Meta Platforms, Inc. (doing business as Meta) is an American multinational technology company headquartered in Menlo Park, California. Meta owns and operates several prominent social media platforms and communication services, including Facebook, Instagram, WhatsApp, Messenger, and Threads. The company also operates an advertising network for its own sites and third parties; as of 2023, advertising accounted for 97.8 percent of its total revenue. Meta has been described as a part of Big Tech, which refers to the largest six tech companies in the United States, Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, and Nvidia, which are also the largest companies in the world by market capitalization.
The company was originally established in 2004 as TheFacebook, Inc., and was renamed Facebook, Inc. in 2005. In 2021, it rebranded as Meta Platforms, Inc. to reflect a strategic shift toward developing the metaverse—an interconnected digital ecosystem spanning virtual and augmented reality technologies.
In 2023, Meta was ranked 31st on the Forbes Global 2000 list of the world's largest public companies. As of 2022, it was the world's third-largest spender on research and development, with R&D expenses totaling US$35.3 billion.
Facebook filed for an initial public offering (IPO) on January 1, 2012. The preliminary prospectus stated that the company sought to raise $5 billion, had 845 million monthly active users, and a website accruing 2.7 billion likes and comments daily. After the IPO, Zuckerberg would retain 22% of the total shares and 57% of the total voting power in Facebook.
Underwriters valued the shares at $38 each, valuing the company at $104 billion, the largest valuation yet for a newly public company. On May 16, one day before the IPO, Facebook announced it would sell 25% more shares than originally planned due to high demand. The IPO raised $16 billion, making it the third-largest in US history (slightly ahead of AT&T Mobility and behind only General Motors and Visa). The price left the company with a higher capitalization than all but a few U.S. corporations—surpassing heavyweights such as Amazon, McDonald's, Disney, and Kraft Foods—and made Zuckerberg's stock worth $19 billion. 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". Jimmy Lee of JPMorgan Chase described it as "the next great blue-chip". 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."
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Trading in the stock, which began on May 18, was delayed that day due to technical problems with the Nasdaq exchange. The stock struggled to stay above the IPO price for most of the day, forcing underwriters to buy back shares to support the price. At the closing bell, shares were valued at $38.23, only $0.23 above the IPO price and down $3.82 from the opening bell value. The opening was widely described by the financial press as a disappointment. The stock set a new record for trading volume of an IPO. On May 25, 2012, the stock ended its first full week of trading at $31.91, a 16.5% decline.
On May 22, 2012, regulators from Wall Street's Financial Industry Regulatory Authority announced that it 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 F. Galvin subpoenaed Morgan Stanley over the same issue. The allegations sparked "fury" among some investors and led to the immediate filing of several lawsuits, one of them a class action suit claiming more than $2.5 billion in losses due to the IPO. Bloomberg estimated that retail investors may have lost approximately $630 million on Facebook stock since its debut. S&P Global Ratings added Facebook to its S&P 500 index on December 21, 2013.
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". 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."
In November 2016, Facebook announced the Microsoft Windows client of gaming service Facebook Gameroom, formerly Facebook Games Arcade, at the Unity Technologies developers conference. The client allows Facebook users to play "native" games in addition to its web games. The service was closed in June 2021.
Lasso was a short-video sharing app from Facebook similar to TikTok that was launched on iOS and Android in 2018 and was aimed at teenagers. On July 2, 2020, Facebook announced that Lasso would be shutting down on July 10.
In 2018, the Oculus lead Jason Rubin sent his 50-page vision document titled "The Metaverse" to Facebook's leadership. In the document, Rubin acknowledged that Facebook's virtual reality business had not caught on as expected, despite the hundreds of millions of dollars spent on content for early adopters. He also urged the company to execute fast and invest heavily in the vision, to shut out HTC, Apple, Google and other competitors in the VR space. Regarding other players' participation in the metaverse vision, he called for the company to build the "metaverse" to prevent its competitors from "being in the VR business in a meaningful way at all".
In May 2019, Facebook founded Libra Networks, reportedly to develop its own stablecoin cryptocurrency. Later, it was reported that Libra was being supported by financial companies such as Visa, Mastercard, PayPal and Uber. The consortium of companies was expected to pool in $10 million each to fund the launch of the cryptocurrency coin named Libra. Depending on when it would receive approval from the Swiss Financial Market Supervisory authority to operate as a payments service, the Libra Association had planned to launch a limited format cryptocurrency in 2021. Libra was renamed Diem, before being shut down and sold in January 2022 after backlash from Swiss government regulators and the public.
During the COVID-19 pandemic, the use of online services, including Facebook, grew globally. Zuckerberg predicted this would be a "permanent acceleration" that would continue after the pandemic. Facebook hired aggressively, growing from 48,268 employees in March 2020 to more than 87,000 by September 2022.
2021: Rebrand as Meta
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 change its name. In the Q3 2021 earnings call on October 25, Mark Zuckerberg discussed the ongoing criticism of the company's social services and the way it operates, and pointed to the pivoting efforts to building the metaverse – without mentioning the rebranding and the name change. The metaverse vision and the name change from Facebook, Inc. to Meta Platforms was introduced at Facebook Connect on October 28, 2021. Based on Facebook's PR campaign, the name change reflects the company's shifting long term focus of building the metaverse, a digital extension of the physical world by social media, virtual reality and augmented reality features.
"Meta" had been registered as a trademark in the United States in 2018 (after an initial filing in 2015) for marketing, advertising, and computer services, by a Canadian company that provided big data analysis of scientific literature. This company was acquired in 2017 by the Chan Zuckerberg Initiative (CZI), a foundation established by Zuckerberg and his wife, Priscilla Chan, and became one of their projects. Following the rebranding announcement, CZI announced that it had already decided to deprioritize the earlier Meta project, thus it would be transferring its rights to the name to Meta Platforms, and the previous project would end in 2022.
Soon after the rebranding, in early February 2022, Meta reported a greater-than-expected decline in profits in the fourth quarter of 2021. It reported no growth in monthly users, and indicated it expected revenue growth to stall. It 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. In meeting with Meta staff the day after earnings were reported, Zuckerberg blamed competition for user attention, particularly from video-based apps such as TikTok.
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. Bloomberg described the decline as "an epic rout that, in its sheer scale, is unlike anything Wall Street or Silicon Valley has ever seen". Zuckerberg's net worth fell by as much as $31 billion. Zuckerberg owns 13% of Meta, and the holding makes up the bulk of his wealth.
According to published reports by Bloomberg 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. The law enforcement requests sometimes included forged signatures of real or fictional officials. When asked about the allegations, a Meta representative said, "We review every data request for legal sufficiency and use advanced systems and processes to validate law enforcement requests and detect abuse." In June 2022, Sheryl Sandberg, the chief operating officer of 14 years, announced she would step down that year. Zuckerberg said that Javier Olivan would replace Sandberg, though in a “more traditional” role.
In March 2022, Meta (except Meta-owned WhatsApp) and Instagram were banned in Russia and added to the Russian list of terrorist and extremist organizations for alleged Russophobia and hate speech (up to genocidal calls) amid the ongoing Russian invasion of Ukraine. Meta appealed against the ban, but it was upheld by a Moscow court in June of the same year.
Also in March 2022, Meta and Italian eyewear giant Luxottica released Ray-Ban Stories, a series of smartglasses which could play music and take pictures. Meta and Luxottica parent company EssilorLuxottica declined to disclose sales on the line of products as of September 2022, though Meta has expressed satisfaction with its customer feedback.
In July 2022, Meta saw its first year-on-year revenue decline when its total revenue slipped by 1% to $28.8bn. Analysts and journalists accredited the loss to its advertising business, which has been limited by Apple's app tracking transparency feature and the number of people who have opted not to be tracked by Meta apps. Zuckerberg also accredited the decline to increasing competition from TikTok. On October 27, 2022, Meta's market value dropped to $268 billion, a loss of around $700 billion compared to 2021, and its shares fell by 24%. It lost its spot among the top 20 US companies by market cap, despite reaching the top 5 in the previous year.
In November 2022, Meta laid off 11,000 employees, 13% of its workforce. Zuckerberg said the decision to aggressively increase Meta's investments had been a mistake, as he had wrongly predicted that the surge in e-commerce would last beyond the COVID-19 pandemic. He also attributed the decline to increased competition, a global economic downturn and "ads signal loss". Plans to lay off a further 10,000 employees began in April 2023. The layoffs were part of a general downturn in the technology industry, alongside layoffs by companies including Google, Amazon, Tesla, Snap, Twitter and Lyft.
Starting from 2022, Meta scrambled to catch up to other tech companies in adopting specialized artificial intelligencehardware and software. It had been using less expensive CPUs instead of GPUs for AI work, but that approach turned out to be less efficient. The company gifted the Inter-university Consortium for Political and Social Research $1.3 million to finance the Social Media Archive's aim to make its data available to social science research.
2023: Threads, AI and all-time high stock value
In 2023, Ireland's Data Protection Commissioner imposed a record EUR 1.2 billion fine on Meta for transferring data from Europe to the United States without adequate protections for EU citizens.
In March 2023, Meta announced a new round of layoffs that would cut 10,000 employees and close 5,000 open positions to make the company more efficient. Meta revenue surpassed analyst expectations for the first quarter of 2023 after announcing that it was increasing its focus on AI. On July 6, Meta launched a new app, Threads, a competitor to Twitter.
Meta announced its artificial intelligence model Llama 2 in July 2023, available for commercial use via partnerships with major cloud providers like Microsoft. It was the first project to be unveiled out of Meta's generative AI group after it was set up in February. It would not charge access or usage but instead operate with a source-available model to allow Meta to ascertain what improvements need to be made. Prior to this announcement, Meta said it had no plans to release Llama 2 for commercial use. An earlier version of Llama was released to academics.
In August 2023, Meta announced its permanent removal of news content from Facebook and Instagram in Canada due to the Online News Act, which requires Canadian news outlets to be compensated for content shared on its platform. The Online News Act was in effect by year-end, but Meta will not participate in the regulatory process. In October 2023, Zuckerberg said that AI would be Meta's biggest investment area in 2024. Meta finished 2023 as one of the best-performing technology stocks of the year, with its share price up 150 percent. Its stock reached an all-time high in January 2024, bringing Meta within 2% of achieving $1 trillion market capitalization.
In November 2023 Meta Platforms launched an ad-free service in Europe, allowing subscribers to opt-out of personal data being collected for targeted advertising. A group of 28 European organizations, including Max Schrems' advocacy group NOYB, the Irish Council for Civil Liberties, Wikimedia Europe, and the Electronic Privacy Information Center, signed a 2024 letter to the European Data Protection Board (EDPB) expressing concern that this subscriber model would undermine privacy protections, specifically GDPR data protection standards.
Meta removed the Facebook and Instagram accounts of Iran's Supreme Leader Ali Khamenei in February 2024, citing repeated violations of its Dangerous Organizations & Individuals policy. As of March, Meta was under investigation by the FDA for alleged use of its social media platforms to sell illegal drugs. On 16 May 2024, the European Commission began an investigation into Meta over concerns related to child safety.
In May 2023, Iraqi social media influencer Esaa Ahmed-Adnan encountered a troubling issue when Instagram removed his posts, citing false copyright violations despite his content being original and free from copyrighted material. He discovered that extortionists were behind these takedowns, offering to restore his content for $3,000 or provide ongoing protection for $1,000 per month. This scam, exploiting Meta’s rights management tools, became widespread in the Middle East, revealing a gap in Meta’s enforcement in developing regions. An Iraqi nonprofit Tech4Peace’s founder, Aws al-Saadi helped Ahmed-Adnan and others, but the restoration process was slow, leading to significant financial losses for many victims, including prominent figures like Ammar al-Hakim. This situation highlighted Meta’s challenges in balancing global growth with effective content moderation and protection.
2024: Developments and controversies
On 16 September 2024, Meta announced it had banned Russian state media outlets from its platforms worldwide due to concerns about "foreign interference activity." This decision followed allegations that RT and its employees funneled $10 million through shell companies to secretly fund influence campaigns on various social media channels. Meta's actions were part of a broader effort to counter Russian covert influence operations, which had intensified since the invasion.
At its 2024 Connect conference, Meta presented Orion, its first pair of augmented reality glasses. Though Orion was originally intended to be sold to consumers, the manufacturing process turned out to be too complex and expensive. Instead, the company pivoted to producing a small number of the glasses to be used internally.
On 4 October 2024, Meta announced about its new AI model called Movie Gen, capable of generating realistic video and audio clips based on user prompts. Meta stated it would not release Movie Gen for open development, preferring to collaborate directly with content creators and integrate it into its products by the following year. The model was built using a combination of licensed and publicly available datasets.
On October 31, 2024, ProPublica published an investigation into deceptive political advertisement scams that sometimes use hundreds of hijacked profiles and facebook pages run by organized networks of scammers. The authors cited spotty enforcement by Meta as a major reason for the extent of the issue.
In November 2024, TechCrunch reported that Meta were considering building a $10bn global underwater cable spanning 25,000 miles.
In the same month, Meta closed down 2 million accounts on Facebook and Instagram that were linked to scam centers in Myanmar, Laos, Cambodia, the Philippines, and the United Arab Emirates doing pig butchering scams.
In December 2024, Meta announced that, beginning February 2025, it would require advertisers to run ads about financial services in Australia to verify information about who are the beneficiary and the payer in a bid to regulate scams.
On December 4, 2024, Meta announced it will invest US$10 billion for its largest AI data center in northeast Louisiana, powered by natural gas facilities.
On the 11th of that month, Meta experienced a global outage, impacting accounts on all of its social media and messaging applications. Outage reports from DownDetector reached 70,000+ and 100,000+ within minutes for Instagram and Facebook, respectively.
2025: Policy shifts and AI investments
In January 2025, Meta announced plans to roll back its diversity, equity, and inclusion (DEI) initiatives, citing shifts in the "legal and policy landscape" in the United States following the 2024 presidential election. The decision followed reports that CEO Mark Zuckerberg sought to align the company more closely with the incoming Trump administration, including changes to content moderation policies and executive leadership. The new content moderation policies continued to bar insults about a person's intellect or mental illness, but made an exception to allow calling LGBTQ people mentally ill because they are gay or transgender. Later that month, Meta agreed to pay $25 million to settle a 2021 lawsuit brought by Donald Trump for suspending his social media accounts after the January 6 riots. Changes to Meta's moderation policies were controversial among its oversight board, with a significant divide in opinion between the board's US conservatives and its global members.
In June 2025, Meta Platforms Inc. has decided to make a multibillion-dollar investment into artificial intelligence startup Scale AI. The financing could exceed $10 billion in value which would make it one of the largest private company funding events of all time.
In October 2025, it was announced that Meta would be laying off 600 employees in the artificial intelligence unit to perform better and simpler. It referred to its AI unit as "bloated" and are seeking to trim down the department. This mass layoff is going to impact Meta’s AI infrastructure units, Fundamental Artificial Intelligence Research unit (FAIR) and other product-related positions.
In late 2025, Meta said that it would start remove images and videos containing nudity or explicit sexual activity, including when generated by AI for teen users on Instagram.
2026: Investments in AI
In February 2026, Meta announced a long-term partnership with Nvidia. According to an analysis by Bridgewater Associates, Meta, along with Amazon, Alphabet and Microsoft are expected to collectively invest about $650 billion to scale up AI-related infrastructure in 2026.
As of March 2026, Meta is currently facing investigations in the United Kingdom and the United States related to its AI-enabled smart glasses. Regulators are examining how images and videos captured by the devices may be used in the development and improvement of artificial intelligence systems.
In March 2026, Meta agreed to allow AI rivals on WhatsApp for a year, in a bid to prevent a possible temporary order from EU antitrust regulators after complaints from competitors who were blocked from WhatsApp.
In March 2026, Meta signed an energy pledge at the White House which required it to bear the cost of new electricity generation to power its data centers.
In March 2026, Meta acquired Moltbook a social network for AI bots, where AI agents interact with one another autonomously.
On 11 March 2026, Meta revealed a roadmap of four new chips that it is making in-house. The new chips are part of the company's Meta Training and Inference Accelerator program.
On March 31, 2026, Meta unveiled two new Ray-Ban smart glasses designed for prescription lenses, expanding its lineup of AI-enabled wearable devices.
In 2026, the UK government ramped up scrutiny of social media companies. In a meeting with the executives of companies including Meta, Prime Minister Keir Starmer asked which steps they would take to ensure child online safety.
In May 2026, major publishers including Macmillan, Hachette, Cengage, Elsevier, and McGraw Hill sued Meta Platforms, alleging that Meta used their books and journal articles, without their permission, to train Llama. Reports stated that Meta was preparing to launch an agentic AI assistant designed to carry out personalized tasks across its platforms. The same month, Meta laid off 8,000 workers, or about 10% of its workforce, with a detached-sounding memo that emphasized that “success isn’t a given” in the AI race. 7,000 employees were also set to be moved to AI-focused roles.
