Our ads model is designed to provide businesses the lowest prices. Our commerce tools are available at cost or with modest fees. As a result, billions of people love our services and hundreds of millions of businesses rely on our tools. We plan to sell our devices at cost or subsidized to make them available to more people. Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers.
Facebook is one of the most used technology products in the history of the world. In our DNA, we build technology to bring people together. The metaverse is the next frontier in connecting people, just like social networking was when we got started.
Our work on the metaverse is not just one of these segments. The metaverse encompasses both the social experiences and future technology. But all of our products, including our apps, now share a new vision: to help bring the metaverse to life. And now we have a name that reflects the breadth of what we do. From now on, we will be metaverse-first, not Facebook-first.
As our new brand starts showing up in our products, I hope people around the world come to know the Meta brand and the future we stand for.
For me, it symbolizes that there is always more to build, and there is always a next chapter to the story. Ours is a story that started in a dorm room and grew beyond anything we imagined; into a family of apps that people use to connect with one another, to find their voice, and to start businesses, communities, and movements that have changed the world.
It is a future that is beyond any one company and that will be made by all of us. His name is redacted on the version of the document I saw, and I am honoring his privacy.
Several Facebook employees commented under the post that they literally gasped when they read it. So you see the good. But you also see the bad, and I don't quite know how to reconcile these two things in my mind. And these departures haven't just begun in recent months. Plus, I am too tired to fight it. This week, I talked online with Muffet, who expressed mixed feelings about the company. A group of Italian tourists engaged him in conversation. He hesitated at first to tell them where he worked—other times he had mentioned being a Facebook employee, he had been buffeted by questions about how the company handles data—but he owned up to it.
The group almost embraced him. Their grandmother had been sick, and Facebook messages from the extended family had brightened her convalescence.
They gave him some popcorn. But the results have let them down, and they do not feel their leaders have their back. The badge posts are important because their existence refutes a key defense Facebook has been making in the wake of a Wall Street Journal series based on documents provided by former Facebook product manager Frances Haugen, as well as her charges in testimony before a Senate committee. Her remarks were the ultimate badge post.
In his statements defending Facebook, senior VP of global affairs and communications Nick Clegg claims the documents exposing the company's failure are themselves proof of its efforts to keep users safe.
According to his argument, all those papers showing how Facebook and Instagram cause harm or foment divisiveness or reward toxic speech are part of a well-engineered effort to address a microscopic dark side that hardly blemishes the overall wonderfulness of the Facebook family of apps. The system is working! But that picture is at odds with the departures of people who talk about having blood on their hands. I spoke last week to a former researcher whose badge post I did not see in the Facebook Papers.
She told me she would be in a room and provide examples of users she had spoken to, victims of hate speech or harassment. Sometimes that sort of small story gets lost.
Another complication: Facebook is structured to resist such change. Making a product shift to improve safety or reduce misinformation in something like the News Feed involves work from several teams, sometimes in the double digits.
As one badge poster noted, making an integrity change that improves safety requires approval from multiple departments. Over the past few weeks, comparisons between Facebook and Big Tobacco have gained popularity. Some estimates indicate that Instagram generates more advertising revenue than its parent company. When it acquired Instagram, Meta opted to build and grow the Instagram app independently from Meta's main Facebook platform; Instagram remains a separate platform to this day.
The price that Meta paid for Instagram, which at that time was generating no revenue, reflects Meta's willingness to pay a premium for young companies. WhatsApp is a messenger and calling service available to users throughout the world. The platform was launched in as a low-cost alternative to standard text messaging services. Throughout much of its history, WhatsApp has allowed users to send messages and make calls directly to other users for no cost, regardless of location.
Users can also send photos, videos, and documents over the platform. Meta bought WhatsApp at a time when the smaller company boasted more than million active monthly users, making it a fast-growing potential rival to the Facebook network platform. Just weeks after announcing its acquisition of WhatsApp, Meta followed up by buying virtual reality hardware and software company Oculus VR.
This company was founded in and is best known for its Oculus Rift product, a virtual reality headset that was designed for video gaming. Since Facebook's purchase of Oculus VR in , the subsidiary has made multiple acquisitions of its own. Perhaps the most prominent was the purchase of Surreal Vision, a company specializing in 3D scene mapping reconstruction. At the time that Meta acquired Oculus VR, the company had only produced a development prototype of what would become its popular headset product.
Meta's purchase of Oculus VR gave it an instant presence in the virtual reality market at a time when developers were showing growing interest in VR.
Founded in , Israeli company Onavo performs web analytics on other mobile apps to determine customer usage. At the time of the acquisition, Onavo was an independent company. Although Onavo is not one of Meta's largest acquisitions, Onavo's technology may have allowed Meta to make crucial early determinations about other companies and apps to acquire. Onavo has occasionally been classified as spyware, forcing Meta to pull Onavo from both the iOS and Android app stores in the face of criticism.
Messaging app service Beluga, founded in , was acquired by Meta a year later. Meta bought Beluga in the midst of the startup's fundraising process for an undisclosed sum. In buying Beluga, Facebook acquired the technology that eventually became the social media company's highly successful Messenger platform. In the process, Meta again expanded its offerings and eliminated a potential rival. As part of our effort to improve the awareness of the importance of diversity in companies , we have highlighted the transparency of Meta's commitment to diversity, inclusiveness, and social responsibility.
The below chart illustrates how Meta reports the diversity of its management and workforce. This shows if Meta discloses data about the diversity of its board of directors, C-Suite, general management, and employees overall, across a variety of markers.
Meta Newsroom. Facebook, Inc. The Wall Street Journal. Top Stocks.
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