• Mark Zuckerberg dismisses concerns over users leaving after Meta ends U.S. fact-checking.
• Meta plans to replace third party fact-checking with a crowdsourced Community Notes system like X's.
• Zuckerberg is confident Community Notes will improve user experience and attract new users.

Mark Zuckerberg dismissed concerns about users leaving Meta platforms in response to the company's decision to end its U.S. fact-checking program, saying any exits would be "virtue signaling."

In a reply on Threads to a user's post criticizing Meta's influence and suggesting that people feel trapped on the platform, Zuckerberg struck a defiant tone.

"No – I'm counting on these changes actually making our platforms better," he wrote.

I think Community Notes will be more effective than fact-checkers, reducing the number of people whose accounts get mistakenly banned is good, people want to be able to discuss civic topics and make arguments that are in the mainstream of political discourse, etc. Some people may leave our platforms for virtue signaling, but I think the vast majority and many new users will find that these changes make the products better.

Zuckerberg's response to the Threads user named Mary-Frances Makichen, who has 253 followers and is a "Spiritual Director" and author according to their bio, came just one day after Meta announced it would replace its third-party fact-checking partnerships with a crowdsourced Community Notes system similar to the one used by X.

Mass departures from social media platforms for symbolic reasons are not unprecedented.

On Election Day in the US, more than a quarter million X users deleted their accounts in protest against owner Elon Musk's deepening ties to the Trump administration.

Zuckerberg, however, appears unfazed, betting that Community Notes will enhance Meta's user experience and attract new audiences rather than drive them away.

If you're a current or former Meta employee, contact this reporter from a nonwork device securely on Signal at +1-408-905-9124 or email him at [email protected].

• Netflix has grown into the world's largest streaming service with more than 280 million subscribers worldwide.
• It came out on top in 2024's streaming wars.
• Here's a look at Netflix's rise and what's next.

1997: Netflix is founded by Reed Hastings and Marc Randolph.

1998: Netflix launches a DVD-by-mail rental service. That same year, Amazon founder and former CEO Jeff Bezos offers to buy the company.

In his book "That Will Never Work: The Birth of Netflix and the Amazing Life of an Idea," Randolph wrote that he and Hastings met with Bezos in 1998, who offered them "probably something between $14 million and $16 million," Randolph wrote. But they turned down the offer.

1999: Netflix begins offering a subscription-based model, in which customers could choose movies to rent-by-mail for a monthly fee.

Netflix gained 239,000 subscribers in its first year, according to Inc.

2002: Netflix goes public. Randolph exits the company soon after.

"As you get older, if you're lucky, you realize two things: what you like, but also what you're good at," Randolph told Forbes in 2019 on why he left Netflix. "The answer to both of them [for me] is early-stage companies. I like the chaos. I like the fact that you're working on hundreds of things at once."

2007: Netflix launches a video streaming service, free for its already-existing DVD-rental subscribers.

Netflix ended 2006 with over 6 million subscribers for its DVD-rental service.

But a New York Times story at the time highlighted how the company still faced doubts about its streaming plans, noting that it would cost Netflix $40 million to implement it. The company's stock dropped 6% with the announcement. But Hastings, who was CEO at the time, said that he had "gotten used to" reservations.

 

 

2012: Netflix debuts "Lilyhammer," its first original series. The show was originally broadcast in Norway, but Netflix acquired the rights. It laid the foundation for Netflix's binge-release model and its surge in original programming, including expanding into international markets.

"This was the first time we streamed a show across multiple countries and languages … and it worked," Netflix's current co-CEO Ted Sarandos wrote in a blog post in February 2022.

"It worked because it was a deeply local story that we could share with the world," Sarandos added.

2013: Netflix ramps up its original programming with "House of Cards" and "Orange Is the New Black," which gain critical acclaim and Emmys recognition.

2015: Netflix releases its first original feature film, "Beasts of No Nation."

2017: Netflix surpasses 100 million subscribers, a crucial milestone, 10 years after it launched its streaming option.

2018: Netflix wins its first feature-film Oscar: best documentary feature for "Icarus." Later this year, it releases "Roma," which becomes Netflix's first best-picture nominee the following year.

Netflix has yet to nab the Oscars' top prize, though, despite elaborate campaign spending. Apple TV+ won best picture last year for "CODA," becoming the first streaming platform to do so.

2020: Netflix names Ted Sarandos, its creative chief, as co-CEO with Hastings. The two have known each other since 1999.

January, 2021: Netflix announces that it surpassed 200 million subscribers, another milestone.

September, 2021: Netflix wins more Emmys than any network or streaming service for the first time, and nabs best-series wins for the first time with "The Crown" (drama) and "The Queen's Gambit" (limited).

October, 2021: Netflix faces its most public controversy yet, after some employees speak out against Dave Chappelle's Netflix special, "The Closer," in which he makes comments many criticized as transphobic.

Chappelle said in the special that "gender is a fact" and defended "Harry Potter" author J.K. Rowling, who came under fire for past transphobic comments.

Sarandos defended Chappelle in a memo to employees, saying in part: "Chappelle is one of the most popular stand-up comedians today, and we have a long standing deal with him. His last special, 'Sticks & Stones,' also controversial, is our most watched, stickiest, and most award winning stand-up special to date."

Netflix trans employees planned a walkout in response to the special and Sarandos' comments.

November, 2021: Netflix launches its first video games around the world, free as part of a user's subscription.

April, 2022: Netflix reports that it lost subscribers for the first time in a decade in the first quarter of 2022. It lost 200,000 subscribers and said it was expecting to lose 2 million more in Q2.

Aside from the economic strains of the coronavirus pandemic, Netflix blamed the subscriber loss partly on password sharing. It said that it estimated that an additional 100 million people use Netflix with a shared password. 

It also acknowledged increased competition. Over the last few years, new streaming services like Disney+, HBO Max, Paramount+, and more have entered the space on top of already existing rivals like Hulu and Prime Video.

April, 2022: Hastings confirms that an ad-supported tier is coming to Netflix.

Hastings confirmed during Netflix's April 2022 earnings call that the company plans to roll out an ad-supported plan — something it has pushed back against in the past — as the streaming service faced slowing revenue growth and lost subscribers.

Other streamers have, like HBO Max and Paramount+, have embraced ads. Disney+, Netflix's biggest rival, has also launched an ad-supported option.

Netflix's standard HD plan (its most popular plan) is $15.49 per month after the company recently raised prices. 

May and June, 2022: Netflix conducts layoffs amid slowing revenue growth.

Netflix laid off 150 staffers in May 2022 and then 300 more in June.

"While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth," a Netflix spokesperson said of the most recent round of layoffs.

 

July 2022: Netflix loses subscribers for the second quarter in a row, a first for the company.

In Q2 2022, Netflix said it lost 970,000 subscribers. It had forecasted losing 2 million subscribers in the quarter, so it beat expectations — but it was still a sign of company's struggles, proving why it is introducing an ad-based plan and cracking down on password sharing. 

Netflix is optimistic about Q3, though, and forecasted adding 1 million subscribers.

November 2022: Netflix officially launches its ad-supported plan.

When the ad program launched, the streamer said it was nearly sold out of inventory.

December 2022: Netflix ended 2022 strong, breaking Q4 targets.

The end of 2022 represented a bit of a bounce back for Netflix, as the entertainment company outpaced subscriber growth in Q4 by around 3.1 million, adding 7.66 new subscribers despite its own estimates of 4.5 million, per Variety.

In total the streaming giant amassed 230.75 million subscribers by the end of 2022, compared to its target figure of 227.59 million.

Netflix noted that after a decade into making original content, it was "past the most cash-intensive phase of this buildout," per Variety. Accordingly, money spent on content was $16.84 billion in 2022 — about a 5% less than its 2021 spend.

January 2023: Netflix cofounder Reed Hastings steps down as co-CEO and is replaced by Greg Peters, who was serving as COO.

April 2023: Netflix announces its final red envelope DVDs will be shipped out in September of this year

Netflix announced it will end its DVD-rental services on September 29, 2023, according to an official Twitter account dedicated to the DVD-side of the business. It will mark the end of a 25-year chapter for the business, which became known for its red envelopes.

Users will have until October 27, 2023 to return their DVDs. Those still subscribed to the DVD service or whose subscription was cancelled in the last nine months will be able to download their queue, rental history, ratings, and reviews via this link.

January 2024: Subscriptions soar amid password crackdown.

Netflix began cracking down on password sharing in 2023, a move that – along with offering a cheaper, ad-supported subscription tier – helped it add new subscribers and deliver blowout earnings throughout 2024, quarter after quarter.

That said, Netflix will stop reporting quarterly subscriber figures in 2025, and some analysts expect the returns on its password crackdown to diminish in the future.  

January 2024: Netflix pushes into live sports with massive WWE deal.

Netflix made a costly push into live sports content with a $5 billion deal for a weekly WWE show in the US, and to air other one-off pro wrestling events globally. The content will start rolling out in early 2025.

April 2024: Longtime film chief Scott Stuber is succeeded by Dan Lin.

Netflix's former firm chief Scott Stuber left the company in January. He was later replaced by Dan Lin, who has reportedly sought to implement a new strategy that shifts away from big-budget action films fronted by marquee stars. 

Lin's plan also involves diversifying Netflix's offerings, prioritizing in-house producers, and skipping theatrical releases.

February 2024: Netflix signs on to produce its first Broadway show.

In February, Netflix signed on to produce its first Broadway show – a stage play about a Russian oligarch in partnership with "The Crown" creator Peter Morgan. The show started previews in April and closed in June.  

Netflix is also working on a "Stranger Things" prequel play in London, but not as a producer, according to The New York Times. That show, dubbed "Stranger Things: The First Shadow," premiered in the West End this month, and is expected to arrive on Broadway in the spring. 

June 2024: Experiential 'Netflix Houses' announced in Dallas and Philadelphia.

Netflix announced a new venture dubbed Netflix House in June – or "experiential entertainment venues" that are slated to arrive in shopping malls in Dallas and Philadelphia next year.

The locations will include Netflix-themed attractions, games, restaurants, and merch as Netflix looks to hone a model pioneered by Disney.

November 2024: Netflix shares stellar growth stats for ad-supported subscriptions.

In November 2024, Netflix's ad business turned two years old. It announced it had 70 million ad-supported subscribers – up from 40 million the previous May – and said that more than half of new sign-ups were for ad-supported plans in countries where the option is available.

November 2024: Netflix's Jake Paul vs. Mike Tyson boxing stream attracts masses despite technical mishaps.

Netflix made another massive foray into live sports content in November, streaming a highly anticipated boxing match between Jake Paul and Mike Tyson, which drew a record-breaking 65 million concurrent viewers globally.

That said, the stream was beset by technical difficulties, with some viewers reporting buffering and audio problems. 

December 2024: Netflix streams its first-ever NFL games, with some help from Beyoncé.

Netflix closed out the year by streaming its first-ever Christmas Day NFL games, following a pact it announced in May with the NFL to carry holiday games through 2026. This year's spectacle also featured Beyoncé performing at halftime as the Houston Texans faced off against the Baltimore Ravens. 

• Elon Musk is almost $200 billion richer than Jeff Bezos and worth more than Costco.
• His net worth hit $447 billion after Tesla stock jumped and SpaceX's valuation rose to $350 billion.
• Just five years ago, Musk was worth about $25 billion, and Tesla was valued below $100 billion.

Elon Musk is nearly $200 billion richer than Jeff Bezos, and personally worth more than Costco, after adding $63 billion to his fortune in a single day.

His net worth surged to $447 billion on Wednesday, per the Bloomberg Billionaires Index, after Tesla stock jumped 6% and SpaceX's valuation leaped to $350 billion based on employee share sales.

Musk's fortune has ballooned by $218 billion this year — a sum that exceeds the net worth of every other person on the rich list except Amazon's Bezos ($249 billion) and Meta's Mark Zuckerberg ($224 billion).

Musk is now more than twice as wealthy as Oracle's Larry Ellison ($198 billion), and more than three times as rich as Warren Buffett ($144 billion).

His one-day gain — the largest in the index's history — rivals the total wealth of Binance cofounder Changpeng Zhao, ranked 23rd with a $63.2 billion fortune. It also helped to lift the combined wealth of the 500 richest people on the planet to above $10 trillion for the first time, Bloomberg said.

Musk is now worth more on paper than the vast majority of US public companies, including Costco ($442 billion), Home Depot ($419 billion), and Netflix ($400 billion).

His wealth is largely made up of his roughly 13% stake and some contested stock options in Tesla, and his 42% slice of SpaceX. Musk's other businesses include xAI, Neuralink, The Boring Company, and X Corp, formerly Twitter.

Tesla shares have surged more than 70% this year to $425 at Wednesday's close, valuing the company at nearly $1.4 trillion. That figure comfortably exceeds the roughly $1 trillion market value of Buffett's Berkshire Hathaway and approaches the $1.6 trillion value of Zuckerberg's Meta.

The electric vehicle maker's shares have soared as investors bet it will harness artificial intelligence in revolutionary products such as self-driving cars and humanoid robots.

Musk's prominent role in Donald Trump's campaign, and his emergence as a close advisor to the president-elect who's tasked him with streamlining the US government, have also fueled optimism around his companies.

SpaceX is now valued at $350 billion based on the latest price paid by the company and its backers to buy shares from employees, Bloomberg reported Wednesday. The Starlink owner's valuation was previously $210 billion after a secondary share sale in June.

It's worth underscoring how dramatic Musk's wealth jump has been. He was worth less than $170 billion as recently as April, and only about $25 billion five years ago — around 1/18 of his net worth now.

Tesla was worth less than $100 billion during the Covid crash of 2020, or about 1/14 of its valuation today.

• Social shopping finally broke through in the US in 2024, driven by TikTok Shop.
• Companies spent years trying to import social-commerce habits from Asia, with varied success.
• The US market is still dominated by Amazon, but social apps and influencers are key players.

Social platforms have spent years trying to get Americans to buy stuff from videos, posts, and livestreams. That bet seems to finally be paying off.

The 2024 holiday sales from social media — driven by TikTok Shop and influencer affiliates, among other factors — show how far social shopping has come in the past five years.

TikTok Shop, which had its official wide launch in the US in September 2023, reported $100 million in single-day US sales on Black Friday this year, triple what it drove in 2023. Americans viewed over 30,000 TikTok shopping livestreams that day, with one creator picking up $2 million in sales from a single session.

The company's holiday gold rush didn't come easily. TikTok and its owner ByteDance have spent years investing in its e-commerce business, even as competitors like Instagram have pulled back on shopping features.

TikTok began testing out social-commerce features in the US as early as 2020 when it let creators add shopping buttons to some videos. It began rolling out its more advanced product, Shop, in the US to a group of merchants and agencies in November 2022 after testing in other markets like the UK. It's since built out its own order fulfillment program, enlisted hundreds of outside partners to train merchants and creators on how to sell in-app, and recently began connecting creators with manufacturers to build their own products.

TikTok likely wants to replicate some of the success of its sister app in China, Douyin, which drives hundreds of billions in sales annually, often via influencer livestreams. While TikTok's numbers are comparatively small, the company has made a ton of progress this year, social-commerce executives told Business Insider.

Max Benator, the CEO of the social-shopping agency Orca, said he expects to hit just under $100 million in total gross merchandise value, or GMV, in 2024 across the company's clients, a roughly 10X increase from 2023.

"We've now been on TikTok Shop since the very beginning, and we've seen successes gradually and consistently increase month over month," Benator told BI. "The numbers are serious."

Outlandish, a TikTok Shop agency that recently opened a livestreaming hub in Santa Monica, said its Shop sellers earned $48 million in US sales in November, up from $20 million in October. The company is betting that live shopping will continue to gain traction in the US, as it has in more mature social-commerce markets like China.

"It's QVC on steroids," Outlandish's founder and CEO William August told BI.

Affiliate marketing from influencers and others drove a fifth of Cyber Monday sales revenue

TikTok Shop's holiday performance was impressive for an e-commerce newcomer, but its business remains a small piece of overall holiday sales.

Total online Black Friday sales in the US hit $10.8 billion this year, up about 10% from 2023, according to Adobe Analytics. Online sales in the US between November 1 and December 2 reached $131.5 billion, and  hit $13.3 billion on Cyber Monday alone.

Retailers like Amazon, Walmart, and Target continue to dominate much of online spending, but social-media influencers and other affiliate marketers are playing an increasingly important role in driving purchases on those platforms.

About 20% of US e-commerce revenue on Cyber Monday arrived via affiliate or other promotional links, a 7% year-over-year increase from 2023, per Adobe Analytics.

Outside TikTok and affiliate marketing, other influencer-focused platforms are also reporting meaningful sales volume this year. Live shopping platform Whatnot said in November that it had surpassed $2 billion in year-to-date livestream sales, for example.

TikTok and its partners are proving that US consumers are willing to adjust shopping habits

When TikTok and competitors like Instagram and YouTube first began testing e-commerce features in the US, not all consumers were psyched.

Social media is for entertainment, not shopping, some said. Amazon and other big retailers have long dominated e-commerce, and changing consumer habits is a challenge. Instagram backpedaled on its shopping product last year, removing its Shop tab in February 2023 and eventually partnering with Amazon for its in-app shopping strategy.

But TikTok kept charging forward with social shopping. It enlisted an army of agency partners and livestream coaches to accelerate the adoption of Shop and flooded its feed with videos of creators hawking goods in exchange for a commission.

TikTok's owner ByteDance was likely behind the company's determination to make social shopping work as it sought to bring Douyin's success to TikTok.

Now that live shopping and social commerce are beginning to take hold in the US, TikTok and ByteDance's push into the category is paying off (though it all could fall apart if TikTok ends up being banned in January due to a divest-or-ban law).

"This is the year that we've seen the real beginning of live shopping in America," said Julian Reis, the CEO of SuperOrdinary, a social-commerce agency that's worked with TikTok and Douyin. "With TikTok, we've had the first real foray into building an ecosystem that ties in entertainment and live shopping together, and a full-service ecosystem that brings in the creators, the affiliates, the products, the brands altogether."