Mark Zuckerberg

A new online communication app is now available in the United States, aiming to become a serious competitor to the social network Twitter. The application is called "Threads" and was developed by "Meta" - the company that manages Facebook.

Iyinoluwa Aboyeji might not have the personal wealth of Elon Musk or Mark Zuckerberg, but his level of success as an African entrepreneur bears comparison with any Silicon Valley tech titan.

While still in his twenties, the Nigerian co-founded two "unicorns," an industry term for companies that achieve a valuation of more than $1 billion.

Regulators seized troubled First Republic Bank and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.

Meta, the parent company of Facebook and Instagram, launched a paid subscription service in the U.S., allowing users on both platforms to pay for verification.

Facebook owner Meta announced a fresh wave of job cuts on March 14, part of what CEO Mark Zuckerberg called the company's "year of efficiency" as the U.S. tech sector continues to downsize.

In an email to employees, Zuckerberg said Meta would shed 10,000 jobs over the next few months, targeting middle management, and that 5,000 other roles would remain unfilled.

Facebook and Instagram owner Meta on Feb. 1 reported its first annual sales drop since the company went public in 2012, but the fall was less brutal than expected, sending its share price soaring.

The social media giant said sales dropped one percent to $116.6 billion in 2022, while it also announced that the number of daily users on Facebook hit two billion for the first time.

Facebook parent Meta has reported that its revenue declined for a second consecutive quarter, hurt by falling advertising sales as it faces competition from TikTok's wildly popular video app.

Facebook has reached a preliminary agreement in a long-running lawsuit seeking damages from the social network for allowing third parties, including the company Cambridge Analytica, to access users' private data.     

If Meta (the parent company of Facebook and Instagram) is unable to transfer, store and process data from its European users on US-based servers, access to Facebook and Instagram could be suspended across Europe. The owner of the giant Mark Zuckerberg warned about this on social media in his annual report.

The owner of the social network "Facebook" - Meta collapsed in the market with 230 billion dollars - an unprecedented loss for an American company in just one day. Shares fell 26.4% after investors were disappointed by data for the last quarter of 2021.

Meta Shares Fell more than 22%