Description
Meta Platforms, Inc., formerly named Facebook, Inc., and TheFacebook, Inc.,[ is an American multinational technology conglomerate based in Menlo Park, California. The company owns Facebook, Instagram, and WhatsApp, among other products and services. Meta is one of the world's most valuable companies and among the ten largest publicly traded corporations in the United States. It is considered one of the Big Five American information technology companies, alongside Alphabet (Google), Amazon, Apple, and Microsoft.
Meta's products and services include Facebook, Instagram, WhatsApp, Messenger, and Quest 2. It has acquired Reality Labs, Mapillary, CTRL-Labs, Kustomer, and has a 9.99% stake in Jio Platforms.[19] In 2021, the company generated 97.5% of its revenue from the sale of advertising.[20]
On October 28, 2021, the parent company of Facebook changed its name from Facebook, Inc., to Meta Platforms, Inc., to "reflect its focus on building the metaverse". According to Meta, the term "metaverse" refers to the integrated environment that links all of the company's products and services.
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 to 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, that it would be transferring its rights to the name to Meta Platforms, and that the project would end in 2022.
Meta has acquired multiple companies (often identified as talent acquisitions). One of its first major acquisitions was in April 2012, when it acquired Instagram for approximately US$1 billion in cash and stock. In October 2013, Facebook, Inc. acquired Onavo, an Israeli mobile web analytics company.[ In February 2014, Facebook, Inc. announced it would buy mobile messaging company WhatsApp for US$19 billion in cash and stock. Later that year, Facebook bought Oculus VR for $2.3 billion in cash and stock, which released its first consumer virtual reality headset in 2016. In late November 2019, Facebook, Inc. announced the acquisition of the game developer Beat Games, responsible for developing one of that year's most popular VR games, Beat Saber.
In May 2020, Facebook, Inc. announced it had acquired Giphy for a reported cash price of $400 million. It will be integrated with the Instagram team.
Current owner (People)
Other Details
Release date: 10-25-2021