Meta Platforms Inc., owner of Facebook, Instagram, and WhatsApp, slashed jobs across its business and operations units on Wednesday as part of a plan announced last fall to eliminate 10,000 jobs in the course of a broader restructuring program. Dozens of Meta employees from enterprise engineering, marketing, corporate communications, site security, program management, and content…
Facebook Owner Meta Slashes Business Operations Staff in Final Round of Mass Layoffs
May 25, 2023
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Supreme Court Refuses to Halt Lawsuit Against Israeli Spyware Maker
The Supreme Court on Jan. 9 allowed Facebook parent Meta to move forward with a lawsuit claiming Israeli spyware maker NSO Group improperly accessed WhatsApp servers as it was installing spyware on the electronic devices of some users. NSO Group had asked the high court to halt the lawsuit in the petition filed in NSO…
Facebook Fined $277 Million for Privacy Violations
November 28, 2022
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Ireland’s Data Protection Commission (DPC) has slapped Facebook owner Meta Platforms Ireland Limited (MPIL) with a fine of €265 million ($277 million) for violating user privacy. The penalty is related to an investigation that began in April last year after it came to light that a collated dataset of Facebook personal data was available online,…
Lawsuits Allege Instagram Endangers Teens’ Mental Health
Some addictive products come from screens, not syringes, according to new lawsuits against Instagram. As stated in whistleblower documents, Instagram’s parent company Meta knew for years that its network caused addiction that damaged children’s mental health. Lawsuits by eight former teen Instagram users including Laura Ashman, Chesapeake Dowdy, and Brianna Perez demand damages based on Instagram’s alleged…
Instagram Fined Over 400 Million Euros by Ireland for Mishandling Children’s Data
September 6, 2022
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Meta-owned Instagram has been fined 405 million euros ($403 million) by the Irish Data Protection Commission after it was found that the platform violated European privacy law General Data Protection Regulation (GDPR). In 2020, the Irish Data Protection Commission kicked off an investigation into Instagram because the platform made accounts of children between the ages…
Meta Raises $10 Billion in First-Ever Bond Offering
Facebook-parent Meta Platforms Inc. said on Tuesday it had raised $10 billion in its first-ever bond offering, as it looks to fund share buybacks and investments to revamp its business. The offering would help Meta, the only one among big technology companies without debt on its books, to build a more traditional balance sheet and…
Meta Downsizing Hiring Plans Amid Warnings of Layoffs
July 2, 2022
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Meta, the owner of Facebook, is planning to scale down its hiring activities, CEO Mark Zuckerberg revealed on June 30 while also indicating that some workers will lose their jobs. Speaking during a weekly employee Q&A session, Zuckerberg expressed worries about the state of the economy, warning workers to brace for a deep economic downturn….
Meta Closes Kustomer Deal After Regulatory Approval
Meta Platforms Inc. said on Tuesday it had closed its acquisition of Kustomer, a U.S. customer service startup, after winning conditional EU antitrust approval for the deal last month. The purchase was first announced in November 2020 but got delayed due to regulatory scrutiny including a full-scale investigation from the European Commission. The probe came…
Cooperman, Lone Pine Among Funds That Dumped Meta Before Earnings Rout
February 16, 2022
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NEW YORK—Billionaire Leon Cooperman, hedge fund Lone Pine Capital, and mutual fund manager Polen Capital were among firms that greatly reduced their positions in Facebook-parent Meta Platforms Inc. in the quarter that ended Dec. 31, potentially protecting them from some losses during the company’s record one-day plunge in Feb, according to securities filings released on…
Waning Enthusiasm, Competition Weigh on Meta Stock in Earnings Fallout
Facebook’s parent company, Meta Platforms, extended its losses Monday, hovering around $230 a share, as the fallout from a rough earnings report intensifies. In its fourth-quarter report, the social media giant formerly known as Facebook confirmed earnings of $3.67 per share, down from $3.88 a share last year. Earnings also fell short of the market…
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