Facebook Sets Up Libra Networks in Switzerland

Facebook has reportedly set up a fintech company dubbed Libra Networks in Switzerland. The move clearly correlates with the social media giant’s Project Libra. According to Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing. Libra Networks, which was registered in Geneva on May 2, will provide financial and…

Facebook Seeking $1 Billion in Funding for Crypto Project

Social media giant Facebook is said to be seeking to raise as much as a billion dollars in outside funding for its cryptocurrency project. Nathaniel Popper, a technology reporter at The New York Times, tweeted Monday that sources have said Facebook is targeting “big sums – as much as $1b” from venture capitalists to support…

Social Media is the Cancer of Our Times – LA Times Owner

Billionaire Patrick Soon-Shiong on Wednesday advocated for a change in how people consume news on social media, calling the platforms the “cancer of our time.” “The short attention span we’re creating in this millennium is actually very dangerous,” said Soon-Shiong, the new owner of the Los Angeles Times. “It’s the unintended consequences of social media.”…

The major social media platforms are showing a significant slowdown in users

As of Tuesday, the three biggest public social media companies have reported earnings for the latest quarter, and all three reported slowing or declining users on their respective platforms. Snap reported a drop in daily active users on a quarter-over-quarter basis for the second quarter. Facebook reported a drop in monthly users on a quarter-over-quarter…