Meta Platforms, Inc., doing business as Meta (formerly Facebook, Inc.), is an American multinational technology conglomerate holding company based in Menlo Park, California. It is the parent organization of Facebook, Instagram, and WhatsApp, among other subsidiaries. It is one of the world’s most valuable companies and is considered one of the Big Tech companies in US information technology, alongside Amazon, Alphabet, Apple, and Microsoft. The company generates a substantial share of its revenue from the sale of advertisement placements to marketers.
Meta offers other products and services, including Facebook, Messenger, Facebook Watch, and Facebook Portal. It has also acquired Oculus, Giphy and Mapillary, and has a 9.99% stake in Jio Platforms.
In October 2021, media outlets reported that the parent company of Facebook planned to change its name to “reflect its focus on building the metaverse”, it was rebranded as Meta later that month on October 28. The word “meta” comes from the Greek language and means “beyond”, indicating the futuristic motive.
Today, all employees of the FAST unit will be notified about their further status. Currently, there are 600 workers under the FAST division. It is not clear how many people will lose their jobs at Reality Labs.
Meta’s potential implementation of an ad-free subscription service for Facebook and Instagram in Europe could have far-reaching consequences for advertisers and their campaigns.
