Facebook IncEdit
Facebook, Inc., today part of Meta Platforms, Inc., stands as one of the most influential technology firms in the world. It built a global social graph that connects billions of people, shapes how information circulates, and underpins a vast digital advertising ecosystem used by businesses of all sizes. From its campus origins in Cambridge-area universities to its status as a public company and a major player in immersive computing, the entity has continually redefined how people interact online. In 2021 the company rebranded as Meta Platforms, Inc. to reflect a broader ambition beyond social networking, signaling a long‑term pivot toward the metaverse through its Reality Labs division and related hardware, software, and services. The core Facebook platform remains a central channel for communication and commerce, while the parent company pursues new opportunities in augmented and virtual reality, artificial intelligence, and digital infrastructure. The company’s vast reach—across advertising markets, app ecosystems, and global networks—has generated a durable revenue model but also persistent scrutiny from regulators, policymakers, and public observers regarding privacy, market power, and the social effects of online platforms. Mark Zuckerberg Harvard University Facebook Meta Platforms Instagram WhatsApp Messenger Oculus VR Reality Labs Digital advertising General Data Protection Regulation FTC.
History
Founding and early expansion
Facebook began in 2004 as Thefacebook, launched by Mark Zuckerberg along with fellow students Eduardo Saverin Dustin Moskovitz Andrew McCollum Chris Hughes at Harvard University. The service quickly expanded to other campuses and, in 2006, opened to the general public with sign‑ups restricted by age and email verification. The platform introduced features such as the News Feed and the Like button, which helped drive user engagement and data generation critical to the company’s advertising model. The rapid growth drew attention from investors and competitors, spurring a sequence of acquisitions and product iterations that broadened the company’s scope beyond a single social network. Thefacebook Harvard University News Feed Like button.
Public company era and major platforms
Facebook held its initial public offering in 2012, raising capital and accelerating its global expansion. The following years saw the strategic acquisition of key platforms to broaden its reach: Instagram in 2012 for roughly $1 billion, WhatsApp in 2014 for about $19 billion, and the virtual reality hardware maker Oculus VR in 2014 for around $2 billion. These moves helped create a diversified portfolio under the Facebook umbrella, including messaging, photo sharing, and immersive experiences that complemented the core social network. The company also continued to innovate with features like Messenger as a distinct communication channel and the expansion of advertising products across its ecosystem. Instagram WhatsApp Oculus VR Messenger.
Privacy, regulation, and governance challenges
The latter part of the 2010s brought intense public scrutiny over data practices, privacy protections, and the influence of the platform on public discourse. The Cambridge Analytica episode highlighted how data could be misused for political purposes, leading to regulatory investigations and settlements. In 2019 the Federal Trade Commission announced a record privacy penalty against the company (and related actions) tying to consumer data protections and consent frameworks. In parallel, regulators in the European Union and various national jurisdictions pursued investigations and policy changes related to data handling, competition, and consumer rights. The company responded with updated privacy controls, transparency initiatives, and changes to data practices designed to comply with evolving legal standards. Cambridge Analytica FTC General Data Protection Regulation.
Rebranding and new strategy
In late 2021, in an effort to reflect broader ambitions beyond social networking, the company renamed itself Meta Platforms, Inc., with a continued platform portfolio that includes the Facebook app, Instagram, WhatsApp, and Messenger, alongside a renewed focus on the development of immersive technologies, augmented reality, and the so‑called metaverse. The strategic shift placed Reality Labs at the center of long‑term research and product development, including headsets and related software, while maintaining the social and advertising businesses that generate the majority of near‑term revenue. Meta Platforms Reality Labs Metaverse Facebook Instagram WhatsApp.
Products and services
The Facebook platform
The flagship platform remains a global social network that enables profile creation, content sharing, social connections, and a broad advertising ecosystem. It acts as a hub for communities, media, and businesses, with a data‑driven approach to targeting advertisements and measuring engagement. The platform’s design emphasizes a feed-based experience, interconnected services, and monetization through sponsored content and developer tooling. Facebook News Feed Advertising Targeted advertising.
Instagram, WhatsApp, and Messenger
Instagram expanded the company’s visual‑communication footprint, emphasizing photo and video sharing, influencer ecosystems, and shopping integrations for consumer brands. WhatsApp provides encrypted messaging for private communication and has become a critical channel for personal and business conversations in many markets. Messenger operates as a standalone messaging app with cross‑platform reach. Together, these services diversify the company’s communication channels and data streams, reinforcing the advertising and commerce engine. Instagram WhatsApp Messenger.
Reality Labs and the metaverse focus
The company’s foray into immersive technology centers on Reality Labs, which oversees hardware (such as headsets) and software aimed at creating shared virtual environments and augmented reality experiences. Proponents argue this represents a long‑term bet on a new computing platform, while critics question the pace and consumer adoption of metaverse initiatives relative to ongoing platform governance and privacy obligations. Reality Labs Oculus VR Metaverse.
Ad tech, data, and platform governance
The business model remains heavily dependent on digital advertising, backed by data collected from user interactions and other connected services. This has driven the development of sophisticated ad‑tech tools for targeting, measurement, and optimization, alongside policies and controls intended to balance advertiser value, user privacy, and regulator expectations. The interplay between data use, content moderation, and platform governance continues to shape regulatory debates and industry practices. Digital advertising Advertiser Section 230.
Corporate governance and strategy
Ownership and control
Founder Mark Zuckerberg has maintained significant influence through a concentrated ownership structure and board representation, giving the founder and related entities durable influence on corporate strategy and major decisions. This governance model is at the center of debates about accountability, governance, and the balance between entrepreneurial risk and investor protections. Mark Zuckerberg.
Strategic trajectory
The metaverse initiative reflects a broader strategy to develop interconnected experiences across social, gaming, work, and entertainment contexts. While this aligns with long‑term growth ambitions, it also subjects the company to cross‑domain regulatory and consumer expectations about privacy, safety, and competitive behavior. The firm emphasizes investments in research, platform openness, and developer ecosystems to sustain innovation alongside user trust. Metaverse General Data Protection Regulation.
Controversies and debates
Privacy, data practices, and consumer trust
The company has faced repeated scrutiny over how user data is collected, stored, and used to tailor advertising. Critics argue that powerful data‑driven targeting can erode privacy and enable manipulation, while supporters contend that personalized advertising supports free access to services and a vibrant online economy. Various regulatory actions and settlements have compelled changes in data handling, consent mechanisms, and transparency around data use. Cambridge Analytica EU GDPR FTC.
Content moderation, misinformation, and political advertising
Debates over how the platform polices content—balancing free expression with protections against harmful misinformation and disinformation—have intensified as online discourse intersects with elections, public health, and national security. Critics on both sides of the political spectrum have urged more aggressive or more cautious moderation, while the company defends its approach as a matter of platform safety, user autonomy, and practical enforcement limitations. The policy framework for political advertising and the transparency of ad provenance remain central issues in regulatory discussions. Content moderation Disinformation Political advertising.
Market power, competition, and regulation
The platform’s size and its acquisitions—notably of Instagram and WhatsApp—have fueled concerns about competition and the potential to crowd out rivals. Policymakers and scholars have explored whether stronger antitrust enforcement or structural remedies could spur innovation and lower barriers to entry in digital markets. The company argues that its platforms foster competition, choice, and new value through continuous iteration and investment, while critics warn of the risks posed by a small number of dominant players shaping the information ecosystem. Antitrust Digital advertising Competition policy.
International policy, censorship, and governance
In multiple jurisdictions, governments have required content removals or data localization as a condition of operation, creating tensions between national sovereignty, public safety, and free expression. The company seeks to comply with applicable laws while defending user rights to express themselves and access information, often navigating a complex landscape of regional norms and legal obligations. European Union Regulation Data localization.