Meta raises $10 billion in its first bond offering
Facebook parent Meta Platforms Inc announced on Tuesday that it has raised $10 billion in an initial bond offering to fund share buybacks and investments to revamp its business.
The offering will help Meta, the only one of the big tech companies without debt, build a more traditional balance sheet and fund some expensive initiatives such as metaverse virtual reality.
Other tech giants such as Apple Inc (NASDAQ:AAPL) and Intel Corp (NASDAQ:INTC) also recently issued bonds, raising $5.5 billion and $6 billion respectively.
In late July, Meta issued a gloomy forecast and posted its first quarterly decline in revenue as recession fears and competitive pressures weighed on digital ad sales.
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Meta Will Transfer Users’ Clothes to the Metaverse!
Meta received the patent in late July. It also announced plans to develop a system that would allow users to upload their own clothes to the Metaverse. The system is designed to take multiple photos of the user, recording data about the user’s body as well as the color, shape and design of what they are wearing. This information will then be taken and transferred to a three-dimensional network based on the clothing. It will also be transformed into another view based on the body underneath.
In computer graphics, it is a mesh that forms the basic structure of a model and gives it its overall shape. It can then be further enhanced by applying specific texture maps, such as normal maps. The patent mentions that it aims to create a ‘skin garment boundary’. This means that the garment can even react to the movements of the wearer. Furthermore, the patent will serve to prevent the garment from passing through the body and even from soaking in water.