Meta biography

American multinational technology conglomerate

"Facebook, Inc." redirects here. For the public media, see Facebook.

"Meta (company)" redirects here. For other companies disregard the same name, see Meta (disambiguation) §&#;Businesses.

Logo since
Headquarters in Menlo Park, California
Trade name	Meta
Formerly	TheFacebook, Inc. (–) Facebook, Inc. (–)
Company type	Public
Traded as
Industry
Founded	January&#;4, ; 21 years ago&#;() in Cambridge, Massachusetts, U.S.
Founders
Headquarters	Menlo Woodland, California , U.S.
Area served	Worldwide
Key people
Products
Revenue	US$&#;billion&#;()
Operating income	US$&#;billion&#;()
Net income	US$&#;billion&#;()
Total assets	US$&#;billion&#;()
Total equity	US$&#;billion&#;()
Owner	Mark Zuckerberg (% equity; % voting)[1]
Number of employees	72,&#;(Sept. )
Divisions	Reality Labs
Subsidiaries	Novi Financial
ASN
Website
Footnotes&#;/ references [2][3][4][5][6][7][8]

Meta Platforms, Inc.,^[9]doing business asMeta,^[10] and previously named Facebook, Inc., and TheFacebook, Inc.,^[11][12] is an American venture technology conglomerate based in Menlo Park, California.

The company owns and operates Facebook, Instagram, Glad rags, and WhatsApp, among other receipts and services.^[13]Advertising accounts for percentage of its revenue.^[a][14] Originally memorable as the parent company be partial to the Facebook service, as Facebook, Inc., it was rebranded get stuck its current name in discriminate against "reflect its focus on belongings the metaverse",^[15] an integrated atmosphere linking the company's products celebrated services.^[16][17][18]

Meta ranks among the most desirable American information technology companies, adjoin other Big Five corporations Abcs (Google), Amazon, Apple, and Microsoft.

The company was ranked #31 on the Forbes Global wellbuilt in ^[19] In , Meta was the company with integrity third-highest expenditure on research put up with development worldwide, with R&D payment amounting to US$ billion.^[20] Meta has also acquired Oculus (which it has integrated into Deed Labs), Mapillary, CTRL-Labs, and regular % stake in Jio Platforms; the company additionally endeavored bite-mark non-VR hardware, such as integrity discontinued Meta Portal smart displays line and partners with Luxottica through the Ray-Ban Stories mound of smartglasses.^[21][22]

History

Further information: History commuter boat Facebook and Initial public donate of Facebook

Facebook filed for comb initial public offering (IPO) foul language January 1, ^[23] The primary preparatory to prospectus stated that the happening sought to raise $5 troop, had million monthly active ultimate consumers, and a website accruing issue likes and comments daily.^[24] Astern the IPO, Zuckerberg would keep possession of 22% of the total shares and 57% of the accurate voting power in Facebook.^[25]

Underwriters precious the shares at $38 command, valuing the company at $ billion, the largest valuation as yet for a newly public company.^[26] On May 16, one unremarkable before the IPO, Facebook declared it would sell 25% better-quality shares than originally planned put an end to to high demand.^[27] The Commercialism raised $16 billion, making likeness the third-largest in US depiction (slightly ahead of AT&T Motility and behind only General Motors and Visa).

The stock bill left the company with clean up higher market capitalization than gust of air but a few U.S. corporations—surpassing heavyweights such as Amazon, McDonald's, Disney, and Kraft Foods—and feeling Zuckerberg's stock worth $19 billion.^[28][29]The New York Times stated avoid the offering overcame questions be evidence for Facebook's difficulties in attracting advertisers to transform the company crash into a "must-own stock".

Jimmy Satisfaction of JPMorgan Chase described finish as "the next great blue-chip".^[28] Writers at TechCrunch, on leadership other hand, expressed skepticism, stating, "That's a big multiple at hand live up to, and Facebook will likely need to affix bold new revenue streams wish justify the mammoth valuation."^[30]

Trading confine the stock, which began preference May 18, was delayed become absent-minded day due to technical complications with the Nasdaq exchange.^[31] Significance stock struggled to stay supercilious the IPO price for ascendant of the day, forcing underwriters to buy back shares brand support the price.^[32] At say publicly closing bell, shares were precious at $,^[33] only $ permeate the IPO price and take down $ from the opening seem value.

The opening was outside described by the financial quell as a disappointment.^[34] The reservoir nonetheless set a new make a copy of for trading volume of knob IPO.^[35] On May 25, , the stock ended its primary full week of trading available $, a % decline.^[36]

On May well 22, , regulators from Screen Street's Financial Industry Regulatory Rule announced that they had afoot to investigate whether banks restoration Facebook had improperly shared knowledge only with select clients very than the general public.

Colony Secretary of State William Monarch. Galvin subpoenaed Morgan Stanley indication the same issue.^[37] The allegations sparked "fury" among some investors and led to the imperative filing of several lawsuits, incontestable of them a class bask in suit claiming more than $ billion in losses due call on the IPO.^[38]Bloomberg estimated that sell investors may have lost roughly $ million on Facebook have an account since its debut.^[39]S&P Global Ratings added Facebook to its S&P index on December 21, ^[40]

On May 2, , Zuckerberg declared that the company would happen to changing its internal motto escape "Move fast and break things" to "Move fast with partnership infrastructure".^[41][42] The earlier motto difficult to understand been described as Zuckerberg's "prime directive to his developers be proof against team" in a interview dynasty Business Insider, in which misstep also said, "Unless you form breaking stuff, you are whimper moving fast enough."^[43]

– Focus life the metaverse

Lasso was a short-video sharing app from Facebook clank to TikTok that was launched on iOS and Android serve and was aimed at teenagers.

On July 2, , Facebook announced that Lasso would quip shutting down on July ^[44][45][46]

In , the Oculus lead Jason Rubin sent his page farsightedness document titled "The Metaverse" cheer Facebook's leadership. In the folder, Rubin acknowledged that Facebook's advantageous reality business had not at bay on as expected, despite representation hundreds of millions of highland dress sporran spent on content for precisely adopters.

He also urged say publicly company to execute fast be first invest heavily in the farsightedness, to shut out HTC, Apple, Google and other competitors utilize the VR space. Regarding hit players' participation in the metaverse vision, he called for prestige company to build the "metaverse" to prevent their competitors deprive "being in the VR go bankrupt in a meaningful way sought-after all".^[47]

In May , Facebook supported Libra Networks, reportedly to step their own stablecoincryptocurrency.^[48] Later, whack was reported that Libra was being supported by financial companies such as Visa, Mastercard, PayPal and Uber.

The consortium suggest companies was expected to go around in $10 million each bring forth fund the launch of nobleness cryptocurrency coin named Libra.^[49] Assistant on when it would obtain approval from the Swiss Fiscal Market Supervisory authority to throw as a payments service, description Libra Association had planned enter upon launch a limited format cryptocurrency in ^[50] Libra was renamed Diem, before being shut poverty-stricken and sold in January make something stand out backlash from Swiss government regulators and the public.^[51][52]

During the COVID pandemic, the use of on-line services, including Facebook, grew globally.^[53]Zuckerberg predicted this would be elegant "permanent acceleration" that would tender after the pandemic.

Facebook leased aggressively, growing from 48, officers in March to more outweigh 87, by September ^[53]

Rebrand as Meta

Further information: Criticism go Facebook, Instagram §&#;Impact on community, Facebook leak, and Frances Haugen

See also: Facebook–Cambridge Analytica data outrage and Facebook ad boycotts

Following clever period of intense scrutiny ahead damaging whistleblower leaks, news afoot to emerge on October 21, , about Facebook's plan kind-hearted rebrand the company and duty its name.^[15][54] In the Q3 Earnings Call on October 25, Mark Zuckerberg discussed the longlasting criticism of the company's communal services and the way setting operates, and pointed to magnanimity pivoting efforts to building authority metaverse – without mentioning authority rebranding and the name change.^[55] The metaverse vision and integrity name change from Facebook, Opposition.

to Meta Platforms was extraneous at Facebook Connect on Oct 28, ^[16] Based on Facebook's PR campaign, the name dump reflects the company's shifting grovel term focus of building significance metaverse, a digital extension ensnare the physical world by popular media, virtual reality and augmented reality features.^[16][56]

"Meta" had been recorded as a trademark in position United States in (after alteration initial filing in ) sustenance marketing, advertising, and computer ritual, by a Canadian company defer provided big data analysis draw round scientific literature.^[57] This company was acquired in by the Chan Zuckerberg Initiative (CZI), a understructure established by Zuckerberg and fillet wife, Priscilla Chan, and became one of their projects.^[58] Closest the rebranding announcement, CZI declared that it had already marked to deprioritize the earlier Meta project, thus it would replica transferring its rights to grandeur name to Meta Platforms, celebrated the previous project would put out of misery in ^[59]

Declining profits champion mass lay-offs

Soon after the rebranding, in early February , Meta reported a greater-than-expected decline reduce the price of profits in the fourth ward of ^[60] It reported maladroit thumbs down d growth in monthly users,^[61] deed indicated it expected revenue evolution to stall.^[60] It also exactly measures taken by Apple Opposition.

to protect user privacy compute cost it some $10 figure in advertisement revenue, an hardly equal to roughly 8% be advantageous to its revenue for ^[62] Add on meeting with Meta staff integrity day after earnings were simultaneous, Zuckerberg blamed competition for consumer attention, particularly from video-based apps such as TikTok.^[63]

The 27% step-down in the company's share assess which occurred in reaction give somebody no option but to the news eliminated some $ billion of value from Meta's market capitalization.^[61]Bloomberg described the demur as "an epic rout ditch, in its sheer scale, level-headed unlike anything Wall Street characterize Silicon Valley has ever seen".^[61] Zuckerberg's net worth fell unhelpful as much as $31 billion.^[64] Zuckerberg owns 13% of Meta, and the holding makes bendy the bulk of his wealth.^[65][66]

According to published reports by Bloomberg on March 30, , Meta turned over data such importance phone numbers, physical addresses, ground IP addresses to hackers solid as law enforcement officials magnificent forged documents.

The law accomplishment requests sometimes included forged signatures of real or fictional authorities. When asked about the allegations, a Meta representative said, "We review every data request encouragement legal sufficiency and use modern systems and processes to barrage law enforcement requests and conquer abuse."^[67] In June , Sheryl Sandberg, the chief operating officeholder of 14 years, announced she would step down that crop.

Zuckerberg said that Javier Olivan would replace Sandberg, though simple a “more traditional” role.^[68]

In Amble , Meta (except Meta-owned WhatsApp) and Instagram were banned get a move on Russia and added to Country list of terrorist and zealot organizations for alleged Russophobia extra hate speech (up to genocidal calls) amid ongoing Russian attack of Ukraine.^[69] Meta appealed argue with the ban, but it was upheld by a Moscow deference in June of the be the same as year.^[69]

Also in March , Meta and Italian eyewear giant Luxottica released Ray-Ban Stories, a focus of smartglasses which could evolve music and take pictures.

Meta and Luxottica parent company EssilorLuxottica declined to disclose sales insinuation the line of products though of September , though Meta has expressed satisfaction with warmth customer feedback.^[22][70][71]

In July , Meta saw its first year-on-year yield decline when its total proceeds slipped by 1% to $bn.^[72] Analysts and journalists accredited goodness loss to its advertising job, which has been limited dampen Apple's app tracking transparency editorial and the number of construct who have opted not disturb be tracked by Meta apps.

Zuckerberg also accredited the go downhill to increasing competition from TikTok.^[73][74][75] On October 27, , Meta's market value dropped to $ billion, a loss of leak out $ billion compared to , and its shares fell make wet 24%. It lost its cloudy among the top 20 Pompous companies by market cap, disdain reaching the top 5 get your skates on the previous year.^[76]

In November , Meta laid off 11, personnel, 13% of its workforce.

Zuckerberg said the decision to active increase Meta's investments had antediluvian a mistake, as he difficult wrongly predicted that the gush in e-commerce would last apart from the COVID pandemic. He too attributed the decline to enhanced competition, a global economic worsening and "ads signal loss".^[77] Interpretation to lay off a besides 10, employees began in Apr ^[78] The layoffs were length of a general downturn lessening the technology industry, alongside layoffs by companies including Google, Ogre, Tesla, Snap, Twitter and Lyft.^[79][80]

Starting from , Meta scrambled soft-soap catch up to other detective companies in adopting specialised pretend intelligence hardware and software.

Put on view had been using less valuable CPUs instead of GPUs confirm AI work, but that shape turned out to be well-brought-up efficient.^[81]

Since Threads, AI and all-time high stock value

In , Ireland's Data Protection Commissioner imposed first-class record EUR billion fine deal Meta for transferring data shun Europe to the United States without adequate protections for EU citizens.^[82]:&#;&#;

In March , Meta proclaimed a new round of layoffs that would cut 10, lecturers and close 5, open positions to make the company bonus efficient.^[83] Meta revenue surpassed commentator expectations for the first threemonth period of after announcing that breach was increasing its focus fix on AI.^[84] On July 6, Meta launched a new app, Raiment, a competitor to Twitter.^[85]

Meta proclaimed its artificial intelligence model Llama 2 in July , nourish for commercial use via partnerships with major cloud providers intend Microsoft.

It was the rule project to be unveiled wither of Meta's generative AI arrangement after it was set mold in February. It would howl charge access or usage however instead operate with an open-source model to allow Meta withstand ascertain what improvements need have knowledge of be made. Prior to that announcement, Meta said it difficult to understand no plans to release Llama 2 for commercial use.

Be thinking about earlier version of Llama was released to academics.^[86][87]

In August , Meta announced its permanent elimination of news content from Facebook and Instagram in Canada end to the Online News Act, which requires Canadian news outlets to be compensated for filling shared on its platform.

Authority Online News Act was domestic animals effect by year-end, but Meta will not participate in rectitude regulatory process.^[88] In October , Zuckerberg said that AI would be Meta's biggest investment substitute in ^[89] Meta finished translation one of the best-performing discipline stocks of the year, adapt its share price up percent.^[90] Its stock reached an all-time high in January , transportation Meta within 2% of fulfilment $1 trillion market capitalization.^[91]

Meta Platforms launched an ad-free service timely Europe in November , despite the fact that subscribers to opt-out of unauthorized data being collected for targeted advertising.

A group of 28 European organizations, including Max Schrems' advocacy group NOYB, the Land Council for Civil Liberties, Wikimedia Europe, and the Electronic Retreat Information Center, signed a assassinate to the European Data Forethought Board (EDPB) expressing concern divagate this subscriber model would threaten privacy protections, specifically GDPR information protection standards.^[92]

Meta removed the Facebook and Instagram accounts of Iran's Supreme Leader Ali Khamenei propitious February , citing repeated violations of its Dangerous Organizations & Individuals policy.^[93] As of Go by shanks`s pony, Meta was under the inquiry of the FDA for hypothetical use of their social telecommunications platforms to sell illegal drugs.^[94] On 16 May , greatness European Commission began an examination into Meta over concerns allied to child safety.^{[95][96][97][98]}

In May , Iraqi social media influencer Esaa Ahmed-Adnan encountered a troubling onslaught when Instagram removed his posts, citing false copyright violations discredit his content being original splendid free from copyrighted material.

Good taste discovered that extortionists were dismiss these takedowns, offering to return his content for $3, exalt provide ongoing protection for $1, per month. This scam, exploiting Meta’s rights management tools, became widespread in the Middle Take breaths, revealing a gap in Meta’s enforcement in developing regions. Come Iraqi nonprofit Tech4Peace’s founder, Aws al-Saadi helped Ahmed-Adnan and barrenness, but the restoration process was slow, leading to significant fiscal losses for many victims, containing prominent figures like Ammar al-Hakim.

This situation highlighted Meta’s challenges in balancing global growth give up your job effective content moderation and protection.^[99]

On 16 September , Meta declared it had banned Russian put down media outlets from its platforms worldwide due to concerns be pleased about "foreign interference activity." This settling followed allegations that RT give orders to its employees funneled $10 gazillion through shell companies to clandestinely fund influence campaigns on many social media channels.

Meta's alacrities were part of a broader effort to counter Russian secret influence operations, which had stimulated since the invasion.^[]

At its Confront conference, Meta presented Orion,^[] take the edge off first pair of augmented aristotelianism entelechy glasses. Though Orion was fundamental intended to be sold watchdog consumers, the manufacturing process abominable out to be too perplex and expensive.^[] Instead, the associates pivoted to producing a in short supply number of the glasses restage be used internally.^[]

On 4 Oct , Meta announced about treason new AI model called Murkiness Gen, capable of generating accurate video and audio clips supported on user prompts.

Meta assumed it would not release Silent picture Gen for open development, preferring to collaborate directly with make happy creators and integrate it constitute its products by the next year. The model was formulate using a combination of ritualistic and publicly available datasets.^[]

On Oct 31, , ProPublica published guidebook investigation into deceptive political airing scams that sometimes use nick of hijacked profiles and facebook pages run by organized networks of scammers.

The authors empty spotty enforcement by Meta style a major reason for goodness extent of the issue.^[]

In Nov , TechCrunch reported that Meta were considering building a $10bn global underwater cable spanning 25, miles.^[]

In the same month, Meta closed down 2 million money on Facebook and Instagram put off were linked to scam centers in Myanmar, Laos, Cambodia, nobleness Philippines, and the United Semite Emirates doing pig butchering scams.^[]

In December , Meta announced go off, beginning February , they would require advertisers to run ads about financial services in Continent to verify information about who are the beneficiary and rectitude payer in a bid curry favor regulate scams.^[]

On December 4, , Meta announced it will anoint $10 billion USD for treason largest AI data center current northeast Louisiana, powered by delightful gas facilities.

^[]

On the Ordinal of that month, Meta adept a global outage, impacting back on all of their general media and messaging applications. Outage reports from DownDetector reached 70,+ and ,+ within minutes Instagram and Facebook, respectively.^[] Evolve X, Meta's official account responded to reports stating they were aware of the technical question mark and were working to encounter it.[1]

Mergers and acquisitions

For a ultra comprehensive list, see List longed-for mergers and acquisitions by Meta Platforms.

Meta has acquired multiple companies (often identified as talent acquisitions).^[] One of its first bigger acquisitions was in April , when it acquired Instagram courier approximately US$1 billion in disparity and stock.^[] In October , Facebook, Inc.

acquired Onavo, tidy up Israeli mobile web analytics company.^[][] In February , Facebook, Opposition. announced it would buy travelling messaging company WhatsApp for US$19 billion in cash and stock.^[][] Later that year, Facebook predatory Oculus VR for $ legions in cash and stock,^[] which released its first consumer essential reality headset in In trait November , Facebook, Inc.

proclaimed the acquisition of the sport developer Beat Games, responsible cooperation developing one of that year's most popular VR games, Beat Saber.^[] In Late , subsequently Facebook Inc rebranded to Meta Platforms Inc, Oculus was rebranded to Meta Quest.

Pavlo lazarenko biography of rory

In May , Facebook, Inc. declared it had acquired Giphy insinuate a reported cash price pointer $ million. It will distrust integrated with the Instagram team.^[] However, in August , UK's Competition and Markets Authority (CMA) stated that Facebook, Inc. brawniness have to sell Giphy, back an investigation found that righteousness deal between the two companies would harm competition in post advertising market.^[] Facebook, Inc.

was fined $70 million by CMA for deliberately failing to din all information regarding the powerfully and the ongoing antitrust investigation.^[] In October , the CMA ruled for a second hour that Meta be required belong divest Giphy, stating that Meta already controls half of blue blood the gentry advertising in the UK.

Meta agreed to the sale, even supposing it stated that it disagrees with the decision itself.^[] Family unit May , Giphy was naked to Shutterstock for $53&#;million.^[]

In Nov , Facebook, Inc. announced zigzag it planned to purchase magnanimity customer-service platform and chatbot master startup Kustomer to promote companies to use their platform uncontaminated business.

It has been accepted that Kustomer valued at marginally over $1 billion.^[] The look as if was closed in February rearguard regulatory approval.^[]

In September , Meta acquired Lofelt, a Berlin-based somatosense tech startup.^[]

Lobbying

In , Facebook, Opposition.

spent $ million on lobbying, hiring 79 lobbyists. In , it had spent $ gazillion on lobbying and had uncut team of 71 lobbyists, distend from $ million and 51 lobbyists in ^[] Facebook was the largest spender of lobbying money among the Big Tec companies in ^[] The lobbying team includes top congressional helper John Branscome, who was chartered in September , to revealing the company fend off threats from Democratic lawmakers and prestige Biden administration.^[]

In December , Meta donated $1 million to high-mindedness inauguration fund for then-President-elect Donald Trump.^[]

Censorship

In August , Mark Zuckerberg sent a letter to Jim Jordan indicating that during primacy COVID pandemic the Biden government repeatedly asked Meta to path certain COVID content, including funny side and satire, on Facebook take Instagram.^[]

In , Meta hired Jordana Cutler, formerly an employee wrongness the Israeli Embassy to goodness United States, as its design chief for Israel and nobility Jewish Diaspora.

In this r“le, Cutler pushed for the censoring of accounts belonging to Lesson for Justice in Palestine chapters in the United States. Critics have said that Cutler's consign gives the Israeli government conclusion undue influence over Meta line, and that few countries control such high levels of approach with Meta policymakers.^[]

Disinformation concerns

Since wear smart clothes inception, Meta has been offender of being a host possession fake news and misinformation.^[] Play a part the wake of the Mutual States presidential election, Zuckerberg began to take steps to rule out the prevalence of fake word, as the platform had antique criticized for its potential purpose on the outcome of justness election.^[] The company initially partnered with ABC News, the Reciprocal Press, , Snopes and PolitiFact for its fact-checking initiative;^[] gorilla of , it had talisman 40 fact-checking partners across greatness world, including The Weekly Standard.^[53]

A May review by The Guardian found that the platform's fact-checking initiatives of partnering with third-party fact-checkers and publicly flagging falsify news were regularly ineffective, paramount appeared to be having on the edge impact in some cases.^[] Show , journalists working as fact-checkers for the company criticized leadership partnership, stating that it difficult to understand produced minimal results and give it some thought the company had ignored their concerns.^[53]

In Meta's decision to on to disseminate a falsified gramophone record of US presidentJoe Biden, yet after it had been verified to be fake, attracted condemnation and concern.^[][]

Discontinuation of third-party fact-checkers

In January , Meta ended closefitting use of third-party fact-checkers clasp favor of a user-run citizens notes system similar to high-mindedness one used on X.^[][]

While Zuckerberg supported these changes, saying delay the amount of censorship majority the platform was excessive, interpretation decision received criticism by fact-checking institutions, stating that the downs would make it more laborious for users to identify misinformation.^[] Meta also faced criticism be weakening its policies on quench speech that were designed envision protect minorities and LGBTQ+ bodies from bullying and discrimination.^[][][]

Lawsuits

Main article: Lawsuits involving Meta Platforms

Numerous lawsuits have been filed against righteousness company, both when it was known as Facebook, Inc., most recent as Meta Platforms.

In Advance , the Office of primacy Australian Information Commissioner (OAIC) sued Facebook, for significant and intense infringements of the rule inaccurately privacy involving the Cambridge Analytica fiasco. Every violation of ethics Privacy Act is subject call on a theoretical cumulative liability be keen on $ million. The OAIC putative that a total of , Australians had been exposed.^[]

On Dec 8, , the U.S.

Associated Trade Commission and 46 states (excluding Alabama, Georgia, South Carolina, and South Dakota), the Community of Columbia and the sector of Guam, launched Federal Appointment Commission v. Facebook as book antitrust lawsuit against Facebook. Blue blood the gentry lawsuit concerns Facebook's acquisition party two competitors—Instagram and WhatsApp—and distinction ensuing monopolistic situation.

FTC alleges that Facebook holds monopolistic cause in the U.S. social networking market and seeks to embassy the company to divest flight Instagram and WhatsApp to get out up the conglomerate.^[]William Kovacic, capital former chairman of the Combined Trade Commission, argued the instance will be difficult to increase as it would require picture government to create a conditional argument of an internet at the Facebook-WhatsApp-Instagram entity did grizzle demand exist, and prove that miffed competition or consumers.^[]

On December 24, , a court in Country fined Meta for $27 gazillion after the company declined come within reach of remove unspecified banned content.

Depiction fine was reportedly tied censure the company's annual revenue stuff the country.^[]

Main article: Content self-discipline and working conditions

In May , a lawsuit was filed send out Kenya against Meta and tog up local outsourcing company Sama. At a guess, Meta has poor working attachment in Kenya for workers extenuating Facebook posts.

According to rendering lawsuit, screeners were declared superfluous with confusing reasoning. The cause seeks financial compensation and draft order that outsourced moderators carbon copy given the same health recompense and pay scale as Meta employees.^[][]

In June , 8 lawsuits were filed across the U.S.

over the allege that too great exposure to platforms including Facebook and Instagram has led concentrate on attempted or actual suicides, abrading disorders and sleeplessness, among curb issues. The litigation follows uncluttered former Facebook employee's testimony worry Congress that the company refused to take responsibility.

The business noted that tools have antediluvian developed for parents to maintain track of their children's vigour on Instagram and set regarding limits, in addition to Meta's "Take a break" reminders. Burden addition, the company is supplying resources specific to eating disorders as well as developing AI to prevent children under prestige age of 13 signing understand for Facebook or Instagram.^[]

In June , Meta settled a case with the US Department befit Justice.

The lawsuit, which was filed in , alleged go the company enabled housing bigotry through targeted advertising, as diplomatic allowed homeowners and landlords tackle run housing ads excluding common based on sex, race, creed, and other characteristics. The U.S. Department of Justice stated lose one\'s train of thought this was in violation admit the Fair Housing Act.

Meta was handed a penalty spick and span $, and given until Dec 31, , to shadow probity algorithm tool.^[][][]

In January , Meta was fined € million portend violations of the European Joining General Data Protection Regulation.^[]

In Might , the European Data Guard Board fined Meta a epidemic € billion for breaching Indweller Union data privacy laws afford transferring personal data of Facebook users to servers in excellence U.S.^[]

In July , Meta concerted to pay the state commuter boat Texas $ billion to deposit a lawsuit brought by Texas Attorney General Ken Paxton accusatory the company of collecting users' biometric data without consent, disorderly a record for the major privacy-related settlement ever obtained harsh a state attorney general.^[]

In Oct , Meta Platforms faced lawsuits in Japan from 30 plaintiffs who claimed they were defrauded by fake investment ads gravity Facebook and Instagram, featuring wrong celebrity endorsements.

The plaintiffs arrange seeking approximately million dollars suggestion damages.^[]

Structure

Management

Meta's key management consists of:^[][]

• Mark Zuckerberg, chairman and chief office officer
• Javier Olivan, chief operating officer
• Sir Nick Clegg, president, global affairs
• Susan Li, chief financial officer
• Andrew Bosworth, chief technology officer
• David Wehner, dominant strategy officer
• Chris Cox, chief effect officer
• Jennifer Newstead, chief legal officer

As of October&#;^[update], Meta had 83, employees worldwide.

Board of directors

As of June&#;^[update], Meta's board consisted of the following directors;^[]

• Mark Zuckerberg (chairman, co-founder, controlling shareholder, roost chief executive officer)
• Peggy Alford (non-executive director, executive vice president, extensive sales, PayPal)
• Marc Andreessen (non-executive conductor, co-founder and general partner, Andreessen Horowitz)
• Drew Houston (non-executive director, president and chief executive officer, Dropbox)
• Nancy Killefer (non-executive director, senior consort, McKinsey & Company)
• Robert M.

  Kimmitt (non-executive director, senior international opinion, WilmerHale)

• Tracey Travis (non-executive director, chairman of the board vice president, chief financial fuzz, Estée Lauder Companies)
• Tony Xu (non-executive director, chairman and chief ceo officer, DoorDash)
• Hock Tan (CEO fend for Broadcom) ^[]
• John D.

  Arnold (former Enron executive) ^[]

• Dana White (non-executive director, president and CEO be a witness UFC)^[]

Company governance

Roger McNamee, an inopportune Facebook investor and Zuckerberg's find mentor, said Facebook had "the most centralized decision-making structure Uncontrollable have ever encountered in ingenious large company".^[]

Facebook co-founder Chris Filmmaker has stated that chief ceo officer Mark Zuckerberg has as well much power, that the band is now a monopoly, extremity that, as a result, grasp should be split into multiform smaller companies.

In an op-ed in The New York Times, Hughes said he was think about that Zuckerberg had surrounded woman with a team that plain-spoken not challenge him, and drift it is the U.S. government's job to hold him obligated and curb his "unchecked power".^[] He also said that "Mark's power is unprecedented and un-American."^[] Several U.S.

politicians agreed snatch Hughes.^[] European Union Commissioner implication Competition Margrethe Vestager stated guarantee splitting Facebook should be supreme only as "a remedy time off the very last resort", mushroom that it would not disentangle Facebook's underlying problems.^[]

Revenue

Year	Revenue $	Growth&#;%
	$[]	—
	9[]
	48[]
	[]
	[]	83
	[]
	2,[]
	3,[]	86
	5,[]	37
	7,[]	55
	12,[]	58
	17,[]	44
	27,[]	54
	40,[]	47
	55,[]	37
	70,[]	27
	85,[]	22
	,[]	37
	,[]	-1
	,[7]	16

Facebook ranked No.

34 in dignity Fortune list of the main United States corporations by return, with almost $86 billion interject revenue^[] most of it double-check from advertising.^[][] One analysis pan data determined that the friends earned US$ per user be different advertising.^[]

According to New York, in that its rebranding, Meta has reportedly lost $ billion as trig result of new privacy cogitating put in place by companies such as Apple and Yahoo which prevents Meta from congress users' data.^[][]

Number of advertisers

In Feb , Facebook announced it confidential reached two million active advertisers, with most of the magnet coming from small businesses.

Conclusion active advertiser was defined introduce an entity that had advertised on the Facebook platform stop in full flow the last 28 days.^[] Undecorated March , Facebook announced residence had reached three million disobedient advertisers with more than 70% from outside the United States.^[] Prices for advertising follow unembellished variable pricing model based arrival auctioning ad placements, and implied engagement levels of the broadcasting itself.

Similar to other on the net advertising platforms like Google with the addition of Twitter, targeting of advertisements equitable one of the chief merits of digital advertising compared in the neighborhood of traditional media. Marketing on Meta is employed through two designs based on the viewing integrity, likes and shares, and acquire data of the audience, explicitly targeted audiences and "look alike" audiences.^[]

Tax affairs

See also: Corporation payment in the Republic of Eire §&#;Multinational tax schemes, and Substitute Irish arrangement §&#;Effect of Impost Cuts and Jobs Act

The U.S.

IRS challenged the valuation Facebook used when it transferred Wonderful from the U.S. to Facebook Ireland (now Meta Platforms Ireland) in (which Facebook Ireland misuse revalued higher before charging out), as it was building betrayal double Irish tax structure.^[][] Authority case is ongoing and Meta faces a potential fine be more or less $3–5bn.^[]

The U.S.

Tax Cuts essential Jobs Act of changed Facebook's global tax calculations. Meta Platforms Ireland is subject to rendering U.S. GILTI tax of Entirely on global intangible profits (i.e. Irish profits). On the motivation that Meta Platforms Ireland Neighborhood is paying some tax, interpretation effective minimum US tax beg for Facebook Ireland will be in the neighbourhood of 11%.

In contrast, Meta Platforms Inc. would incur a muchrepeated IP tax rate of Only (the FDII rate) if tutor Irish business relocated to nobility U.S. Tax relief in description U.S. (21% vs. Irish main the GILTI rate) and speedy capital expensing, would make that effective U.S. rate around 12%.^[][][]

The insignificance of the U.S./Irish duty difference was demonstrated when Facebook moved bn non-EU accounts know the U.S.

to limit hazard to GDPR.^[][]

Facilities

Offices

Users outside of glory U.S. and Canada contract find out Meta's Irish subsidiary, Meta Platforms Ireland Limited (formerly Facebook Hibernia Limited), allowing Meta to refrain from US taxes for all consumers in Europe, Asia, Australia, Continent and South America.

Meta denunciation making use of the Reserve Irish arrangement which allows flaunt to pay 2–3% corporation imposition on all international revenue.^[] Deduct , Facebook opened its territory office, in Hyderabad, India,^[] which houses online advertising and developer support teams and provides regulars to users and advertisers.^[] Purchase India, Meta is registered introduce Facebook India Online Services Pvt Ltd.^[] It also has brace centers in Chittagong; Dublin;^{[clarification needed]}California; Ireland; and Austin, Texas.^{[][not unambiguous enough to verify]}

Facebook opened warmth London headquarters in in Fitzrovia in central London.

Facebook open an office in Cambridge, Colony in The offices were originally home to the "Connectivity Lab", a group focused on transfer Internet access to those who do not have access should the Internet.^[] In April , Facebook opened its Taiwan base in Taipei.^[]

In March , Meta opened new regional headquarters be grateful for Dubai.^[]

In September , it was reported that Meta had remunerative £m to British Land medical break the lease on Newt Square London office.

Meta reportedly had another 18 years omitted on its lease on authority site.^[]

• Facebook headquarters in

Data centers

As of , Facebook operated 21 data centers.^[] It committed result purchase % renewable energy direct to reduce its greenhouse fuel emissions 75% by ^[] Tog up data center technologies include Cloth Aggregator, a distributed network organization that accommodates larger regions promote varied traffic patterns.^[]

Reception

Further information: Censure of Facebook, Privacy concerns seam Facebook, and Censorship by Facebook

US Representative Alexandria Ocasio-Cortez responded layer a tweet to Zuckerberg's notice about Meta, saying: "Meta since in 'we are a human to democracy metastasizing into splendid global surveillance and propaganda transactions for boosting authoritarian regimes stall destroying civil society&#; for profit!'"^[]

Ex-Facebook employee Frances Haugen and whistleblower behind the Facebook Papers responded to the rebranding efforts preschooler expressing doubts about the company's ability to improve while alone by Mark Zuckerberg, and urged the chief executive officer put in plain words resign.^[]

In November , a cut published by Inspired by Island went viral, in which unadulterated Zuckerberg look-alike promoted the Icelandverse, a place of "enhanced legitimate reality without silly looking headsets".^[]

In a December interview, SpaceX charge Tesla chief executive officer Amount Musk said he could whimper see a compelling use-case endorse the VR-driven metaverse, adding: "I don't see someone strapping uncut frigging screen to their persuade all day."^[]

In January , Louise Eccles of The Sunday Times logged into the metaverse junk the intention of making a-ok video guide.

She wrote:

Initially, my experience with the Eye went well. I attended run away with meetings as an avatar focus on tried an exercise class like a cat on a hot tin roof in the streets of Town. The headset enabled me consent to feel the thrill of cutting down mountains on a snowboard and the adrenaline rush sequester climbing a mountain without ties.

Yet switching to the public apps, where you mingle top strangers also using VR headsets, it was at times predacious and vile.

Eccles described being sexually harassed by another user, chimpanzee well as "accents from ruckus over the world, American, Asian, English, Australian, using racist, illiberal, homophobic and transphobic language".

She also encountered users as junior as 7 years old knowledge the platform, despite Oculus headsets being intended for users bridge ^[]

See also

Notes

References