Facebook Loses Users Plummeting $200BN: CEO Zuckerberg Blames TikTok

Facebook lost daily users for the first time in its 18-year history. CEO Mark Zuckerberg believes Facebook’s decline in users is likely due to the boom in popularity of the competitor platform TikTok.

Facebook lost daily users for the first time in its 18-year history in the final quarter of 2021, which CEO Mark Zuckerberg believes was caused by the TikTok boom.

The social media giant’s devastating earnings report on Wednesday sent Facebook shares plunging more than 20 percent, wiping more than $200 billion off the company’s market cap and erasing $29 billion from Zuckerberg’s net worth.

Facebook reported a drop of nearly 500,000 in daily logins during the last three months of 2021. 

‘People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly,’ Zuckerberg said during an earnings call Wednesday, according to the Washington Post.

Zuckerberg reiterated that Meta – the company that owns Facebook, Instagram and WhatsApp – is pushing hard to develop its short-form video Reels in an effort to compete with TikTok.

‘This is why our focus on Reels is so important over the long term,’ he added.

Facebook, which now only has 1.93 billion users logging in each day, also saw its shares plunged more than 20 percent in extended trading on Wednesday after unexpectedly heavy spending on its Metaverse project led to a rare decline in its fourth quarter profit.

Meta saw its stock fall 22.6 percent to $249.90 in after-hours trading, wiping about $200 billion off the company’s market value.

The company heavily invested in its Reality Labs segment – which includes its virtual reality headsets and augmented reality technology – during the final quarter of 2021, accounting for much of the profit decline.

Zuckerberg, who is worth approximately $107 billion, held more than 398 million shares of Meta at the end of 2020, according to Investopedia. Based on his reported holdings, the CEO personally experienced a more than $29 billion loss when the company’s stock fell Wednesday.

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Is Las Vegas The Next Silicon Valley? More Tech Companies Relocating

An influx of tech companies and workers have moved into the valley to find greater opportunities and help diversify our economy.

Throughout the past couple of months and during the pandemic, many companies have looked for more affordable real estate, a better quality of life, and fewer pandemic restrictions.

Arya Bina is the founder of Kobe Digital, and he says that is the main reason why he moved his tech company’s headquarters from Los Angeles to Las Vegas. He says the days of our city only being a destination for gambling, resorts, and entertainment are over.

“There is enough momentum here where it is not like you are going into a place with a completely blank slate,” Bina said. 

Bina says based on his predictions, Vegas will be the next big tech hub. His company is an advertising agency that helps tech industries grow. After being in Southern California for five years, he says he realized he needed a city with more opportunities.

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Blockchain Is Unstoppable And Rapid Innovation Is Leading Startups In The Right Direction

Blockchain technology has been an emerging enterprise solution and its adaptation is only speeding up, especially within the last few years. Rapid Innovation provides a direct solution to assist startups and entrepreneurs in integrating blockchain into their businesses by planning, designing, providing architectural engineering, building, testing, launching and upgrading through adoption and integration of this sector in tech.

We had the pleasure of learning more about the company by speaking with Mark Bardi who is head of marketing at Rapid Innovation.

Let’s take a look at how their company can advance the project you are developing.

About Rapid Innovation
Rapid Innovation is a blockchain app development company focused on helping entrepreneurs and startups build great products that decentralize the internet. 

We are on a mission to build great products that speed up the adoption of blockchain technology because we believe in its power to bring greater economic freedom to people around the world.

When was Rapid Innovation founded? And why?
Rapid Innovation was founded in the year 2019 by the three co-founders, Jesse Anglen (CEO), Prasan Dey (CTO), and Tyson Faulkner (President). We started the company together to fill a void we saw in the market for reasonably priced, blockchain focused web and app development. We were active investors in cryptocurrency and operators in the blockchain space dating as far back as 2015.

Who is your ideal client?
Our ideal clients are visionary founders and startups who have a clear vision and some initial seed capital, who are looking to hire an experienced blockchain development team who can take them from idea to launch.

What problems within the tech industry can be solved with your company?Blockchain is a revolutionary new technology that is transforming industries around the world. Due to it’s novelty and complexity, it is not easy to find experienced developers who can build high-quality products, reasonably quickly, for a fair price. That’s what we strive to do.  

Approximately how soon can a client expect their app to be built when working with you?
This will really depend on the scope, budget, and timeline for each project. That said, we strive to get an MVP (minimum viable product) to market for our clients in 90 days or less.

Does Rapid Innovation provide ongoing or lifetime support for its clients?
We will do our absolute best to provide on going / lifetime support for our clients up to a certain point past the delivery date, but typically our best clients know that software development is a continual process of adding new features, enhancing existing features, and fixing bugs, so a lot of them keep us on a monthly retainer. We want to ensure that all of our clients are happy and successful.

What are the benefits of a company switching over to blockchain?
There are many benefits for a company to switch over to blockchain, but they vary greatly depending on the product/service, industry, sector, etc., so possibly too difficult to list out a general set of prescriptions. At its core, the invention of blockchain technology is important because it gives us a powerful computing platform with new capabilities that were never possible before.  For the first time, we have the ability to transfer value (money, financial assets, identity, property rights) to anyone in the world without the need for a “trusted” third-party. We can now move money as easily as we move information — to anyone, anywhere, at any time, with nothing more than a basic smartphone. A better form of money — one that’s native to the internet with a known supply and a transparent monetary policy that cannot be easily changed. We can now empower developers from every country on earth to crowd fund and build businesses that solve real problems for their communities. Because, for the first time ever, they can access a global supercomputer called the blockchain that cannot be censored nor requires anyone’s permission to access.

What are the benefits of working with your company in comparison to your competitors?
The benefits of working us is that we’re a highly experienced blockchain development team based on the west coast of the U.S. who runs a boutique shop that only takes on a few select, high-quality projects at a time. We walk each and every one of our clients through a strict 7-step process – from concept to launch. Our core team has worked side-by-side with some of the biggest names and brands in the industry – having played a key role in building over 100 blockchain applications that are still used today.

Are you looking for an experienced team to build your blockchain app? Contact Rapid Innovation today.

Article By K. Crystal Carter

K. Crystal Carter is a cryptocurrency and blockchain enthusiast who is originally from Oakland, California. She has 7.5 years of experience in the financial industry, and 6 years of being a cannabis hydroponics grow director and cannabis advocate at local City Hall meetings. She currently resides in Las Vegas as one of the lead Earthy Realist team members.


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Jobs Offering Lucrative $100K Sign-On Bonuses Amid Worker Shortage

A shortage of talent has pushed companies to offer sign-on bonuses of up to $100,000 for some high-end speciality jobs, an analysis of job advertisements from 4,000 of the world’s largest companies concluded.

Sign-on bonus have increased across all sectors by 454%, rising to 57,123 advertised positions in August 2021 from 10,312 in August 2020, according to research released Tuesday by GlobalData DATA, , an analytics company. 

The U.S. government on Friday said the economy created just 235,000 new jobs last month — one-third of Wall Street’s DJIA, -0.76% forecast and the smallest gain since January. President Biden blamed the coronavirus delta variant.

“It’s plausible that many employees decided to ‘sit out’ the delta spike and use the time to search for jobs that offer better pay and safer work conditions,” Aneta Markowska and Thomas Simons, economists at Jefferies, wrote in a note.

Others, however, say people need more incentive to work. “A supply crunch for talent has pushed companies to go the extra mile,” the GlobalData report said. The healthcare sector saw the most sign-on bonuses, it added.

An advertisement for a “physician of neurology multiple sclerosis” and also for a “general dentist” last month both had a sign-on bonus of up to $100,000. Sign-on bonuses were also offered for sales personnel and lorry drivers.

“We are seeing sign-on bonuses ranging from $150 to $100,000, as companies are desperately trying to entice new employees amid the current shortages,” said Ajay Thalluri, business fundamentals analyst at GlobalData.

“Roles that involve a shared workspace or are front office are the most likely to offer a sign-on bonus during the pandemic due to employees coming into contact with others,” he added.

Article By Quentin Fottrell Via MarketWatch.com

Quentin Fottrell is MarketWatch’s personal-finance editor and The Moneyist columnist for MarketWatch.com. You can follow him on Twitter @quantanamo.

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