Facebook’s Plans A Product Roadmap

Mark Zuckerberg presented Facebook’s plans and product roadmap for 2019. Here’s everything we need to know.

Facebook shared its revenue and growth stats for Q4 2018. Mark Zuckerberg also shared a post discussing the product roadmap and their plans for 2019.

It has been a turbulent year for Facebook but all the negative publicity didn’t seem to affect its user and revenue growth. According to Zuckerberg, the company saw a revenue of $16.91 billion in Q4 2018, up from $13.7 billion in Q3 2018.

Moreover, Facebook counted 1.52 billion daily active users in December 2018, which is an increase of 9% from 2017.

When it comes to monthly active users, there are now 2.32 billion as of December 2018. The increase proves that people are still using Facebook, despite all the controversy from earlier this year.

Another interesting statistic is that 93% of the advertising revenue comes from mobile devices, up from 89% in Q4 2017. This means that mobile users should be more important than ever in our advertising strategies.

Overview of key stats we need to know as we plan our Facebook marketing strategy for 2019:

  • 1.52 billion use Facebook daily
  • 2.32 billion use Facebook monthly
  • 93% of the advertising revenue comes from mobile
  • 2.7 billion people use Facebook, Instagram, WhatsApp or Messenger each month (Facebook’s “Family” of services)
  • 500 million people use Instagram Stories daily
  • 2 million advertisers are now focusing on Stories

Zuckerberg also shared the company’s plans for 2019 and their priorities for the new year.

As he mentioned, “We’ve fundamentally changed how we run our company to focus on the biggest social issues, and we’re investing more to build new and inspiring ways for people to connect.”

Facebook focused on security in 2018 and 2019 will be the year of product innovation. This sounds like an exciting promise.

Here are Facebook’s four key priorities for 2019

1. Making progress on social issues

The first priority is about improving the way the internet and their company handles major social issues. It’s key to proactively identify harmful content and they have already improved their systems for this work.

Mark Zuckerberg said that he’s proud of having one of the most advanced systems in the world and that they have more than 30,000 people working on safety and security.

The bigger question he raised for this case has to do with the set of values. How can you decide what’s acceptable and what is not?

Facebook has reduced engagement in WhatsApp to stop misinformation. They have also reduced viral videos by 50 million hours a day to improve well-being.

Moreover, they are also working on privacy and encryption. They are confident that they’ve built one of the most powerful encrypted messaging services in the world.

As people need additional privacy, Facebook is working on making more of their products end-to-end encrypted by default to improve the safety and security of their users.

2. Building new and meaningful experiences while gearing up for bigger improvements

Facebook wants to deliver new experiences that can meaningfully improve people’s lives. Mark Zuckerberg talked about Stories and how they keep on growing as an emerging content type.

Instagram has actually passed 500 million daily active Stories users just 6 months after reaching 400 million daily active users.

Now the focus is to improve such experiences over the next months:

  • Messaging will become the center of the social experience if it’s not already. That’s why WhatsApp will allow payments through the app in more countries.
  • Private sharing and stories will also become more important to the social experience as people focus on privacy.
  • More businesses are going to be on boarded to be part of this social experience while finding new ways to reach their audience
  • Facebook Groups and communities will continue to deepen. Community is a central part of the experience on Facebook and Groups will soon be as important as friends and family for people.
  • Facebook Watch will become even more mainstream. 400 million people currently use it every month and it seems that people spend more than 20 minutes every day on Watch daily. Thus, Facebook is looking for New Years to grow this feature beyond the news feed to separate the entertainment from the social interactions.
  • Instagram will focus more on commerce and shopping. Mark Zuckerberg has promised that they will deliver more quality experiences around these.
  • AR and VR will bring people together in the longer term. Oculus Quest shipping will begin this spring while Portal also goes surprisingly well.

3. Supporting business to grow

There are currently more than 90 million small businesses using Facebook’s products. Most of them rely on free products and according to a survey from Facebook, they have managed to grow their business and hire more people ever since they’ve started using Facebook.

Mark Zuckerberg said that they are happy to see that they are helping such businesses grow and they are committed to continue doing it.

4. Improving transparency on their work and role they play in the world

The last priority for this year for Facebook is to communicate more clearly what they’re doing and the role their services play in the world.

As Mark Zuckerberg mentioned, there’s a lot of negativity out the impact of technology. The tech industry should be scrutinized heavily due to the big role they play in people’s lives. However, it’s important to listen to the critique first and then to figure out the best way to address these issues while staying true to your own beliefs.

2018 has helped Facebook get a clearer sense of their beliefs and they seem to be ready to move forward. They are also ready to work with people seek for better outcomes, either with content or data regulation, cooperation on shared threats, using AI to serve people or supporting the idea of living in an open and connected world.

What do Facebook’s plans mean for our 2019 strategies?

It’s always useful to know what big social companies like Facebook and its family are planning ahead. If you’re working with brands in marketing, advertising, or sales then you understand that these trends may also affect your own work.

Facebook, Instagram, WhatsApp and the rest play a big role in our lives and it’s important to keep up with their latest changes to adapt our own strategies.

What we can learn from Facebook’s new priorities is that the ‘Facebook family’ has lots of different plans ahead. What we need to remember is that Facebook is not just one platform anymore.

Even if your audience is steadily leaving this platform, they will probably still be on Instagram or WhatsApp, which means that it’s useful to keep up with their integrations and their upcoming plans.

The post Facebook unveils its plans for 2019: What’s next? appeared first on ClickZ.


Bitcoin Would be Lone Survivor in Nuclear War Hunger Games: Charlie Shrem

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Early bitcoin evangelist Charlie Shrem said that it’s the only currency that could survive a nuclear war. | Source: Shutterstock

By CCN.com: Bitcoiners, rejoice! Only bitcoin (and maybe roaches) would survive a nuclear holocaust. In contrast, banks and fiat money would literally go down in flames. That’s what crypto pioneer Charlie Shrem wants you to know as you ponder a hypothetical dystopian future.

“If the unthinkable happens, Bitcoin would be a highly durable currency during nuclear war, as compared to fiat currency, which would fail for multiple reasons,” Shrem gushed in a Jan. 22 Hacker Noon post.

Since fiat money exists in the physical word and is not a digital entity like Bitcoin, it would be susceptible to being incinerated in the nuclear fireballs. Banks could instantly lose their cash reserves needed to operate.

‘Banks Would Be Vaporized’

Moreover, Shrem says nuclear warheads would decimate centralized banking organizations and render them useless. As a result, online bank balances would become meaningless once banks and computers get destroyed.

“Bank balances would suddenly become meaningless,” Shrem reasoned. “No one would be able to go to the bank or ATM to get their cash since the banks would stop operating the day the first nuclear bombs detonate.”

Indeed, Shrem cheerfully reminded readers that “some banks will be vaporized outright.” Meanwhile, others would be “contaminated with radiation.” But what would survive such an unspeakable tragedy? Bitcoin, of course! says Shrem.

Shrem: Decentralization Makes Crypto Invincible

While his essay is bleak, Shrem was trying to make a point about the anti-fragility of cryptocurrencies versus cash and even gold. Shrem pointed out that unlike physical assets, bitcoin has no physical presence, is decentralized, and has no single point of failure.

As long as there is at least one node running Bitcoin, the Bitcoin network will continue to function. It is highly likely that many Bitcoin nodes would survive even the worst nuclear attack since nodes are scattered worldwide, and they could communicate with each other via satellite internet.

In reality, if a nuclear war occurred, the last thing most people would be concerned about is money. However, Shrem raised some thought-provoking points to consider amid the current Crypto Winter.

During this protracted slump, naysayers are gleefully proclaiming that bitcoin’s price will tank to zero, while others insist that the entire market will crater into extinction.

Traditional Finance Has Physical Limitations

But Shrem says rumors of bitcoin’s demise are greatly exaggerated, and one only need look at the physical limitations of traditional financial structures to see this.

“Bitcoin’s decentralization also makes it impervious to economic calamity that would ensue from a nuclear war,” he cooed.

Bitcoin’s decentralization, the network will continue to run even in the event of a total worldwide collapse of electrical and telecommunications infrastructure.

Shrem No Stranger to Controversy

For context, Charlie Shrem is a crypto pioneer who founded the now-defunct bitcoin exchange Bitinstant in 2011 (see video).

In 2015, Shrem went to jail for allegedly selling bitcoin to people who tried to use it to buy drugs on the now-defunct dark web marketplace Silk Road.

In September 2018, the Winklevoss twins, Cameron and Tyler, sued Shrem for $32 million, claiming he stole 5,000 bitcoin from them in 2012.

“Either Shrem has been incredibly lucky and successful since leaving prison, or — more likely — he ‘acquired’ his six properties, two Maseratis, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole,” the Winklevoss twins alleged in their lawsuit.

Shrem denies the allegations, but the suit is ongoing.

Featured Image from Shutterstock

Asian Crypto Exchange Huobi is Tightening its Belt in the Bear Market, Plans to Spend Money Carefully

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Image: Shutterstock

From CCN.com: Have you ever heard the expression ‘hope for the best and prepare for the worst’? Chinese cryptocurrency giant Huobi, a former ‘big three’ exchange, is doing exactly that. Although the exchange is a profitable business that still makes money every month, they are laying off staff and preparing for the worst amidst this current bear market. Just in case!

CCN reported in December that both Huobi and the Chinese crypto mining equipment manufacturers Bitmain Technology were laying off staff, but at the time, Huobi remained relatively silent on their motives. Until now.

Huobi is Unsure of the Future

The chief executive of Huobi Global, Livio Weng Xiaoqi, recently told the South China Morning Post that the company is treading carefully. When discussing the move for the first time in the media, Weng told the SCMP at Huobi’s Beijing office:

We do not know how long the bear market will last, so it is still possible that we will struggle to survive. We have to plan in advance and spend money carefully.

Since Bitcoin prices hit the ceiling at the $20,000 mark in December 2017, the market has dramatically decreased to 20% of its highest point. The ever-decreasing bitcoin prices over the past 12-months have dramatically affected crypto exchanges more than any other business in the sector.

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China used to be the world’s biggest crypto trading market until authorities began cracking down on the industry in early 2017. Pictured: The central bank via Shutterstock

Although the jury is still out as to why the crypto market bottomed out so much in 2018, Weng rightly pointed out that nobody is quite sure when and how the market will recover. Too many crypto-related businesses last year planned to expand and move forward based on the Bitcoin price staying around the $10,000 mark. It was a gross mistake.

Back in late-December 2018, Huobi Group did point out that their decision to lay-off staff was more to do with expanding its focus “for its core businesses and emerging markets,” so it wasn’t all doom and gloom like the Bitmain redundancies.

Tough Times for Crypto Exchange Employees

It’s been a rough few months for crypto exchanges, and more appropriately, their employees. In the final quarter of 2018 and the beginning of 2019, a myriad of crypto exchanges and blockchain-related businesses have reported expected layoffs of staff.

Alongside the aforementioned Bitmain and Huobi, other notable crypto companies such as Shapeshift, Steemit, and the oldest UK crypto exchange Coinfloor announced redundancies across the board.

Coinfloor had been operating out of London since 2013 and had approximately 40 staff. They cut their employees by half in October 2018 and said the cutbacks were a “response to a changing market environment.”

Just last week, the ShapeShift Exchange announced they would be cutting their staff by 30% in an attempt to combat the ongoing bear market. The CEO of ShapeShift, Erik Voorhees, was very reflective on the decision and cited the exchange’s drastic exposure to crypto as an intricate reason for the redundancies.

The indecision of the future of the markets is why we are currently seeing a plethora of crypto exchange streamline their operations to remain competitive amidst this ongoing bear market. It might not be a great time for exchanges, but it’s even worse for the employees who make their living working in the crypto industry.

PwC Thinks India will Outperform the U.K.’s Economy: Here’s what the Big Four Firm and the GDP…


Image: Shutterstock

By CCN.com: A publication by accounting firm PwC has placed India on track for a 7.6 percent growth in 2019, setting a path for the country to surpass both the U.K. and France in terms of economy.

But ask any economist, and they would point towards why the coveted Gross Domestic Product (GDP) – which most people and companies take at face value – figure is an inaccurate tool for assessing data.

The crowds love it though. A lack of public understanding for intricate economic terms means “trusted” companies regularly release optimistic outtakes and predictions, the government cites and publicizes them, and citizens continue to hustle through everyday life believing that change is coming.

Claims Without Substance

PwC talks about India’s enormous population and “favorable” demographics as significant factors leading the economy to eclipse the U.K. this year. The firm cites a World Bank report to validate its claims, stating India’s $2.59 trillion economy is just $25 billion lesser than the U.K.’s $2.62 trillion figure.

At the middle of this incorrect calculation is the GDP, an inaccurate economic tool used for decades to identify growing economies. The term is an expression for the value of goods and produced over time and the income generated from that period, relative to the expenditure on said goods and services.

However, there’s no mention of U.K. being relatively much smaller in size than India, having a lesser population and thus, producing fewer goods as an example. And with the above explanation of GDP in mind, it becomes immediately evident that India, a country of over a billion people, should post GDP figures in excess to that of U.K., a country with just 66 million people, as per Census figures in January 2019.

But India, a former British territory, has taken hundreds of years to come anywhere close to the U.K’s staggering growth – even with an indicator that creates an oversimplistic view of the world economy.

GDP rates measure the growth of a pie, but not necessarily how the pie is divided. A country with excess levels of crime could boast high GDP growth – in terms of more security infrastructure created to control criminals and creation of products to “replace” stolen goods; but would that be a country where businesses wish to set up offices in or the youth envisions a future in? Perhaps not.

Production but no Consumption

Indian Commerce Minister Anand Sharma had once blasted the supply chain and logistics market powering the subcontinent. He noted that 30 percent of all agricultural output failed to cross the point of origin, and of the 70 percent that did make it to a wholesaler, more than 50 percent was “lost” due to poor storage and inefficient transport networks. Nothing that PwC’s report takes note of, however.

Wastages due to shoddy transport chains and below-par storage conditions are rife in the country. Pic: Shutterstock

Issues like the above are steadily being mitigated as foreign players, and domestic startups enter the market with their iterations of how an efficient supply chain should be. After all, the country’s alarming inflation rate is directly linked to a lack of organization in supply chains, with a 15-20 percent increase attributed to the fallacy alone.

But most of the profits such companies make are pocketed by investors and likely remitted to their home offices elsewhere. Sunanda Sen of the Economics Department at JNU calls this a “short-term” capital flow; consisting of foreign players pumping huge capital in Indian markets – leading to overestimated income rates – but quickly exiting their positions once profits are created. An adverse effect of such activity is that the Reserve Bank of India may not entirely hold its supposed $375 billion in foreign reserves.

It’s not like many are trusting the government’s growth figures either. Critics note businesspeople, executives, and people with higher disposable incomes are purchasing on luxury goods more than even, but foreign investment in the country has tumbled down to less than 30 percent in 2017-18. In comparison, China has experienced a 45 percent year-on-year investment rate since 2008.

Another factor that PwC’s glorified analysts fail to account for is the sheer ground reality of India. Employees crunching data over sophisticated MacBooks in air-conditioned offices with hefty paychecks are unlikely to notice the crumbling side of India’s economy – one that is marred with pothole-stricken roads dotted with bottlenecks, malfunctioning monorail systems, and increasing suicide rates in the interior regions.

Broken Infrastructural Backbone

Reports suggest a $190 billion deficit in the infrastructure sector for building roads and rail networks, which power the backbone of any flourishing economy. Trucks in India are also amongst the world’s slowest, and a train route between the major business cities of Mumbai and New Delhi takes 12 hours on average. Compare this to China’s train connection between Shanghai and Beijing, clocking just over 5 hours on a similar distance.

India’s infrastructure is severely lacking in efficiency. Picture: Shutterstock

With such factors, it is imperative that optimistic figures for India’s growth are not truly representative of the actual development taking place in the nation. While GDP figures can be essential to measure tax revenues and estimate productivity, they should not be considered to account for depreciation of capital and human resources of the entire country.

Sure, the wealthiest 1 percent just grew 39 percent for 2018 compared to 2017, but they probably added to the economy by purchasing air tickets to exotic destinations and throwing extravagant bashes for occasions.

From GDP’s perspective, bigger is better. But we do know what happened to the financial sector in 2008 as it got bigger and bigger.

Meanwhile, PwC should probably go back to investing time in securing compliance procedures for its business. The firm is prohibited from auditing any listed companies in Indi until 2020, after criminal charges were levied against the entity for having a below-par fraud team and audit service.

GoFundMes U.S. Government Shutdown Aid Campaign Just Hit its Funding Goal

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By CCN.com: A GoFundMe campaign to assist federal workers affected by the ongoing government shutdown has reached its $200,000 funding goal barely three days after it was launched. Organized by GoFundMe CEO Rob Solomon in partnership with author and motivational speaker Deepak Chopra, the campaign was organised to help affected workers with basics like food and household supplies.

Funds raised by the GoFundMe campaign are set to be shared across nonprofits who are supporting affected staff including #ChefForFeds led by José Andrés who has been feeding thousands of federal staff in Washington DC, and the National Diaper Network who are providing diapers to parents who the shutdown has affected. Solomon says more nonprofits will be added to the list as the GoFundMe campaign grows.

In the campaign statement, Solomon said:

Your donation will be distributed to several nonprofit organizations across the country offering direct assistance to government workers. These nonprofits are doing important work, providing hot meals, necessary counseling, and housing relief. I encourage everyone to support them.

The US Government Shutdown

Government workers in the United States have had to work without pay since December 24, 2018, in what is now the longest shutdown in the history of the United States. About 420,000 essential staff have had to work without pay from the beginning of the shutdown, with an additional 50,000 staff called back by President Donald Trump on January 15th.

While Congress has passed a bill which will ensure federal workers are reimbursed after the shutdown ends, this, unfortunately, does not extend to contract workers even though they still have to work. The shutdown has so far affected economic growth as experts suggest that for every week the government remains shut down, economic growth drops by at least .13 percent.

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Donald Trump has a central role in both the government shutdown and the controversial US-China trade war. | Source: AP Photo/ Evan Vucci

Trump is asking for a $5.7 billion funding provision in the budget to permit the construction of a wall on the country’s southern border with Mexico. The Democrat-controlled house, however, is not willing to budge, saying that the wall is not necessary, but they would be willing to approve $1 billion to boost security patrols and devices at the border.

CCN reported earlier today that President Donald Trump stated that there will be “No Cave” in his border wall funding demand which led to the impasse that has created the shutdown.

The GoFundMe campaign is the latest effort to rally support for furloughed federal workers at a time when a number of retailers are currently offering free services and products to affected government workers.

CBOE Chairman: Wall Street Wary of Crypto Investments Due to Lack of a Bitcoin ETN

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Source: Shutterstock

By CCN.com: Chicago Board of Exchanges (CBOE) CEO Ed Tilly believes the cryptocurrency market needs a bitcoin-based Exchange-Traded Note to “truly grow.” His comments come on the back of postponed ETF launches for bitcoin, which could be pushed back indefinitely due to an ongoing U.S. government shutdown.

Regulators “Not Taking Calls”

Hundreds of theories tend to explain the lack of a bolstering bitcoin trading market. However, most base themselves on the absence of both institutional investors and traditional market-like frameworks in the cryptocurrency space.

Tilly strongly agrees with the above. He sees the lack of a traditional market-tracking index and a reliant futures contract – that most Wall Street investors use to hedge their bets – as a limiting factor in the crypto market.

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Trump’s government shutdown is inadvertently postponing regulatory discussion surrounding bitcoin-related financial products.. Image from Shutterstock

But the lack of quick regulatory decisions made by the government means investors repeatedly face an old story—bitcoin-related financial products getting pushed back due to several reasons, with the most recent one being a government shutdown in the U.S.

Tilly explains his dilemma:

“I have two regulators that are not taking calls right now. That doesn’t mean there is nothing we are interested in. It means nothing is going to happen in this government shutdown.”

Mom and Pop Investors Remain Away from Bitcoin

While the CBOE offers Bitcoin futures on its portal alongside a host of savvy financial instruments, the growth of bitcoin is severely affected by the absence of a trading product geared at “mom and pop” investors – inexperienced traders chasing returns in the financial markets. Typically, such investors bring massive liquidity to the market with small investment portfolios, increasing the monetary value and awareness for many-a-firm. Such retail traders could greatly benefit from trading a bitcoin-tied tracker or note.

For the uninitiated, a bitcoin ETN would fundamentally differ from a futures product. While the latter is a contract for an underlying asset bought at agreed prices but paid for later, the former allows investors to purchase a debt note equalling the price of an underlying asset, such that its value increases if asset price increases and vice-versa. This allows for the trading of assets without actually physically trading said assets.

The presence of ETNs in a market allows investors to hedge their bets and cover losses in case a trade goes awry. Furthermore, purchasing ETNs is a reasonably straightforward process, unlike a significant amount of legwork and legal compliances required to trade futures.

CBOE Bitcoin Products Attract Few Traders

There’s evidence to back claims of ETNs completing the circle of institutional investments in bitcoin. Both CBOE and its rival Chicago Mercantile Exchange (CME) offer Bitcoin futures since January 2017, leading to widespread speculation at the time about institutional money coming to cryptocurrencies.

But trading activity remains wilfully low. The CBOE only has 3,475 contracts in “open interest” as of Monday, compared to 5,038 contracts in January 2018. Pit these figures against the CBOE Volatility Index (VIX) of 370,354 contracts, and bitcoin trading equals a tiny 1.3% of the trading activity compared to CBOE’s most traded product.

Tilly attributes the success to VIX to related financial products structured around the creation, leading both Wall Street investors and retailers to invest.

So what’s holding back crypto-entrepreneurs from providing similar products and increasing adoption? It’s the legion of regulators and decision-making authorities stifling growth in the crypto markets with rejection after rejection of ETF applications, and no formal guidelines on what must be implemented to suit U.S. industry standards.

In August 2018, nine ETFs were declined by the Securities and Exchange Commission, including high-profile offerings from Gemini and SolidX. Regulators cite the lack of control over crypto-markets, both price-wise and judiciary, as the primary concern for authorities.

Tilly believes the first institute or individual to address the SEC’s issue would be awarded the first Bitcoin ETN approval. However, the ongoing shutdown means sophisticated Bitcoin products are not making their mark anytime soon in the traditional markets, let alone offerings based on exposure to other cryptocurrencies such as Ether and XRP.

Traders: Bitcoin Price Recovery Above $3,400 May Lead to Strong Short-Term Rebound

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Image: Shutterstock

By CCN.com: On January 22, in a steep a sell-off, the Bitcoin price dropped from $3,615 to $3,401 by around six percent on the day.

Although a continuous fall below the $3,400 mark could have led to an extended sell-off throughout January, traders have said that the rebound of Bitcoin from a key support level could allow the asset to recover in the upcoming days.

Chart from TradingView

Not Bullish But Not Bearish For Bitcoin

Since December 2018, the Bitcoin price has shown a high level of volatility in a low and tight price range. In the grand scheme of things, Bitcoin has shown stability in a range from $3,500 to $4,000 and has been unable to break out of or drop below key resistance or support levels.

Alex Krüger, a cryptocurrency analyst and economist, said that Bitcoin’s recovery from $3,400 in the past 48 hours has restored the balance in the short-term trend of the asset.

“BTC failure test of the $3450 weekend low (i.e. push down swiftly rejected) tilted balance back to the long side in the short term. Nothing too exciting though. Short term crumbs for traders. Don’t see any reason for a bullish trend to emerge until sometime after Feb/27,” the analyst said.

Traders including Krüger are in agreeance that Bitcoin has not shown any signs of a major trend reversal. But, its price movement on January 22 prevented a steep fall to the low $3,000 region.

Last month, Krüger explained that due to the volatility of Bitcoin in a low price range and the low probability of major crypto assets breaking out of important resistance levels, it is of less risk for traders to aim for longer trend changes.

He said:

In my opinion, investors likely better off waiting for a trend reversal or sentiment change to start buying. That said, price is around long term trendlines. From that perspective, these levels should be attractive for those with a bullish Bitcoin investment thesis.

Where are Other Crypto Assets Heading to?

Major crypto assets in the likes of Bitcoin Cash and EOS have recorded gains in the range of four to eight percent against the US dollar in the past 24 hours.

If Bitcoin continues to demonstrate short-term momentum in the next three to four days, alternative crypto assets and low market cap tokens are expected to record decent gains against both the dominant cryptocurrency and US dollar.

DonAlt, a cryptocurrency technical analyst, suggested that Bitcoin could still be vulnerable to a short-term drop unless it breaks out of $3,700.

While the daily volume of the cryptocurrency market has slightly declined since mid-January, the volume of Bitcoin remains strong at $5.5 billion, which could contribute to the gradual recovery of the asset.

Fueled by the positive trend of the price of BTC, the cryptocurrency market has added more than $3 billion in the last 24 hours to its valuation.