Meta Platforms Inc (NASDAQ: META)., formerly known as Facebook Inc ., has reached an unprecedented milestone as its stock price soared to an all-time high of $543. This remarkable peak reflects a significant surge in investor confidence, underpinned by the company’s innovative strides in social media and its aggressive expansion into the realm of virtual reality. Over the past year, Meta has witnessed an extraordinary 83.84% increase in its stock value, a testament to its enduring appeal in the tech sector and its successful adaptation to the rapidly evolving digital landscape. Investors continue to closely monitor Meta’s performance, as its current trajectory sets the stage for potentially even greater achievements in the future.
In other recent news, Meta Platforms Inc., formerly known as Facebook, successfully defended against an appeal by Children’s Health Defense, an organization led by Robert F. Kennedy Jr., which claimed the tech giant wrongfully censored its Facebook posts. The 9th U.S. Circuit Court of Appeals in Pasadena ruled that the nonprofit failed to prove Meta collaborated with or was pressured by government officials to suppress dissenting views on vaccines. The court ruling reaffirms Meta’s right as a private company to reject content it deems objectionable.
Meta’s Instagram platform is in the spotlight after a report from the Center for Countering Digital Hate highlighted the platform’s failure to act on abusive comments directed at female politicians. The report analyzed over 500,000 comments on Instagram posts by ten women politicians, potential candidates for the 2024 U.S. elections.
In recent developments, Soros Capital Management, the family office of Robert Soros, made significant changes to its portfolio. It sold off its entire stake in Microsoft (NASDAQ: MSFT) and all its holdings in Advanced Micro Devices (NASDAQ: AMD). The fund also reduced its investments in other major tech firms, including Amazon (NASDAQ: AMZN), Uber Technologies (NYSE: UBER), Taiwan Semiconductor Manufacturing Company, and Meta Platforms.
Meanwhile, Reddit (NYSE: RDDT), the social media platform, has projected third-quarter revenue to surpass Wall Street forecasts. The company’s positive outlook mirrors the optimistic revenue reports and forecasts from its larger competitor, Meta Platforms Inc. Reddit’s second-quarter financial results showed a significant 54% increase in revenue, hitting $281.2 million, which was well above the anticipated $253.6 million.
Lastly, justice ministers from Sweden and Denmark announced plans to hold tech companies accountable for advertisements used by gangs to commit violent crimes in the Nordic countries. The ministers expressed concerns about the innovative tactics gangs use to recruit young individuals for criminal activities, specifically mentioning the use of ads on messaging platforms. Notably, Meta Platforms Inc. did not immediately respond to requests for comment on the matter.
