[72], In 2020, Facebook, Inc. spent $19.7 million on lobbying, hiring 79 lobbyists. 86852664)", United States Patent and Trademark Office, "Chan Zuckerberg Initiative acquires and will free up science search engine Meta", "Chan Zuckerberg Initiative to sunset its Meta project", "An Anti-Facebook Manifesto, by an Early Facebook Investor", "It's Time for Mark Zuckerberg to Give Up Control of Facebook", "Facebook co-founder Chris Hughes calls for company's breakup", "Opinion | It's Time to Break Up Facebook", "More politicians side with Facebook co-founder on breaking up company", "EU competition commissioner: Facebook breakup would be 'last resort', "Facebook's IPO: An End To All The Revenue Speculation", "Facebook Turns Down $8 billion Valuation Term Sheet, Claims 2009 Revenues Will Be $550 million", "Report: Facebook Revenue Was $777 Million In 2009, Net Income $200 Million", "Facebook 2010 Sales Said Likely to Reach $2 Billion, More Than Estimated", "Facebook Reports Fourth Quarter and Full Year 2012 Results", "Facebook Reports Fourth Quarter and Full Year 2013 Results", "Facebook Reports Fourth Quarter and Full Year 2014 Results", "Facebook Reports Fourth Quarter and Full Year 2015 Results", "Facebook Reports Fourth Quarter and Full Year 2017 Results", "Facebook Reports Fourth Quarter and Full Year 2018 Results", "Facebook Reports Fourth Quarter and Full Year 2020 Results", "Facebook's Ad Revenue Hit $1.86B for 2010", "Facebook Revenue Will Reach $4.27 Billion, EMarketer Says", "Zuckerberg Has Burned $500 Billion Turning Facebook to Meta", "Facebook has lost $500 billion since rebranding to Meta", "Active, in this case, means the advertiser has advertised on the site in the last 28 days", "Facebook must give judge documents for U.S. tax probe of Irish unit", "Facebook's Dublin HQ central to $5bn US tax probe", "Facebook Ordered to Comply With U.S. Tax Probe of Irish Unit", "Breaking Down the New U.S. Corporate Tax Law", "US corporations could be saying goodbye to Ireland", "Exclusive: Facebook to put 1.5 billion users out of reach of new EU privacy law", "Facebook moves 1.5bn users out of reach of new European privacy law", "Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes", "Facebook's Hyderabad Office Inaugurated Google vs Facebook Battle Comes To India", "Not responsible for user-generated content hosted on website: Facebook India", "Zuckerberg at Ore. Facebook data center", "Facebook to open new office in Kendall Square, adding hundreds of jobs", "Facebook opens new Taiwan headquarters in Taipei", "Sheikh Hamdan opens Meta's new regional headquarters in Dubai", "On Our Way to Lower Emissions and 100% Renewable Energy", "How Facebook's Meta branding might accidentally kill the overall metaverse", "Facebook whistleblower Haugen urges Zuckerberg to step down", "Iceland takes a swipe at Zuckerberg's 'Meta' announcement in new viral tourism video", "Elon Musk: metaverse isn't 'compelling' and Web3 'more marketing than reality', "My journey into the metaverse already a home to sex predators", https://en.wikipedia.org/w/index.php?title=Meta_Platforms&oldid=1099518758, Companies based in Menlo Park, California, Multinational companies headquartered in the United States, Social media companies of the United States, Software companies based in the San Francisco Bay Area, Technology companies based in the San Francisco Bay Area, Articles with dead external links from July 2019, Articles with permanently dead external links, Short description is different from Wikidata, Wikipedia pages semi-protected against vandalism, All Wikipedia articles written in American English, Articles containing potentially dated statements from December 2020, All articles containing potentially dated statements, Wikipedia articles needing clarification from July 2020, Wikipedia articles needing factual verification from May 2021, Articles with MusicBrainz label identifiers, Creative Commons Attribution-ShareAlike License 3.0. [21] According to Meta, the "metaverse" refers to the integrated environment that links all of the company's products and services. Similar to other online advertising platforms like Google and Twitter, targeting of advertisements is one of the chief merits of digital advertising compared to traditional media. Web Archive. [141] Its data center technologies include Fabric Aggregator, a distributed network system that accommodates larger regions and varied traffic patterns. Some content may be protected under international law. [81] [82][83], Following a period of intense scrutiny and damaging whistleblower leaks, news started to emerge on October 21, 2021, about Facebook's plan to rebrand the company and to change its name. [101], Facebook ranked No. [22][23][24], Facebook filed for an initial public offering (IPO) on January 1, 2012. '"[143], Ex-Facebook employee Frances Haugen and whistleblower behind the Facebook Papers responded to the rebranding efforts by expressing doubts about the company's ability to improve while led by Mark Zuckerberg, and urged the CEO to resign. Copyright 2022 MDD Group FZE LLC All rights reserved. Write to us at info@bnamericas.com or call us at +56 (2) 29410300 to schedule a demonstration of our platform. This was useful Mercantile Agency (New York, N.Y.) - R.G. Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, Chris Hughes, Facebook, Instagram, Messenger, WhatsApp, Oculus, Mapillary, Workplace, Portal, Diem, Coinspeaker.com uses cookies to ensure the best experience for you, US Stock Market Takes Plunge as Major Indexes Struggle, Snapchat to Allow Users to Apply NFTs as Filters, Meta Separates Further from Facebook as It Advances into Metaverse, https://en.wikipedia.org/wiki/Meta_Platforms. Some sites in this collection may be restricted to onsite access only; see the Access Condition statement in each item record for more information. [97], Facebook co-founder Chris Hughes has stated that CEO Mark Zuckerberg has too much power, that the company is now a monopoly, and that, as a result, it should be split into multiple smaller companies. [43][44] The earlier motto had been described as Zuckerberg's "prime directive to his developers and team" in a 2009 interview in Business Insider, in which he also said, "Unless you are breaking stuff, you are not moving fast enough. [48] Depending on when it receives approval from the Swiss Financial Market Supervisory authority to operate as a payments service, the Libra Association plans to launch a limited format cryptocurrency in 2021. [30][31] The New York Times stated that the offering overcame questions about Facebook's difficulties in attracting advertisers to transform the company into a "must-own stock". Zuckerberg stated that Javier Olivan would replace Sandberg, though in a "more traditional" role. [100] European Union Commissioner for Competition Margrethe Vestager stated that splitting Facebook should be done only as "a remedy of the very last resort", and that it would not solve Facebook's underlying problems. [90] Following the Facebook/Meta rebranding announcement, CZI announced that it had already decided to deprioritize the earlier Meta project, that it would be transferring its rights to the name to Meta Platforms, and that the project would be sunset in 2022. In October 2021, media outlets reported that the parent company of Facebook planned to change its name to reflect its focus on building themetaverse,it was rebranded as Meta later that month on October 28. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. [127][128][129], The insignificance of the US/Irish tax difference was demonstrated when Facebook moved 1.5bn non-EU accounts to the US to limit exposure to GDPR. The stock price left the company with a higher market capitalization than all but a few U.S. corporationssurpassing heavyweights such as Amazon, McDonald's, Disney, and Kraft Foodsand made Zuckerberg's stock worth $19 billion. [138], In March 2022, Meta opened new regional headquarters in Dubai. Get all the information about Meta Platforms, Inc. (Meta), a company operating mainly in the ICT sector. On this episode of Accelerate, well look at how one Hyperloop track could take passengers from San Francisco to Los Angeles in a half hour, and how Hyperloop networks could redefine the economies of entire continents. [52] In meeting with Meta staff the day after earnings were reported, Zuckerberg blamed competition for user attention, particularly from video-based apps like TikTok, for the poor financial performance. [50] The company also expected measures taken by Apple, Inc. to protect user privacy to cost it some $10 billion in advertisement revenue, an amount equal to roughly 8% of its revenue for 2021. "[45], In 2018, Oculus lead Jason Rubin sent his 50-page vision document titled The Metaverse to Facebook's leadership. How Do I Find It? The Library of Congress is making its Web Archives Collection available for educational and research purposes. [26] After the IPO, Zuckerberg would retain a 22% ownership share in Facebook and would own 57% of the voting shares. Meta, formerly Facebook, Inc., is a US social technology company and parent company of the social media apps Facebook, Instagram (acquired in 2011), WhatsApp (acquired in 2014); the messaging app Messenger, the VR headset Oculus, the communication tool for businesses Workplace, the family of video-calling devices Portal; and the digital wallet Novi. The opening was widely described by the financial press as a disappointment. United States, 2012. [126], The US Tax Cuts and Jobs Act of 2017 changed Facebook's global tax calculations. The catalog record for each archived website contains the specific information about the site known to the Library. [73] Facebook was the largest spender of lobbying money among the 5 Big Tech companies in 2020.[74]. That year, the company announced it is working on building a 3D virtual social spaces environment called the Metaverse. [42], On May 2, 2014, Zuckerberg announced that the company would be changing its internal motto from "Move fast and break things" to "Move fast with stable infrastructure". [55] Zuckerberg controls 13% of Meta, and the holding makes up the bulk of his wealth. Every violation of the Privacy Act is subject to a theoretical cumulative liability of $1.7 million. [140] It committed to purchase 100% renewable energy and to reduce its greenhouse gas emissions 75% by 2020. I attended work meetings as an avatar and tried an exercise class set in the streets of Paris. Researchers are advised to follow standard citation guidelines for websites, pages, and articles. Many, if not all, of the websites in the collection and elements incorporated into the websites (e.g., photographs, articles, graphical representations) are protected by copyright. [49], Soon after the rebranding of the company, in early February 2022, Meta reported a greater-than-expected decline in profits in the fourth quarter of 2021. [38], On May 22, 2012, regulators from Wall Street's Financial Industry Regulatory Authority announced that they had begun to investigate whether banks underwriting Facebook had improperly shared information only with select clients rather than the general public. Massachusetts Secretary of State William Galvin subpoenaed Morgan Stanley over the same issue. A I o CATALOG OF AUXILIARY IN AND AMERICAN PHOTOPIINTS DOCUMENTATION 1719 N STIIIT, N.W. [67], In May 2020, Facebook, Inc. announced it had acquired Giphy for a reported cash price of $400 million. Connect with its key contacts, projects, shareholders, related news and more. [19] In 2021, the company generated 97.5% of its revenue from the sale of advertisement placements to marketers. [124][125] The case is ongoing and Meta faces a potential fine of $35bn. Meta has over 80 offices and 17 data centers worldwide. Request demo. [132] In 2010, Facebook opened its fourth office, in Hyderabad, India,[133] which houses online advertising and developer support teams and provides support to users and advertisers. [94], As of January 2022, Meta's board consisted of the following directors;[95], Early Facebook investor and former Zuckerberg mentor Roger McNamee described Facebook as having "the most centralized decision-making structure I have ever encountered in a large company. [144], In November 2021, a video published by Inspired by Iceland went viral, in which a Zuckerberg look-alike promoted the Icelandverse, a place of "enhanced actual reality without silly looking headsets. Its users share over 100 billion messages and 1 billion stories every day. [56], According to published reports by Bloomberg News on March 30, 2022, Meta turned over data such as phone numbers, physical addresses, and IP addresses to hackers posing as law enforcement officials using forged documents. Allegedly, Meta has poor working conditions in Kenya for workers moderating Facebook posts. The Library has obtained permission for the use of many materials in the Collection, and presents additional materials for educational and research purposes in accordance with fair use under United States copyright law. The fine was reportedly tied to the company's annual revenue in the country. She wrote: Initially, my experience with the Oculus went well. Marketing on Meta is employed through two methods based on the viewing habits, likes and shares, and purchasing data of the audience, namely targeted audiences and "look alike" audiences. WASHINGTON 6, D.C. 1946 INSn1U1E AMERICAN DOCUMENTATION INSTITUTE CA TALOG OF AUXILIARY PUBLICAnON 1._ .. II, , Its Not Here! Kindred Healthcare Incorporated (NYSE: KND) is a healthcare services company that operates hospitals, nursing centers, and contract rehabilitation services across the United States. "[96] Nathan Schneider, a professor of media studies at the University of Colorado Boulder argued for transforming Facebook into a platform cooperative owned and governed by the users. Meta Platform is also involved in advertisements, augmented, and virtual reality. Across all its products, Meta has a user base of more than 3 billion people, supporting more than 200 million businesses. [20], In October 2021, the parent company of Facebook changed its name from Facebook, Inc. to Meta in order to "reflect its focus on building the metaverse". Meta offers other products and services, includingFacebook,Messenger,Facebook Watch, andFacebook Portal. [66], In April 2020, Facebook, Inc. announced a $5.7-billion deal with the Indian multinational conglomerate Reliance Industries to purchase approximately 10 percent of Jio Platforms, Reliance's digital media and services entity. More about Copyright and Other Restrictions. [30] Writers at TechCrunch, on the other hand, expressed skepticism, stating, "That's a big multiple to live up to, and Facebook will likely need to add bold new revenue streams to justify the mammoth valuation". View 199 Items. Jimmy Lee of JPMorgan Chase described it as "the next great blue-chip". [Web Archive] Retrieved from the Library of Congress, https://www.loc.gov/item/lcwaN0016759/. [17], Meta is one of the world's most valuable companies. [78], In May 2022, a lawsuit was filed in Kenya against Meta and its local outsourcing company Sama. Tax relief in the US (21% vs. Irish at the GILTI rate) and accelerated capital expensing, would make this effective US rate around 12%. The stock market turned up underwhelming numbers on Thursday as talks of a recessionary plunge continue to dominate the financial outlook. It has been reported that Kustomer valued at slightly over $1 billion. The Library of Congress would like to hear from any copyright owners who are not properly identified on this website so that we may make the necessary corrections. [36] The stock nonetheless set a new record for trading volume of an IPO. Eccles described being sexually harassed by another user, as well as "accents from all over the world, American, Indian, English, Australian, using racist, sexist, homophobic and transphobic language". [37] On May 25, 2012, the stock ended its first full week of trading at $31.91, a 16.5% decline. Reproduction in whole or in part in any form or medium without express written permission of MDD Group FZE LLC is prohibited. [53], The 27% reduction in the company's share price which occurred in reaction to the news eliminated some $230 billion of value from Meta's market capitalization. Not all content that the Library has archives for is currently available through the Librarys website. In addition to halting the need for Facebook credentials, Meta is also changing its marketing strategy. [27], Underwriters valued the shares at $38 each, valuing the company at $104 billion, the largest valuation to date for a newly public company. https://www.loc.gov/item/lcwaN0016759/. [79], In June 2022, 8 lawsuits were filed across the US over the allege that excessive exposure to platforms including Facebook and Instagram has let to attempted or actual suicides, eating disorders and sleeplessness, among other issues. [68] However, in August 2021, UK's Competition and Markets Authority (CMA) stated that Facebook, Inc. might have to sell Giphy, after an investigation found that the deal between the two companies would harm competition in display advertising market. For guidance about compiling full citations consult Citing Primary Sources. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Retrieved from the Library of Congress, . In February 2014, Facebook, Inc. announced it would buy mobile messaging company WhatsApp for US$19 billion in cash and stock. You are responsible for deciding whether your use of the items in this collection is legal. The company noted that tools have been developed for parents to keep track of their childrens activity on Instagram and set time limits in addition to Meta's Take a break reminders. The Library of Congress is making its Web Archives Collection available for educational and research purposes. a convenience, and may not be complete or accurate.