![]() The question remains, why did Meta’s stock rise rather than follow the rest of the market? The company hopes to regain some of its losses by continuing the growth of its metaverse services and through the cost savings realized by its large wave of layoffs in late 2022. ![]() Though it is not a massive increase in the company’s stock price, beating the market average, especially after its dismal 2022, is important for Meta. This roughly 6% increase outpaces the S&P 500, which has held relatively steady year-to-date. Its stock price started the year just over $120 and rose to a peak around $128. What happened now?ĭespite a turbulent 2022, Meta has seen a good start to 2023. The fines related to publicly exposing the phone numbers of children who were users of Instagram and allowing for the details of individual users to be scraped from Facebook. More than 80% of those fines were paid by Meta. In 2022, the EU handed out €832 million in fines related to violations of the law. The General Data Protection Regulation (GDPR) is a European Union law that deals with data and online privacy. ![]() The company’s name change from Facebook to Meta suggests it plans to focus on the service going forward.īy October, fewer than 200,000 people had used Horizon Worlds, far below target, and many saw the service as being doomed to fail.Īt the same time, Meta seemed unable or unwilling to adjust the ways it operates to conform with modern privacy laws. Facebook’s Horizon Worlds launched in August 2022 and was almost universally panned by the internet. The company has also gone all-in on its vision for the metaverse, a virtual reality world. Tryq About the Emerging Tech Kit | Q.ai - a Forbes company
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