https://sherwood.news/tech/meta-projected-10-of-2024-revenue-came-from-scams-and-banned-goods-reuters/ TechTech techtech Jon Keegan11/6/25 Meta projected 10% of 2024 revenue came from scams and banned goods, Reuters reports Meta has been making billions of dollars per year from scam ads and sales of banned goods, according internal Meta documents seen by Reuters. The new report quantifies the scale of fraud taking place on Meta's platforms, and how much the company profited from them. Per the report, Meta internal projections from late last year said that 10% of the company's total 2024 revenue would come from scammy ads and sales of banned goods -- which works out to $16 billion. Discussions within Meta acknowledged the steep fines likely to be levied against the company for not stopping the fraudulent behavior on its platforms, and the company prioritized enforcement in regions where the penalties would be steepest, the reporting found. The cost of lost revenue from clamping down on the scams was weighed against the cost of fines from regulators. The documents reportedly show that Meta did aim to significantly reduce the fraudulent behavior, but cuts to its moderation team left the vast majority of user-reported violations to be ignored or rejected. Meta spokesperson Andy Stone told Reuters the documents were a "selective view" of internal enforcement: "We aggressively fight fraud and scams because people on our platforms don't want this content, legitimate advertisers don't want it, and we don't want it either." [www] Meta is earning a fortune on a deluge of fraudulent ads, documents show Meta is earning a fortune on a deluge of fraudulent ads, documents showMeta is earning a fortune on a deluge of fraudulent ads, documents show Per the report, Meta internal projections from late last year said that 10% of the company's total 2024 revenue would come from scammy ads and sales of banned goods -- which works out to $16 billion. Discussions within Meta acknowledged the steep fines likely to be levied against the company for not stopping the fraudulent behavior on its platforms, and the company prioritized enforcement in regions where the penalties would be steepest, the reporting found. The cost of lost revenue from clamping down on the scams was weighed against the cost of fines from regulators. The documents reportedly show that Meta did aim to significantly reduce the fraudulent behavior, but cuts to its moderation team left the vast majority of user-reported violations to be ignored or rejected. Meta spokesperson Andy Stone told Reuters the documents were a "selective view" of internal enforcement: "We aggressively fight fraud and scams because people on our platforms don't want this content, legitimate advertisers don't want it, and we don't want it either." More Tech See all Tech techtech Rani Molla6h Amazon expands low-price Haul section to 14 new markets as Amazon Bazaar app Amazon is expanding its low-cost Amazon Haul experience to a new stand-alone app called Amazon Bazaar. Amazon launched its Temu and Shein competitor a year ago as a US mobile storefront on its website and has since expanded to about a dozen markets. Consumers could purchase many items for under $10, as long as they were willing to stomach longer delivery times. Now, thanks to success in those places, the programming is expanding to 14 new markets -- Hong Kong, the Philippines, Taiwan, Kuwait, Qatar, Bahrain, Oman, Peru, Ecuador, Argentina, Costa Rica, the Dominican Republic, Jamaica, and Nigeria -- with a new app and name: Amazon Bazaar. "Both Amazon Haul and Amazon Bazaar deliver the same ultra low-price shopping experience, with different names chosen to better resonate with local language preferences and cultures," the company said in a press release. [www] Amazon extends Haul's ultra low-price shopping experience to 14 new destinations with new Amazon Bazaar app Amazon extends Haul's ultra low-price shopping experience to 14 new destinations with new Amazon Bazaar appAmazon extends Haul's ultra low-price shopping experience to 14 new destinations with new Amazon Bazaar app Now, thanks to success in those places, the programming is expanding to 14 new markets -- Hong Kong, the Philippines, Taiwan, Kuwait, Qatar, Bahrain, Oman, Peru, Ecuador, Argentina, Costa Rica, the Dominican Republic, Jamaica, and Nigeria -- with a new app and name: Amazon Bazaar. "Both Amazon Haul and Amazon Bazaar deliver the same ultra low-price shopping experience, with different names chosen to better resonate with local language preferences and cultures," the company said in a press release. map of big tech undersea cablesmap of big tech undersea cables Big Tech's most important infrastructure is at the bottom of the sea While data centers on land are getting all the attention, Big Tech's vast network of undersea fiber-optic cables carry 99% of all international network traffic. Jon Keegan6h 1M Jon Keegan7h After watching small drones reshape the battlefield in Ukraine, the US Army has announced plans to buy 1 million drones over the next two to three years, according to a report from Reuters. The military threat of China's dominance of the quadcopter-style drone industry is also driving the decision. But China's control over much of the supply chain for drones, including rare earth magnets, sensors, and microcontrollers, will make it much harder for American drone manufacturers to catch up. Rani Molla They're Out There 9h The wildest stuff Elon Musk said at Tesla's shareholder meeting Get ready to text and drive while the Optimus robot cures poverty. Anti-Elon Musk Activist Group Installs Faux 'Blue Plaque' At Tesla Showroom In TottenhamAnti-Elon Musk Activist Group Installs Faux 'Blue Plaque' At Tesla Showroom In Tottenham Rani Molla 11/6/25 Tesla shareholders approve Elon Musk's $1 trillion pay package The voting results were announced at Tesla's 2025 annual shareholders meeting Thursday. 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