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Mark Zuckerberg thinks he has more employees than he needs to copy whatever TikTok does next, and in a Q&A session that leaked to Reuters, he told Meta workers that the company would be “turning up the heat” on performance oversight in order to uncover the workers who just watch Netflix all day. “If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history,” he said. https://www.reuters.com/technology/exclusive-meta-girds-fierce-headwinds-slower-growth-second-half-memo-2022-06-30/

Meta, Facebook’s parent company, has been sued by Dfinity Foundation, a Switzerland-based non-profit behind the Internet Computer blockchain. According to the lawsuit, Dfinity’s legal team contended there was trademark infringement when Meta Platforms attempted to register the ‘infinity symbol’ for its logo. According to Dfinity’s legal team, Meta had only filed an application with the United States Patent and Trademark Office (USPTO) in March 2022, whereas the same office granted Dfinity registration in October 2018. Dfinity further stated that the infinity symbol has been used on the company's website since March 2017. According to Dfinity’s contentions in the lawsuit, “Meta and Dfinity seek to attract the same users, namely those who are looking for an innovative and different internet experience, created by users, for users. Further, both Meta and Dfinity utilise the same marketing channels such that consumers will likely encounter the marks through those same channels [...] Despite knowledge of Dfinity’s mark, Meta chose to proceed with its application to obtain registration in some of the same or similar areas in which Dfinity has already obtained registration for its mark.” https://cointelegraph.com/news/dfinity-foundation-files-lawsuit-against-meta-over-infinity-logo

On Wednesday, Meta Platforms Inc., formerly known as Facebook, announced its first-quarter 2022 results, declaring a $2.9 billion loss in its Reality Labs division (formerly Facebook’s Oculus division). That's a 61% increase over its $1.8 billion loss in the first quarter of 2021. The Reality Labs division has been spending increasing sums of capital on developing virtual reality and metaverse-related products. Nonetheless, Reality Labs exceeded projections in the first quarter of this year, bringing in $695 million in revenue from sales of VR headsets and Meta Portal hardware. Meta CEO Mark Zuckerberg remains confident about the company’s direction stating that losses are expected in the division, adding "I recognise it’s expensive to build this, it’s something that’s never been built before. And it’s a new paradigm for computing and social connection.” “We expect to be meaningfully better at monetisation than others in the space, and we expect that should become a sustainable advantage for our platforms as they develop.” https://cointelegraph.com/news/meta-s-reality-labs-posts-2-9b-loss-i-recognize-it-s-expensive-says-zuck