💡 Facebook Rebrands Its Company Name as Meta

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Facebook Rebrands Its Company Name as Meta

Facebook, on October 28, announced that it is changing the name of its company to Meta. The new name was announced at the company’s AR/VR-focused Connect event.

The company’s new brand name reflects its growing ambitions beyond social media, as it has adopted the new name based on the sci-fi term metaverse for describing its vision for working and playing in the virtual world.

Speaking at the company’s live-streamed conference, CEO Mark Zuckerberg said, “To reflect who we are and what we hope to build, I am proud to announce that starting today, our company is now Meta. Our mission remains the same — it’s still about bringing people together. Our apps and our brands — they’re not changing either. From now on, we’re going to be metaverse-first, not Facebook-first.”

The name change would bring together its different apps and technologies under one new brand and will change its stock ticker from FB to MVRS from December 1.

The company also unveiled a new logo, replacing its thumbs-up “Like” logo with a blue infinity shape.

MicroStrategy Bought Nearly 9,000 Bitcoins in The Third Quarter

MicroStrategy, the business intelligence and software company, has added almost 9,000 bitcoins to its holdings in the third quarter, bringing its total bitcoin stockpile to a valuation of around $7 billion.

The company highlighted the purchase while publishing its financial results for the three months ended on 30 September 2021.

Though the firm saw a marginal increase in its revenues during Q3 of 2021, its Bitcoin (BTC) holdings jumped by nearly 9,000 coins during the mentioned period.

“We also significantly expanded our bitcoin holdings in the quarter, adding nearly 9,000 bitcoins to our holdings after successfully raising capital in the quarter through our at-the-market equity offering. Today, MicroStrategy is the world’s largest publicly traded corporate owner of bitcoin with over 114,000 bitcoins,” said Michael J. Saylor, CEO, MicroStrategy.

“We will continue to evaluate opportunities to raise additional capital to execute on our bitcoin strategy,” added Saylor.

MicroStrategy has increased its BTC holdings by 198% since the same period last year, with an estimated average purchasing price of $27,713 per coin for 114,042 Bitcoins.

It also reported $128.0 million worth of total revenue for the third quarter, a 0.5% increase compared to the third quarter of 2020.

Apple Loses $6 Billion Due to Chip Shortage in Fourth Quarter

On October 28, Apple released its earnings for the fiscal quarter that ended on September 25, 2021.

The tech giant said that it earned a revenue of $83.4 billion, which is a 29 percent increase over last year.

In the earnings call, Apple CEO Tim Cook said that the supply-chain-related shortages had an impact on financial results in the fourth quarter.

“We had a very strong performance despite larger than expected supply constraints, which we estimate to be around $6 billion,” said Tim Cook, pointing the supply issues to “the industry-wide chip shortages that have been talked about a lot and COVID-related manufacturing disruptions in Southeast Asia.”

The company also expects an even greater loss from supply chain issues in the December quarter, it said.

While the company is fresh off the launch of various new products, the current delivery time for some of its product range from three to four weeks on its official website.

Like several other big tech companies, Apple is also dealing with major supply chain challenges, and the high-end iPhones remain difficult to find in stock at Apple retail locations.

TikTok is Experimenting With a Tipping Feature For Creators

The short video platform, TikTok, is testing a new feature that will allow users to tip their favorite creators, assuming they qualify.

A video of the tips feature was shared by TikTok content creator Jera Bean, who found the feature in-app and applied for its approval.

With this feature, any money tipped to creators will go directly to that individual, meaning the video platform won’t take a commission.

For now, the feature is only available to those creators chosen for a limited test, and even then, they have to apply to take part.

To be eligible, a user account must have a follower count of at least 100,000 followers, meet age requirements, and agree to the tip terms and conditions of the company.

Any content creator who meets the prerequisites can apply for the tool; however, it’s unclear whether everyone who applies will get the approval.

The feature is dubbed as “Tips,” and TikTok will not charge any commission on the money for now, however, this may not remain once the testing is completed.

Around The Web

🛑 A Major Indonesian Islamic Organization Declares Crypto “Haram”: One of Indonesia’s largest Islamic organizations- Nahdlatul Ulama’s (NU) east java branch, has issued a fatwa (a nonbinding legal opinion on Islamic law) ruling the use of cryptocurrency “haram”, or prohibited, under Islamic law. The representatives carried out a debate before concluding to declare cryptocurrencies as haram or forbidden.

📱 Bosch to Invest $467 Million in Chip Production: German technology group Robert Bosch has earmarked $467 million for investments in microchip production in Germany and Malaysia. The company wants to ease the global chip shortage that has caused chaos in the manufacturing of vehicles, smartphones, computers, among other products.

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This installment of my newsletter covers all business, tech and finance. I send this email / post this daily.

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-Scott

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