It’s Still Good to Be a Tech Company
Facebook, Apple and Amazon aren’t having an easy time of it these days, but everyone’s still making money.
Thumbs up?
Photographer: Noah Berger/AFP via Getty Images
Tesla Inc. became a trillion-dollar company, Apple Inc. and Amazon.com Inc. revealed some vulnerabilities, and FAANG became … MAANG? MANGA? MAGMA? It was a week of redefining the tech landscape. Let’s dive in to the details.
On Thursday, Mark Zuckerberg stood in front of some BBQ sauce and revealed to the world Facebook Inc.’s new name: Meta Platforms Inc. The name is rooted in the digital world, or “metaverse,” that Zuckerberg dreams of creating where we can play, socialize and even run a business, all within a computer-generated virtual environment. It sounds mildly dystopian to me, but investors seem to find it mildly lucrative, or at least unalarming. Of course, Tae Kim notes, it’s very convenient timing. But while the name change will help get all Facebook’s bad news out of the news cycle for a few days, it’s not going to solve any existing problems.