In 2006, a new online platform became available for use for anyone who was age 13 or older with a valid email address. Over a span of the next 14 years, Facebook grew to include approximately 2.8 billion users. High levels of controversy and allegations of corruption have reportedly caused founder Mark Zuckerberg’s company to take a nosedive. In fact, the company plummeted more than $230 billion in market value, its largest decrease ever.
Pop music fans might recall when superstar Prince changed his name to “The Artist Formerly Known As Prince.” Similarly, Facebook executives recently announced that the company was changing its name to “Meta.” Just as most Prince fans disregarded his official name change and kept calling him “Prince,” most people have completely ignored the news about “Meta,” still referring to “Facebook,” instead. Whatever it happens to be called, there is evidence to show that the iconic social media platform might be on its way out for good.
Facebook (Meta) stock is plummeting
Any company that suffers a 26% stock decline is in trouble. However, that’s exactly what happened to Zuckerberg’s company on a recent Thursday. Stock analysts say it was the largest drop Meta had ever experienced in a single day. Zuckerberg said that Meta is currently in “transition mode,” and has encountered challenges therein. Zuck says his company is leaving the traditional social media networking world behind and is headed for “the metaverse.” The metaverse is a 3D virtual world. It is a single, universal virtual world that takes place through the use of headsets. (Does single, universal world sound eerily similar to One World Government or global government to anyone else besides me?)
Meta execs have shrugged off the steep decline in stock and market values. They say it’s a simple byproduct of transition that will soon right itself. Many people believe there are other reasons why the company formerly known as Facebook may be on its way out.
Former Facebook users have jumped ship for other platforms
In order for a company like Meta to be successful, it needs users. Facebook, in particular, generated a lot of profit through advertisements. It also was known for tracking people’s personal information. The company began to censor many Republican officials and others, whose posts do not align with a leftist, political agenda. People started deleting their accounts. Millions of people started using other online platforms, such as Rumble and Gab. These companies tout “free speech” as part of their mission statements. Facebook was also accused of censoring Christians.
Apple started giving iPhone users an option. They can decline having their personal information tracked by Meta or other mobile apps. Many people are tired of government overreach and lack of transparency regarding tracking of personal information. They have decided to stop using Meta (Facebook) altogether. It has definitely affected the company’s profits.
Meta owns Instagram, but Reels may have done the company more harm than good
Mark Zuckerberg has never been quiet about Instgram’s competition with Chinese-owned-and-controlled Tik Tok. Meta owns Instagram. In recent years, Insta has offered new features, perhaps in an attempt to keep its users from leaving, in favor of Tik Tok. One such feature is known as “Reels.” Reels are short video clips that users can upload, which then appear in a feed. Digital publishers apparently are not thrilled with Reels. Many say they just don’t generate revenue as well as Tik Tok. Reels seem to have been Facebook’s (Meta’s) copycat version of Tik Toks. However, it doesn’t seem to have done the trick from a profit perspective.
Meta is currently the subject of multiple investigations
Mark Zuckerberg has been no stranger to legal problems in recent years. In fact, Meta is undergoing numerous investigations. The Federal Trade Commission (FTC) has filed a claim against the company. The FTC is suing Meta for illegal monopolization and unfair methods of competition. There have also been threats from Congress of antitrust action. Even one such lawsuit could take months, perhaps years, to resolve. With numerous ongoing investigations and legal claims, Meta will have its work cut out to come out on top.
Do you still use Facebook-oops, Meta?
What are your thoughts on Zuckerberg’s company? Did you use to use Facebook, then stop? Are you still a current user? Have you never tried it before but are considering using it? Kids today can hardly imagine a life without social media. Older generations, however, can easily recall such a time. They remember when in person conversations were the norm and thoughts of “an internet” were still a dream. Nowadays, some people say they don’t know how they ever lived without social media.
People use it for pleasure and for business. Many use it to stay in touch with loved ones and friends. Some use it as a means of reconnecting with people from their past. You might be reading this post on Meta! Social media definitely isn’t going anywhere any time soon, but Meta might be. In fact, it might soon be a thing of the past. What do you think?