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Mark Zuckerberg-led Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) on Thursday announced new efforts to combat the growing <a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32920991/woman-falls-for-crypto-scammer-on-tinder-loses-entire-401-k-savings-of-100-000">threat of &#8220;pig butchering&#8221; scams</a>, which have cost Americans billions of dollars each year.
What Happened: Pig butchering scams typically involve scammers building fake online relationships with victims before convincing them to invest in fraudulent investment schemes, often involving cryptocurrency.
These scams take months to develop, with scammers using dating apps, social media platforms, and messaging apps like Telegram and WhatsApp <a href="https://www.benzinga.com/news/24/07/39991479/ferrari-executive-targeted-by-deepfake-scam-report">to lure in victims</a>.
The U.S. Institute of Peace estimates that up to 300,000 individuals were coerced into participating in scams globally by these criminal organizations, resulting in about $64 billion in stolen funds annually as of 2023.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle">Meta Confirms Layoffs Across Instagram, WhatsApp And Reality Labs Amid Strategic Reshuffle</a>
According to Meta, the tech giant has taken down more than 2 million scam-related accounts this year and will begin flagging potential scam messages across its platforms, including Facebook, Instagram, and WhatsApp.
Meta is sharing information with international law enforcement to help identify and shut down criminal networks behind these scams.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Pig butchering scams are a growing issue, with the FBI reporting nearly $12.5 billion in losses from online fraud in 2023 alone, marking a 22% increase from the previous year.
In May 2024, Meta, Match Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>), the owner of Tinder and Hinge, and several cryptocurrency firms formed a coalition.
Known as the &#8220;Tech Against Scams&#8221; coalition, these companies committed to exchanging information about scammers and improving user education.
However, that doesn't mean Zuckerberg's Meta has not faced criticism for its role in Fraud cases.
Earlier this year, South Korea&#8217;s antitrust regulator examined the possibility of <a href="https://www.benzinga.com/news/24/03/37554106/facebook-and-instagrams-marketplace-practices-under-ftc-radar-in-south-korea-for-user-safety-slip-up">sanctions against Meta</a> over alleged failures in consumer protection on its online marketplaces.
In December 2022, Zuckerberg faced a lawsuit for his platform&#8217;s involvement in a <a href="https://www.benzinga.com/markets/cryptocurrency/23/08/33981694/facebook-faces-expulsion-from-thailand-for-failing-to-crack-down-on-scams">marijuana investment scam</a>.
Some anti-scam advocates believe tech companies&#8217; efforts to combat pig butchering are insufficient and delayed.
Jake Sims, co-founder of Operation Shamrock, a global coalition dedicated to tackling scams and the criminal networks behind them, stated that merely warning users and occasionally removing accounts doesn&#8217;t address the full scope of the criminal activity involved.
&#8220;After three years of Meta's awareness of this problem on their platforms, the situation is getting worse, not better,&#8221; Sims <a href="https://www.nbcnews.com/tech/security/meta-removes-2-million-accounts-related-pig-butchering-scams-rcna181025">told</a> NBC News.
Price Action: Meta&#8217;s shares fell by 0.43% on Thursday, closing at $563.09, and dropped an additional 0.34% in after-hours trading, reaching $561.18 as of this writing, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42053801/alphabets-life-sciences-firm-verily-to-become-a-standalone-entity-disconnect-from-google">Alphabet's Life Sciences Firm Verily To Become A Standalone Entity, Disconnect From Google</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Meta

News

Social Media

Tech

MTCH

Mark Zuckerberg's Meta Cracks Down On $64B 'Pig Butchering' Scams Involving Dating Apps, Social Media And Crypto Investing

Macro Economic Events

Econ #s

Economics

Germany Services Purchasing Managers Index Preliminary For November 49.4 Vs. 51.8 Est.; 51.6 Prior

<h3>Companies Reporting Before The Bell</h3>
• Dynagas LNG Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLNG#NYSE">DLNG</a>) is estimated to report quarterly earnings at $0.28 per share on revenue of $38.34 million. 
• Pyxis Tankers (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PXS#NASDAQ">PXS</a>) is projected to report earnings for its third quarter. 
• Global Blue Gr Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GB#NYSE">GB</a>) is expected to report quarterly earnings at $0.07 per share on revenue of $135.94 million. 
• ZKH Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZKH#NYSE">ZKH</a>) is likely to report earnings for its third quarter. 
• IES Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IESC#NASDAQ">IESC</a>) is projected to report earnings for its fourth quarter. 
• Addex Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADXN#NASDAQ">ADXN</a>) is projected to report earnings for its third quarter. 
• Sunlands Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STG#NYSE">STG</a>) is expected to report earnings for its third quarter. 
• Destination XL Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXLG#NASDAQ">DXLG</a>) is estimated to report quarterly earnings at $0.03 per share on revenue of $113.46 million. 
<h3>Companies Reporting After The Bell</h3>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

ADXN

DLNG

DXLG

IESC

Earnings Scheduled For November 22, 2024

Germany Manufacturing Purchasing Managers Index Preliminary For November 43.2 Vs. 43.1 Est.; 43.0 Prior

France Services Purchasing Managers Index Preliminary For November 45.7 Vs. 49.0 Est.; 49.2 Prior

France Manufacturing Purchasing Managers Index Preliminary For November 43.2 Vs. 44.6 Est.; 44.5 Prior

Buybacks

STNE

Reported Earlier, StoneCo Announces R$2B Repurchase Plan, Replacing Previous Buyback Program

BENF

Reported Earlier, Beneficient Highlights TEFFI Impact: $126M Equity Gain, $3M Grants, And $5B Financing Capacity

Huawei Technologies Co. is reportedly set to release its most advanced domestically made chip in the Mate 70 series, amid ongoing U.S. sanctions.
What Happened: The new chip will power select models in Huawei's Mate 70 lineup, which is expected to launch next week, <a href="https://www.wsj.com/tech/huaweis-chip-advances-threaten-apple-in-china-165a1e9e?mod=tech_lead_story">reported</a> the Wall Street Journal, citing people familiar with the matter.
The launch comes as Huawei continues to increase its market share in China, where it has seen a rise in consumer demand.
In the third quarter of this year, Huawei's market share in China grew to 15.3% from 8.6% last year, positioning it as a significant competitor to Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) in the high-end smartphone market.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/41017367/huawei-riding-high-on-trifold-success-launches-revolutionary-laptop-powered-by-homegrown-chips-softw">Huawei, Riding High On Trifold Success, Launches Revolutionary Laptop Powered By Homegrown Chips, Software — China Ready To Break Free From US Tech Dependence?</a>
The new chips, produced by Semiconductor Manufacturing International Corporation or SMIC, leverage advanced technologies to improve performance and power efficiency, allowing Huawei to compete more effectively with Apple's offerings.
&#8220;The Mate 70 will continue to put more pressure on Apple in China,&#8221; said IDC vice president Bryan Ma, according to the report.
Although Huawei's chips still lag behind Apple's in terms of power efficiency, he noted that the difference may not be significant as long as users can get through the day without worrying about charging, the report noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This development coincides with an earlier report that suggested Huawei plans to begin <a href="https://www.benzinga.com/news/24/11/42105518/huawei-to-reportedly-take-on-nvidia-with-mass-production-of-new-ai-chips-by-2025-amid-us-restrictions">mass production of its new AI chip</a>, the Ascend 910C, in early 2025, despite facing major challenges from U.S. trade restrictions.
In May earlier this year, the Joe Biden administration <a href="https://www.benzinga.com/markets/asia/24/05/38682654/biden-administration-tightens-grip-on-chinas-huawei-revokes-key-export-licenses-from-us-chipmakers">canceled export licenses</a> for leading U.S. semiconductor companies such as Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), blocking them from providing essential chips to Huawei.
During the same month, a report from Counterpoint Research suggested that <a href="https://www.benzinga.com/news/24/05/39107001/after-apple-huawei-takes-on-samsung-in-race-to-become-worlds-top-foldable-phone-maker-report">Huawei surpassed</a> Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) in global foldable smartphone shipments for the first quarter of 2024.
Last month, U.S. lawmakers called on the Department of Commerce to take stronger measures against Huawei&#8217;s reported efforts to evade sanctions by using a <a href="https://www.benzinga.com/markets/asia/24/10/41368844/us-lawmakers-demand-tougher-action-on-huaweis-secretive-chip-network">covert network of semiconductor facilities</a>.
Price Action: At the time of writing, Apple shares increased by 0.02% to $228.56 in after-hours trading, following a 0.21% decline to $228.52 during Thursday's regular session, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40953906/huaweis-2-800-tri-fold-mate-xt-sparks-frustration-as-limited-stock-fails-to-meet-demand">Huawei&#8217;s $2,800 Tri-Fold Mate XT Sparks Frustration As Limited Stock Fails To Meet Demand</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Global

Markets

Media

AAPL

INTC

QCOM

SSNLF

Apple Faces New Challenge As Huawei Advances Domestic Chip Tech In Mate 70 Series Amid US Sanctions: Report

Abacus intends to use net proceeds of the primary portion of the offering for its operations, including the purchase of life settlement policies, to support its overall business strategy, for working capital purposes, and for general corporate purposes, which may include funding previously announced and future acquisitions and repayment and refinancing of its indebtedness. Abacus will receive no proceeds from the secondary portion of the offering.

Reported Earlier, Abacus Life Prices $100M Public Offering Of 12.5M Common Shares At $8 Per Share

President-elect Donald Trump&#8216;s <a href="https://www.msn.com/en-us/money/news/trumps-doge-with-musk-at-the-helm-riddled-with-conflicts-of-interest-says-clinton-era-official-robert-reich/ar-AA1u3Joj">appointed DOGE</a> or the Department of Government Efficiency could potentially save $50–100 billion annually, according to Congressional Budget Office (CBO) analyses, said Mario Georgiou, CFA and executive director, head of investments at InCred Global Wealth U.K.
What Happened: Georgiou said that DOGE &#8220;tasked with cutting wasteful spending, could play a role in improving fiscal discipline, but the scale of potential savings is expected to be modest.&#8221;
The U.S. federal budget deficit could reach $1.7 trillion in 2024, entailing mandatory spending on Social Security and Medicare, which accounts for over 60% of expenditures, Georgiou said. &#8220;Even if the DOGE achieves its objectives, potential savings are estimated at $50–100 billion annually, according to Congressional Budget Office analyses, which would have only a marginal impact compared to total federal outlays of approximately $6.7 trillion in 2024,&#8221; he added.
However, Tesla Inc. and SpaceX CEO Elon Musk <a href="https://www.benzinga.com/news/24/11/42069803/elon-musks-doge-job-applications-require-x-premium-subscription">who will co-lead DOGE</a> with Republican politician Vivek Ramaswamy had called for &#8220;at least $2 trillion&#8221; in budget cuts last month while speaking at a rally in New York.
On Wednesday, Musk and Ramaswamy outlined their vision for DOGE, &#8220;The two of us will advise DOGE at every step to pursue three major kinds of reform: regulatory rescissions, administrative reductions, and cost savings,&#8221; the duo wrote in a <a href="https://www.wsj.com/opinion/musk-and-ramaswamy-the-doge-plan-to-reform-government-supreme-court-guidance-end-executive-power-grab-fa51c020">WSJ</a> opinion piece on Nov. 20.
Why It Matters: In their opinion piece, the duo said &#8220;DOGE will help end federal overspending by aiming $500 billion-plus in annual federal expenditures that are unauthorized by Congress or being used in ways that Congress never intended.&#8221;
Musk and Ramaswamy aimed a few expenditure programs along with $300 million provided to the other &#8220;progressive groups.&#8221; They mentioned $535 million allotted to the Corporation for Public Broadcasting and $1.5 billion in grants to Planned Parenthood annually.
Discretionary spending—where most inefficiencies and &#8220;waste&#8221; are typically identified, &#8220;constitutes a smaller portion of the budget and offers limited opportunities for impactful cuts​​,&#8221; Georgiou added.
Musk and Ramaswamy highlighted that several federal contracts have gone unexamined for years. They suggested that a temporary suspension of payments would facilitate comprehensive audits, resulting in substantial cost savings.
&#8220;The Pentagon recently failed its seventh consecutive audit, suggesting that the agency's leadership has little idea how its annual budget of more than $800 billion is spent.&#8221;
Also read: <a href="https://www.benzinga.com/markets/equities/24/11/42105450/elon-musk-says-amazon-founder-jeff-bezos-urged-tesla-spacex-investors-to-dump-stakes-predicting-trumps-loss">Elon Musk Says Amazon Founder Jeff Bezos Urged Tesla, SpaceX Investors To Dump Stakes, Predicting Trump&#8217;s Loss</a>
&#8220;We are focused on delivering cost savings for taxpayers,&#8221; the duo said in their piece.
Musk and Ramaswamy swiftly defended their stance on cutting the budgets of a few entitlement programs. &#8220;Critics claim that we can't meaningfully close the federal deficit without aiming for entitlement programs like Medicare and Medicaid, which require Congress to shrink. But this deflects attention from the sheer magnitude of waste, fraud, and abuse that nearly all taxpayers wish to end,&#8221; they added.
Read next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42130859/as-trump-backs-drill-baby-drill-his-doge-co-lead-elon-musk-believes-all-energy-generation-will-be-solar-heres-what-ubs-recommends-after-election-dip">As Trump Backs &#8216;Drill Baby, Drill,&#8217; His DOGE Co-Lead Elon Musk Believes &#8216;All Energy Generation Will Be Solar&#8217; — Here&#8217;s What UBS Recommends After Election Dip</a>
Image via Wikimedia Commons

Government

Macro Notification

Regulations

Entrepreneurship

Politics

General

Donald Trump's DOGE Initiative To Have 'Marginal Impact' Says Analyst As Elon Musk Aims To Target Over $500B In Federal Expenditures

Meritage also announced that its Board of Directors has approved a $250 million increase to the Company's share repurchase authorization. This increase combined with $15 million in systematic buybacks on a quarter to date basis brings the Company's total authorized share repurchase program to $334 million as of November 21, 2024.

Reported Earlier, Meritage Homes Declares $0.75 Dividend And Expands Share Buyback By $250M

Total Revenue was ¥18.9 billion for the fiscal year ended June 30, 2024, from ¥17.4 billion for the fiscal year ended June 30, 2023.
The major revenue component, Real Estate Sales, increased to ¥18.5 billion from ¥17.1 billion, 8.1% year over year, in the fiscal year ended June 30, 2024.

Reported Earlier, Lead Real Estate Reported FY24 EPS ¥46.93 Down From ¥48.96 YoY, Revenue ¥18.9B Up From ¥17.4B YoY

The gross proceeds of the offering are expected to be $12.1 million, excluding the exercise of the underwriter's option, if any, of approximately $1.8 million, and excluding underwriting discounts and commissions and other offering-related expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.

KSCP

Reported Earlier, Knightscope Prices $12.1M Public Offering Of 1.21M Class A Common Stock At $10/Share

Germany Gross Domestic Product (YoY) For Q3 -0.3% Vs. -0.2% Est.; -0.2% Prior

Germany Gross Domestic Product (QoQ) For Q3 0.1% Vs. 0.2% Est.; 0.2% Prior

U.K. Retail Sales (MoM) For October -0.7% Vs. -0.3% Est.; 0.1% (Revised) Prior

U.K. Retail Sales (YoY) For October 2.4% Vs. 3.4% Est.; 3.2% (Revised) Prior

U.K. Core Retail Sales (YoY) For October 2.0% Vs. 3.3% Est.; 3.2% (Revised) Prior

U.K. Core Retail Sales (MoM) For October -0.9% Vs. -0.3% Est.; 0.1% (Revised) Prior

Dundee Corporation PFD 5 YR SR 3 declares $0.5697 dividend

Dundee Corporation PFD 5 YR SR 3 declares $0.5652 dividend

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