generate revenue for the government through public advertisements. 

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Twitter Set to Launch Full-Screen Video Feature to Enable Improved View And Videos Discovery

Microblogging and Social media platform Twitter has announced that it is adding a new feature on the platform which is a scrollable video feed similar to that of TikTok.

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Microblogging and Social media platform Twitter has announced that it is adding a new feature on the platform which is a scrollable video feed similar to that of TikTok.

The social media company disclosed that this new feature will make it easier for users to watch and discover videos on the platform.

With the launch of the feature in the coming days, iOS users will be able to click on a video in their feed to enter the new scrollable video feed. Once they are done watching the video they clicked on, they will be able to scroll up to start browsing more video content.

This will take them to a scrollable feed of videos, which is similar to the browsing experience on TikTok. If they want to exit the viewer and go back to the original tweet, they can click on the back arrow in the top left corner.

According to Twitter, it stated that the purpose of this new immersive media viewer is to make it easier for users to discover engaging videos.

Although the social network didn’t disclose when the feature will roll out to users on Android devices. Users will see a new “Videos for you” category that will display popular and trending videos that the app thinks you would be interested in.

Twitter began the testing of the new video feature in December 2021 to give users a more personalized Explore page. In this test, Twitter turned the entire Explore page into a video feed, complete with a “For You” tab.

With the recent changes announced, Twitter isn’t focused on replacing the entire Explore page with a TikTok-like feed. The company’s approach to a TikTok-like feed can be seen as a somewhat optional, considering that it isn’t directly imposing it users, as the previous TikTok-like video feed test did.

People who like scrollable video feeds can access the immersive view if they like, and users who don’t want a video feed can choose to not open up the immersive viewer.

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