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What happened this week with Meta (the company that owns Facebook, Instagram and WhatsApp) can be considered a good example of what our society is like today.
On Wednesday, United States Congressmen blasted the company’s CEO, Mark Zuckerberg, accusing him of having “blood on his hands” because of the negative and even deadly effects his products are having on young people. Allegedly, and on Friday, the company registered. The largest increase in stock market value in the history of the stock market, after reporting very good results and announcing dividend distribution.
The conclusion writes itself: Investors, greedy for any dollar, care little about what a company does and what harm it does to our world, as long as it is a money-making machine. Are we 90 seconds away from the end of the world because of things like this?
The largest increase in price in history
Just a few years ago, the Facebook owner suffered the largest decline in market value in the history of the stock market. But the company has come a long way since then, dazzling shareholders with another impressive quarterly earnings report on Thursday as the social media giant focuses on cutting costs and turning billions in profit.
Shares rose 20.32% on Wall Street on Friday 197 billion US dollars In its market capitalization, the largest increase in market value in a single session, eclipsing the US$190 billion increase achieved by Apple and Amazon.com in 2022.
“Strong execution, faster growth and better capital structure efficiency improve the prospects from here”Morgan Stanley analyst Brian Novak wrote in a note Friday. “Meta’s AI projects for both users and advertisers are strong, with more tools ready to launch and scale by the 24th,” he said.
Meta, which plans to reduce its workforce by 22% in 2023, on Thursday announced plans for a $50 billion share buyback and declared its first quarterly dividend, a signal to investors that it has plenty of There’s money and a reason to let them stay.
While the company is making major cost cuts, it continues to invest aggressively in artificial intelligence advances, particularly generative AI, but also in the underlying technologies to power its social media products and boost its ad targeting.
Article prepared with information from Bloomberg.
You may also be interested. On video: Big tech executives testify before Congress: An expert analyzes it
(TagstoTranslate)Mark Zuckerberg(T)United States Capital(T)Market Value(T)CEO(T)Target(T)Shaw Zi Chew
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