TECH Meta’s stock is wrapping up a record year, spurred by cost cuts that followed a disastrous 2022
Last year at this time, Meta
was navigating a crisis of confidence that had pushed its stock price to its lowest since 2016. Sales were dropping, TikTok was rising, and CEO Mark Zuckerberg’s bet-the-house wager on the metaverse was looking like a money pit.
Wall Street saw a very different story play out in 2023.
As of Friday’s close, Meta shares are up 178% for the year, on pace for their best year ever, topping the 105% jump in 2013, which was the year after Facebook’s IPO. The stock rose another 2.9% on Monday to $344.62, its highest in almost two years. It’s now just 10% below its record reached in September 2021, near the peak of the latest tech boom.
Among companies in the S&P 500, only chipmaker Nvidia
had a better year, climbing 235% as of Friday.
Meta’s mega bounceback validates Zuckerberg’s declaration in early February that 2023 would be the company’s “year of efficiency” following the stock’s 64% plunge in 2022. Hefty cost cuts were at the top of his agenda, with Facebook’s parent company cutting more than 20,000 jobs and Zuckerberg acknowledging that economic challenges, stepped-up competition and advertising losses “caused our revenue to be much lower than I’d expected.”
After three straight quarters of declining sales last year, growth returned in 2023, and for the third quarter Meta recorded expansion of 23%, its sharpest increase in two years. The results were driven by a rebound in digital advertising and market share gains over rivals Alphabet
and Snap
.
The biggest catalyst, according to Longbow Asset Management CEO Jake Dollarhide, was Zuckerberg’s “change of attitude” and his willingness to listen to shareholder concerns instead of seemingly dismissing them in favor of his preferred mode of operation.
While Zuckerberg continues to invest heavily in the metaverse, which he sees as his company’s future, he’s refocused the business toward what actually matters today — advertising — and responded to investor concerns about out-of-control spending.
“It was the change in tone from Zuck,” Dollarhide said. “He went from thumbing his nose at shareholders” and talking about the billions he was spending on the metaverse “to listening and communicating in a different way,” Dollarhide added.
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Imran Khan deploys AI clone to campaign from behind bars in Pakistan
PTI party uses ‘voice clone’ of imprisoned opposition leader to give impassioned speech in ‘virtual rally’
Artificial intelligence allowed Pakistan’s former prime minister Imran Khan to campaign from behind bars on Monday, with a voice clone of the opposition leader giving an impassioned speech on his behalf.
Khan has been locked up since August and is being tried for leaking classified documents, allegations he says have been trumped up to stop him contesting general elections due in February.
His Pakistan Tehreek-e-Insaf (PTI) party used artificial intelligence to make a four-minute message from the 71-year-old, headlining a “virtual rally” hosted on social media overnight on Sunday into Monday despite internet disruptions that monitor NetBlocks said were consistent with previous attempts to censor Khan.
PTI said Khan sent a shorthand script through lawyers that was fleshed out into his rhetorical style. The text was then dubbed into audio using a tool from the AI firm ElevenLabs, which boasts the ability to create a “voice clone” from existing speech samples.
“My fellow Pakistanis, I would first like to praise the social media team for this historic attempt,” the voice mimicking Khan said. “Maybe you all are wondering how I am doing in jail,” the stilted voice adds. “Today, my determination for real freedom is very strong.”
The audio was broadcast at the end of a five-hour live-stream of speeches by PTI supporters on Facebook, X and YouTube, and was overlaid with historic footage of Khan and still images.
It was bookended with genuine video clips from the onetime cricket star’s former speeches, according to PTI, but a caption appeared at intervals flagging it as the “AI voice of Imran Khan based on his notes”.
“This was a no-brainer for us, when Imran Khan is no longer there to actually meet at a political rally,” said the US-based PTI social media chief Jibran Ilyas. “It was to get over the suppression.”
The PTI was the first political party in Pakistan to widely harness the potential of social media, using apps to target younger audiences who carried them to power five years ago.
“We wanted to get in election mode,” Ilyas told AFP. “No PTI political rally is complete without Imran Khan.”
State censors banned Khan from the airwaves earlier this year after his brief arrest in May sparked riots.
NetBlocks said social media was restricted for seven hours starting late on Sunday in an incident “consistent with previous instances of internet censorship” targeting Khan.
Nonetheless, the virtual rally was viewed by more than 4.5 million people across Facebook, X and YouTube.
“It wasn’t very convincing,” said the 38-year-old business manager Syed Muhammad Ashar in the eastern city of Lahore. “The grammar was strange too. But I will give them marks for trying.”
“Frankly, nothing can replace a real rally and a real speech.”
Hussain Javed Afroze, a media worker, praised the digitally delivered oration. “No other party uses technology like PTI does,” the 42-year-old said. “These are new tools, so I think it’s a positive thing to use them.”
Analysts have long-warned that bad actors may use artificial intelligence to impersonate leaders and sow disinformation, but far less has been said on how the technology may be used to skirt state suppression.
Khan, a hugely popular figure, was ousted last year after falling out with Pakistan’s military leaders, who analysts agree influenced his rise to power in 2018.
In the aftermath, he led an unprecedented campaign of defiance, accusing top brass of conspiring with the US to eject him and saying senior officers plotted an assassination attempt that left him wounded.
After supporters rioted following his May arrest in May, the PTI has been targeted in a huge crackdown by the military establishment, which has directly ruled Pakistan for more than half of its history.
Pakistan’s election commission confirmed on Friday that elections will be held on 8 February.
While behind bars Khan was replaced as the leader of PTI but he remains the figurehead of the party.
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Tar Heel Eric Montross, who anchored 1993 national title team, dies months after cancer diagnosis
CHAPEL HILL, N.C. (WTVD) -- Tar Heel icon Eric Montross died from cancer on Sunday at the age of 52.
Carolina Athletics reports Montross passed surrounded by his loved ones at his home in Chapel Hill. His death comes nine months after he announced he had been diagnosed with cancer.
"To know Eric was to be his friend, and the family knows that the ripples from the generous, thoughtful way that he lived his life will continue in the lives of the many people he touched with his deep and sincere kindness," the announcement from his family said.
Montross was a towering figure in UNC basketball history. He played for coach Dean Smith from 1990-1994, starting at center for the Heels when they won Smith's second national championship in 1993.
In his first two years in Chapel Hill, Montross played with current Tar Heel head coach Hubert Davis. Together they made it to the Final Four and Sweet 16 in 1991 and 1992 respectively.
"I am devastated. Eric was my friend. He was my teammate. Eric loved being a husband. He loved being a dad. He loved being a Tar Heel and he loved Carolina basketball. I miss him," Davis said in a statement.
SEE ALSO: Reactions pour in following death of UNC basketball legend Eric Montross
The 1993 national title team was the Tar Heel team that beat Michigan's Fab Five. The game is most remembered by future No. 1 overall NBA draft pick and hall of famer Chris Webber getting double-teamed and trying to call a timeout with Michigan down two points in the waning seconds of the game. Unfortunately for Michigan, the team was out of timeouts. Therefore, the gaffe resulted in a technical foul, which ultimately sealed the victory for UNC.
In Montross' senior season at UNC, the team finished the regular season ranked in the top 5 nationally. They won the ACC Tournament and went on to be a No. 1 seed in the NCAA Tournament. However, the team was upset in the second round by Boston College.
Montross, a two-time Associated Press second-team All-American, was selected ninth overall in the first round of the 1994 NBA draft by the Boston Celtics. He played nine seasons in the NBA bouncing around with the Celtics, Mavericks, Nets, 76ers, Pistons and Raptors.
Montross after basketball
After his basketball career ended, Montross returned to Chapel Hill and became a highly regarded analyst on the Tar Heel Sports Network. He was a familiar voice on the network for 18 seasons.
Montross stepped away from his duties with Tar Heel Sports Network to focus on his battle with cancer this season.
He was also well known for his advocacy work: namely advocating for and supporting pediatric cancer patients.
While still a student-athlete, Montross formed a close bond with a teen named Jason Clark. Montross even wrote Clark's name on his sneakers and talked about his cancer fight repeatedly during postgame press conferences.
Clark unfortunately died from his disease, but their relationship spawned decades of advocacy work between Montross and UNC Children's Hospital.
"Eric was an exceptional basketball player but an even more exceptional person. Super high integrity, very personable, always wanting to sort out how he can help the children, which is what he always asked me and others about," UNC Children's Hospital Physician-In-Chief Stephanie Duggins Davis said.
"He and Laura (his wife) and their family did the Father's Day camp here that raised money for Lineberger and pediatric center, and built a game room so that young people who went up and had cancer treatments, there was some refuge for them so they can have a little bit of fun and peace while they were up there getting treatments," senior associate athletic director Steve Kirschner said.
Carolina Athletics released the following statement about the passing of Montross:
"Carolina Athletics, the Tar Heel basketball family and the entire University community are profoundly saddened and stunned by the loss of Eric Montross, one of our most beloved former student-athletes, at far too young an age. Eric was a great player and accomplished student, but the impacts he made on our community went way beyond the basketball court. He was a man of faith, a tremendous father, husband and son, and one of the most recognizable ambassadors of the University and Chapel Hill.
He helped the Rams Club secure scholarships for student-athletes, and as color analyst for the Tar Heel Sports Network, he brought perspective, heart and humor to UNC fans near and far. Eric also became an ardent supporter of the Lineberger Center while in college and remained a leader in the fight against cancer throughout his life.
We extend our deepest condolences to Laura, his children and entire family, and his colleagues and friends. The number of people who loved Eric and were touched by him is immeasurable."
Outgoing UNC Chancellor Kevin Guskiewicz also released a statement:
"I am deeply saddened by the loss of my good friend and Tar Heel legend Eric Montross. He was an incredible friend, a passionate leader and an inspiring advocate for our campus. His impact extended well beyond the court with his tireless support of the UNC Children's Hospital and his annual Father's Day basketball camp. We have lost a great Tar Heel, and Eric will be truly missed. Please keep Laura, Sarah, Andrew and Megan in your thoughts and prayers."
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Abbott Signs Law Allowing Texas to Arrest Migrants, Setting Up Federal Showdown
The new law, which takes effect in March, could bring in mass arrests and a court fight between Texas and the federal government over immigration powers. Gov. Greg Abbott on Monday escalated his challenge of President Biden’s border policies by signing a measure that allows Texas law enforcement officials to arrest migrants who enter the state from Mexico without legal authorization, setting the stage for a showdown with the federal government.
Mr. Abbott pushed for the legislation, which passed in a special session of the Republican-dominated State Legislature last month over the strong objections of Democrats, immigrant-rights groups and Hispanic organizations who argued that the measure violated the U.S. Constitution and would encourage racial profiling.
Some border sheriffs have also opposed the legislation, expressing concern that it could rapidly overwhelm the local jails and courts if even a fraction of those who come over the border every day were arrested. In just one section of the 1,254-mile Texas border with Mexico, around the cities of Eagle Pass and Del Rio, federal agents encountered 38,000 migrants in October.
The surge of migrants has become a political liability for President Biden, who has been criticized by Republicans and some Democrats for the record number of arrivals at the southern border under his watch.
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Impeachment Inquiry into President Biden: A Deep Dive
Video Description:
In this thought-provoking video, we delve into the recent GOP-led House vote to formalize an impeachment inquiry into President Biden, shedding light on the latest developments in the political landscape. Join us as we analyze the news and separate fact from fiction, presenting a balanced perspective on this significant event. Stay informed, engage in meaningful discussions, and together let's navigate the twists and turns of American politics. Be sure to give this video a thumbs up and share it with others who crave a deeper understanding of these impactful decisions. Let's keep the conversations fact-based and grounded in truth.
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Unveiling the Truth: The Samantha Woll Case
In this gripping video, we delve deep into the recent developments surrounding the Samantha Woll murder case. Brace yourselves for an intense journey through the details, as we explore this high-profile case through extensive research and news reports. Please be advised, as the sensitive nature of this investigation may involve graphic details. Stay informed and join the conversation by watching, liking, and sharing this thought-provoking video. Together, let's spread awareness about this important topic. #SamanthaWollMurderCase #TrueCrimeInvestigation
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