Meta Platforms Inc. is a $1.7T conglomerate operating a suite of apps and digital services used by billions, including Facebook, Instagram, WhatsApp, and Facebook's standalone Messenger app. Founded and majority-controlled by billionaire Mark Zuckerberg, Meta has pioneered and shaped the popular uses of social media and its monetization for about two decades, ranking among the world's highest-valued companies.
In 2004, Facebook launched as a platform to connect student profiles at Harvard University. Innovations like the News Feed—one of the earliest algorithm-based curation approaches—boosted the app's growth exponentially, while the ability to allow advertisers to buy targeted ads based on user location and preferences ballooned revenue. After going public in 2012, Facebook surpassed 1 billion users, or about 14% of the world's population.
Facebook acquired Instagram, WhatsApp, and VR headset manufacturer Oculus before rebranding as Meta in 2021. Although successful in leading the mobile photo-sharing market and owning a dominant messaging app, Meta has faced backlash for its limited moderation of hate speech and misinformation.
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A 2023 Nature study showed that exposure to diverse content left participants with unchanged core beliefs, suggesting social media alone cannot create hateful viewpoints. However, such platforms allow rhetoric to spread widely, potentially exacerbating geopolitical tensions.
Facebook alone has nearly three billion monthly active users, with advertising across Facebook, Instagram, and WhatsApp generating 97% of Meta's revenue. Messenger adds more than 650,000 users a daily.
The controversial "FaceMash," where students rated each other's attractiveness, was the precursor to Mark Zuckerberg's social network. The platform rebranded as Meta after several acquisitions and a push into virtual reality, distancing itself from controversies.
Open source technology is software, hardware, or code that's publicly accessible for viewing or editing. Zuckerberg has been an advocate for open source since 2003 and said he wouldn't have been able to build Facebook without open source code.
Within 24 hours of launching in 2004, more than 1,200 Harvard students signed up to the platform, which quickly expanded to other Ivy League and Boston-area schools within months. By year's end, Zuckerberg left Harvard to run the company in California.
It employs machine learning techniques to prioritize posts and ads based on user interactions, content type, and the timeliness of posts to create a personalized and engaging experience unique to each user.
Meta’s social apps like Facebook and Instagram are the most high-profile part of its business, but the company has sought building out a hardware line of peripherals like the Quest headset, which combines virtual and augmented reality.
Facebook has been criticized for years for a prevalence of disinformation and hate speech, a problem that’s not just confined to digital content. The plaintiffs argue Facebook's algorithm amplified dangerous propaganda in Myanmar, contributing to violence.
A whistleblower came forward with internal documents showing employees warned leadership about the company's role in fueling political unrest and misinformation. Systems like XCheck shielded high-profile users like President Donald Trump from normal content rules, often to avoid PR backlash.
Moving beyond the controversies over fueling misinformation, division, and harm worldwide, Mark Zuckerberg expressed optimism about technology's role in connecting people. Meta's multibillion-dollar investments in integrative AR and VR technologies have further evolved its founder's vision.
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