Meta Platforms dominates the global social media industry. Two decades after Zuckerberg created Facebook in his Harvard dorm room. The company went as far as taking out full-page newspaper ads apologizing for the scandal.
Zuckerberg was forced to testify before Congress about why the company had done so little to protect its users’ privacy. The Federal Trade Commission (FTC) levied billions in fines on Meta. In 2018, a separate whistleblower revealed that Facebook had allowed British political consulting firm Cambridge Analytica to collect data improperly for political advertising in the Trump 2016 campaign. This was hardly Meta’s first brush with accusations of do-nothing behavior. Zuckerberg first announced the new Meta Platforms corporate branding just weeks after whistleblower Frances Haugen dropped bombshell allegations on the company.Ī former product manager at Facebook, Haugen asserted that senior leaders at the company were perfectly aware that its platforms were used to spread hate and disinformation but chose to do nothing and prioritize profits. Meta CEO Mark Zuckerberg has also made conquering the so-called “metaverse” a core goal. Meta’s effort to shed traces of its old name occurred after years of contentious circumstances and outright scandals, with much negative publicity accruing to the Facebook name. This completes Meta’s transformation to a holding company that owns a broad spectrum of technology applications from its old image as solely the owner of the Facebook social media platform. The name change, first announced in October 2021, is effective today. has officially changed its stock market ticker symbol to META from FB. Facebook parent company Meta Platforms, Inc.