Meta Inc. (META), owner of the world’s largest social network, Facebook, provides a digital social media platform that enables billions of users to connect with each other. While Facebook is best known as a site for friends and families to connect, it is also used by political organizations, small businesses and large corporations to reach a wide audience. Through its platforms and applications, users can share information, ideas, photos and videos. In addition to its main social network, Meta also offers photo-sharing app Instagram and messaging apps Messenger and WhatsApp. It also offers products for augmented and virtual reality. Most of Meta’s revenue is generated by selling advertising to merchants.
Facebook was founded in 2004 by four Harvard University students, one of whom is the company’s CEO (Chief Executive Officer), Mark Zuckerberg. The social network grew rapidly, reaching one billion users by 2012. In February of that year, Facebook filed for an initial public offering (EVEN AFTER), which valued the company at $102.4 billion.
Meta is headquartered in Menlo Park, California. The company is classified as a member of the communication services sector. It competes with other companies that offer online and communication products and services. Its competitors include Alphabet Inc. (GOOGLE) Google and YouTube, as well as Apple Inc. (AAPL) and Twitter Inc. (TWTR). Meta generated net income of $39.4 billion on revenue of $117.9 billion in fiscal 2021.
- Meta offers social media products and services to billions of users worldwide, especially individuals and families. It is also used by small and large companies and political organizations.
- Its competitors include Alphabet Inc. (GOOGL), Google, Apple Inc. (AAPL) and Twitter Inc. (TWTR).
- Meta earned net income of $39.4 billion on revenue of $117.9 billion in fiscal 2021.
- In early October, former Meta employee and whistleblower Frances Haugen testified before Congress, alleging that Meta’s Facebook platform harms children’s safety and democracy.
- On October 28, 2021, Facebook Inc. changed its name at Meta Inc. On June 9, 2022, it began trading under the ticker META.
What’s Up With Facebook’s (Meta) Antitrust Suits?
August 19, 2021 Federal Trade Commission (FTC) filed a new antitrust suit against Meta after its original suit, filed in December 2020, was dropped in June 2021. In its revised suit, the FTC alleges that Meta illegally sought to stifle competition by acquiring potential competitors, including messaging platform WhatsApp and photo- Instagram sharing app. The FTC is seeking to force Meta to end these acquisitions, accusing Meta of using its social media dominance to block third-party app developers from accessing its platform. On October 4, 2021, Meta filed a motion to dismiss the agency’s latest lawsuit, saying it still lacked evidence of anticompetitive behavior.
What’s up with Facebook (Meta) and newspapers?
On February 24, 2021, the Australian government passed legislation that effectively requires Facebook and Google Alphabet’s Meta platforms to pay news publishers for the use of their content on the tech giants’ platforms. The law forces technology companies and news publishers to submit to binding arbitration if they cannot reach an agreement on payment terms.
The Australian court decision prompted other countries to take similar steps. European news publishers lobby the European Union (EU) to pass similar legislation that would require tech giants to pay for their news content at an agreed price. News publishers want a clause that forces big tech companies to enter binding arbitration if they can’t agree on payment terms for content. They want to insert the clause into EU legislation introduced in December 2020. The legislation, called the Digital Markets Act, aims to limit the power of giant tech companies.
What’s Up With Facebook (Meta) Whistleblower?
Whistleblower Frances Haugen was a Meta employee until May 2021. She provided a stream of company documents to the US Securities and Exchange Commission (SEC), Wall Street Journall, New York Times, CBS “60 Minutes,” and other organizations to show what it says are the social network giant’s deep flaws. This includes not only the Facebook platform, but also smaller Meta platforms including Instagram, which is heavily used by teenagers. In her news interviews and congressional testimony, Haugen criticized the company’s focus on “angry, polarizing, divisive content” as a way increase engagement and profits. It says the platform’s flaws harm children’s safety and democracy.
Haugen joined the company in June 2019 and served on the Civic Integrity team, which focused on the platform’s impact on global elections. She says she left the company earlier this year because she was frustrated by the company’s lack of willingness to take initiatives to address the platform’s shortcomings and improve the safety of platform users.
In the spring of 2021, Haugen contacted John Tye, founder of the legal nonprofit Whistleblower Aid. She asked him about obtaining legal protection and the best procedure for publishing thousands of pages of internal meta documents. Tye agreed to represent her, and Haugen filed for whistleblower protection with the Securities and Exchange Commission (SEC). Haugen’s identity was first revealed on October 3, 2021 in an interview on 60 minutes. Two days later, she testified extensively before Congress.
Has Meta ever split its stock?
Does Meta pay a dividend?
No, it does not pay a dividend.
How many shares of Meta Stock are there?
The meta has a two-class structure.
As of October 21, 2022, Meta had 2,248,672,204 shares of Class A common stock outstanding. The stock represents one vote per share and trades under the ticker “META” on the Nasdaq Global Select Market.
Also, as of October 21, 2022, Meta had 402,876,470 shares of Class B common stock outstanding. Class B shares represent 10 votes per share and are owned by Zuckerberg, management and directors. This gives Zuckerberg and his management effective control over the company.
When was Facebook founded?
Facebook was founded in 2004. Its four co-founders Mark Zuckerberg, Eduardo Saverin, Dustin Moskovitz and Chris Hughes were students at Harvard University at the time.
Who is the CEO of Facebook (Meta)?
Co-founder Mark Zuckerberg is CEO and Chairman of Meta. He founded Facebook, the predecessor of Meta, with three other classmates while studying at Harvard University. As of November 23, 2022, he is ranked 15th on the Forbes 400 Richest Americans with a net worth of $41 billion.
How many users does Facebook have?
As of September 30, 2022, Facebook’s monthly active users (MAUs) were 2.96 billion. Meta defines a MAU as a registered and logged-in Facebook user who has visited the Facebook platform or used its Messenger app within the last 30 days from the measurement date. Meta uses MAU to measure the size of its global community of active users.