Meta Inc. (FB), owner of Facebook, the world’s largest social network, provides a digital social media platform for billions of users to connect with each other. While Facebook is best known as a hookup site for friends and families, it is also used by political organizations, small businesses, and large corporations to reach large audiences. Through its platforms and applications, users can share information, ideas, photos and videos. In addition to its main social networking site, Meta also offers an Instagram photo sharing app and Messenger and WhatsApp messaging apps. It also offers augmented and virtual reality products. Most of Meta’s revenue is generated from the sale of advertisements to marketers.
Meta was founded in 2004 by four students from Harvard University, including the company’s CEO, Mark Zuckerberg. The social networking site grew rapidly, reaching one billion users in 2012. In February of that year, Meta filed an initial public offering (IPO), which valued the company at 102. $ 4 billion.
Meta’s corporate headquarters are located in Menlo Park, California. The company is classified as a member of the communication services industry. It competes with other companies that offer online and communications products and services. Its competitors include Alphabet Inc.’s Google and YouTube Inc. (GOOGL), as well as Apple Inc. (AAPL) and Twitter Inc. (TWTR). Meta generated a net profit of $ 29.1 billion on $ 86.0 billion in revenue in fiscal 2020.
Key points to remember
- Meta provides social media products and services to billions of users around the world, primarily individuals and families. It is also used by small and large businesses and political organizations.
- Its competitors include Alphabet Inc.’s Google Inc. (GOOGL), Apple Inc. (AAPL) and Twitter Inc. (TWTR).
- Meta made a net profit of $ 29.1 billion on $ 86.0 billion in revenue in fiscal 2020.
- In early October, former Meta employee and whistleblower Frances Haugen testified before Congress, alleging that Meta’s Facebook platform is detrimental to children’s safety and democracy.
- On October 28, 2021, Facebook Inc. changed its name to Meta Inc. It will change its ticker from FB to MRVS effective December 1, 2021.
- On October 28, 2021, Facebook announced that it was changing its name to Meta, in order to represent its focus on projects related to the Metaverse.
- On October 5, 2021, former Meta employee and whistleblower Frances Haugen testified for several hours before the US Senate subcommittee on consumer protection, product safety and data security. Haugen provided full documentation on Meta to the subcommittee and alleged that the company was more concerned with the profits than the safety and sanity of its users. (See more details in the questions and answers below).
- On October 4, 2021, Meta filed a motion urging the U.S. District Court for the District of Columbia to dismiss the FTC’s latest revised antitrust lawsuit. Meta contends that the complaint lacks evidence that the company violated antitrust laws. The original FCC lawsuit, filed late last year, was later dismissed by a judge. (See more details in the questions and answers below).
What’s going on with Facebook’s (Meta) antitrust lawsuits?
On August 19, 2021, the Federal Trade Commission (FTC) filed a new antitrust lawsuit against Meta after its first action filed in December 2020 was dismissed in June 2021. In its revised lawsuit, the FTC alleges that Meta illegally sought to suppress competition by acquiring potential competitors, including the WhatsApp messaging platform and Instagram photo-sharing app. The FTC seeks to force Meta to unwind these acquisitions and accuses Meta of using its dominance on social media to prevent third-party app developers from accessing its platform. Meta filed a motion on October 4, 2021 to dismiss the agency’s latest lawsuit, arguing it still lacked evidence of anti-competitive behavior.
What’s going on with Facebook (Meta) and newspapers?
On February 24, 2021, the Australian government passed a law that effectively requires Alphabet’s Facebook platforms Meta and Google to pay news publishers for the use of their content on the platforms of the tech giants. . The law requires tech companies and news publishers to submit to binding arbitration if they can’t agree on payment terms.
The Australian court ruling prompts other countries to take similar action. European news publishers are pushing 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 forcing big tech companies to enter binding arbitration if they can’t agree on terms of payment for content. They want the clause to be inserted into European legislation introduced in December 2020. Called the Digital Markets Act, the legislation aims to limit the power of tech giants.
What is happening with the Facebook whistleblower (Meta)?
Whistleblower Frances Haugen was an employee of Meta until May 2021. She provided a corporate document feed to the United States Securities & Exchange Commission (SEC), Wall Street Journame, New York Times, CBS “60 minutes”, and other organizations to show what she says are deep flaws in the giant social network. This includes not only the Facebook platform, but also the smaller Meta platforms including Instagram which is heavily used by teens. In his news interviews and testimony to Congress, Haugen criticized society’s emphasis on “angry and polarizing content that divides” as a means to increase engagement and profits. She says the platform’s flaws are detrimental to children’s safety and democracy.
Haugen joined the company in June 2019 and was part of 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 unwillingness to accept initiatives that would fix platform flaws and improve user safety. the platform.
In the spring of 2021, Haugen reached out to John Tye, the founder of the non-profit legal organization Whistleblower Aid. She asked him about getting legal protection and how best to make thousands of pages of internal Meta documents public. Tye agreed to represent her and Haugen filed for legal 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 at length before Congress.
Has FB ever divided its shares?
Does FB pay a dividend?
No, it does not pay a dividend.
How many FB shares are there?
Meta has a double class structure.
As of July 23, 2021, Facebook had 2,383,812,263 Class A common shares outstanding. The share represents one vote per share and trades under the symbol âFBâ on the Nasdaq Global Select marketplace.
As of July 23, 2021, Facebook had 435,632,238 Class B common shares outstanding. Class B shares represent 10 votes per share and are held by Zuckerberg, management and directors. This gives Zuckerberg and his management effective control of the company.
When was Facebook (Meta) founded?
Meta 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 the CEO and Chairman of Meta. He founded Meta with three other classmates while a student at Harvard University. He is ranked third on the Forbes 400 list of richest Americans with a net worth of $ 116.2 billion, as of October 13, 2021.
How many users does Facebook have?
As of June 30, 2021, Facebook’s monthly active users (MAUs) were 2.9 billion. Meta defines a MAU as a registered and logged in Facebook user who has visited the Facebook platform or used its Messenger application within the last 30 days from the date of measurement. Meta uses MAUs to gauge the size of its global community of active users.