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Mark Zuckerberg and the tech bros are still on top – but their grip is loosening
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It has been a bruising time for Facebook. The company is still absurdly profitable – Meta, its renamed parent company, which also owns Instagram and WhatsApp, generated $86bn (£63bn) in revenues last year, while Facebook’s own revenues grew by 56% in the second quarter.
But away from the lucre, there is diminishing lustre. It stands condemned by critics and a widely feted whistleblower.
And now it finds its standing diminishing among its peers. I have been at the Web Summit in Portugal, a sort of Davos for the technology industry, which ended on Thursday with the sense that after years of talk about harm and regulation, the demands are increasing and change is finally in the air.
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