Summary of Thu. 10/27 – Meta (Insert Bomb Emoji Here) - Techmeme Ride Home

00:00:00 - 00:15:00

Meta's stock price dropped 23% after the company reported weak third-quarter revenue and lowered expectations for the rest of the year. CEO Mark Zuckerberg defendedmeta's expensive investments in VR and the metaverse, saying they are headed in the right direction. However, many investors are worried about Meta's cash-burning reality Labs unit.

• 00:00:00 Meta's stock price dropped 23% after the company reported weak third-quarter revenue and lowered expectations for the rest of the year. CEO Mark Zuckerberg defendedmeta's expensive investments in VR and the metaverse, saying they are headed in the right direction. Investors are also worried about Meta's cash-burning reality Labs unit.
• 00:05:00 The video discusses how meta, a company that makes a lot of money from its Core Business, is trying to replace its guts with a Tick-Tock style recommendation engine in order to save its older services. However, this is risky and many people are skeptical of its success. Another issue is thatmeta is also trying to hire new employees, but this is difficult since many people are unhappy with Zuckerberg's endless cash burn. In the end, it is uncertain if meta's mission will stay consistent or not.
• 00:10:00 Google Cloud has announced a new product called the Blockchain Node Engine, which will allow developers to build and manage blockchain-based products.
• 00:15:00 Twitter is reportedly set to merge with Facebook, with a reported 13 billion dollar cash infusion. The acquisition is still subject to regulatory approval, but sources indicate that it may soon be complete. There are concerns about possible censorship of content on Twitter, as well as potential conflicts of interest for Facebook shareholders.