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By Staff Reporters

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Stock Markets: S&P 500, DJIA and NASDAQ booked their 4th straight day of gains with technology shares in focus.

And, Facebook rattled investors by posting a rare profit decline, driven by the company’s heavy spending on its vision for a so-called Metaverse while simultaneously confronting advertising challenges on its existing services. The company, formerly known as Facebook, posted net income of nearly $10.3 billion in the final three months of last year, a decline 8% from the same period in the prior year and below Wall Street analysts’ projections. For Meta, the disappointing earnings add to its challenges. It’s in the middle of a number of regulatory fights and also looking to justify its strategic shift to bet on an immersive internet known as the metaverse. Meanwhile, other platforms like TikTok and YouTube are gaining ground with younger users.

Several other social media companies also fell hard after the bell, including Twitter, Pinterest and Spotify, which also released disappointing results. And PayPal fell hard, too!

IRS: The Internal Revenue Service is adding about 1,200 employees to its rolls to help the agency navigate what will likely be one of the most challenging tax filing seasons in years.

Mike Milken: Is headed to the latest power base for U.S. financiers and politicians: South Florida. The income tax-free, palm tree-lined oasis is where New York’s ultra-wealthy have long decamped for the winter, but are increasingly making their permanent home. The 75-year-old billionaire kicks off the first Milken Institute South Florida Dialogues on Friday. The six-day preliminary agenda of island and mansion hopping has Ken Griffin talking national security in South Beach, and Sonia and Paul Tudor Jones hosting tennis matches at their oceanfront Palm Beach estate Casa Apava. The format is similar to the dialogues he’s presented in the Hamptons for years. 

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Filed under: Accounting, Alerts Sign-Up, Investing, Taxation | Tagged: billionaiires, DJIA, Facebook, Hamptons, Investing, IRS, metaverse, Mike Mlken, NASDAQ, Paukl Tudor Jones, PAYPAL, Pinterest, S&P, Spotify, tax, twitter |