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Meta Platforms, Inc., formerly known as Facebook, is a leading American technology company that built and operates a global portfolio of social communication platforms. Founded in 2004 by Mark Zuckerberg and fellow students at Harvard, the company grew from a college social network into a multinational conglomerate with products that span social networking, messaging, and immersive computing. Its flagship platform, Facebook, remains a dominant force in social media, while its other properties, such as Instagram and WhatsApp, have become essential components of everyday digital life for billions of people. In 2021 the company rebranded the corporate umbrella as Meta Platforms, Inc. to reflect a broader strategic emphasis on metaverse technologies and immersive computing under the banner of Reality Labs.

Meta’s business model centers on digital advertising as the primary revenue engine, leveraging vast data-driven targeting across its family of apps. This approach has supported scale and profitability but has also drawn scrutiny from policymakers, competitors, and privacy advocates who question market power, data practices, and the implications for consumer choice. In addition to its advertising business, Meta has invested in hardware, artificial intelligence, and content creation tools, aiming to monetize social interaction through new forms of virtual and augmented reality experiences.

Corporate structure and governance

Meta operates as a publicly traded company under the name Meta Platforms, Inc. It maintains a complex governance structure designed to balance executive leadership with board oversight, shareholder interests, and regulatory compliance. The company groups its major products under distinct units, including the social networking platform Facebook, the messaging services Messenger and WhatsApp, and the virtual reality division Reality Labs. Corporate governance decisions are shaped by a mix of executive strategy, shareholder expectations, and regulatory developments in multiple jurisdictions, including the United States and the European Union.

History

Founding and early growth (2004–2012)

Facebook began as a college networking site designed to connect students and professors, expanding rapidly to other universities and eventually the general public. The platform introduced features that became industry standards, such as the news feed, like button, and platform APIs that allowed third-party developers to build apps that extended functionality. The company’s early growth was driven by viral adoption, a scalable architecture, and the ability to monetize through targeted advertising.

Expansion and acquisitions (2012–2018)

As Facebook expanded, it acquired several influential platforms, notably Instagram in 2012 and WhatsApp in 2014, integrating them into a broader ecosystem focused on social sharing and private messaging. These acquisitions widened the company’s reach among younger demographics and global markets, creating a diversified portfolio beyond a single app. The launch of Messenger as a standalone messaging service further solidified the company’s footprint in everyday communication.

Pivot to immersive computing and rebranding (2019–present)

In the early 2020s, the company signaled a strategic shift toward immersive technologies and long-term platform vision by emphasizing the development of the metaverse—an interconnected space of social, gaming, and work experiences across VR and AR. In 2021, the corporate name was updated to Meta Platforms, Inc., with a renewed focus on virtual reality hardware, software ecosystems, and AI-driven products. The company has continued to integrate its multiple apps under a unified account and data framework, enabling cross-app experiences while pursuing new revenue streams in hardware and services.

Products, platforms, and ecosystem

Facebook remains the centerpiece of the social networking experience for many users and advertisers, offering features for personal profiles, pages, groups, and marketplace activity.
Instagram has grown as a mobile-first sharing platform emphasizing photos, stories, and creator-driven content, with monetization features for creators and brands.
WhatsApp provides encrypted messaging and communications services with broad adoption in many markets, including regions where data privacy concerns are prominent.
Facebook Messenger is a standalone messaging platform integrated with the Facebook ecosystem, enabling cross-app communication and business customer engagement.
Reality Labs and related metaverse initiatives pursue hardware and software solutions for immersive experiences, including virtual reality headsets and associated content platforms.

Meta’s products are supported by a broad advertising technology stack, data analytics capabilities, and a large developer ecosystem. The company’s approach to data and personalization has been a core driver of efficiency in advertising, but it has also attracted regulatory attention and public scrutiny over privacy, consent, and data governance. The interplay between user experience, privacy protections, and regulatory compliance continues to shape product design and policy choices across the platform family.

Business model and economics

Meta’s revenue is predominantly derived from digital advertising supported by targeted data-driven delivery. The company emphasizes engagement metrics that incentivize expansive reach and efficient monetization opportunities for advertisers, publishers, and creators. Revenue growth has been influenced by macroeconomic conditions, ad-market dynamics, changes in user behavior, and regulatory developments including privacy laws and interoperability requirements.

The company also develops and sells hardware and software services related to immersive computing, including VR headsets and associated software ecosystems. While these initiatives represent a growing part of the portfolio, the core business remains advertising-driven, with profits tied to the ability to scale global reach and maintain efficient ad targeting.

Controversies and debates

Meta has been at the center of several contentious debates about the role of social platforms in society, public discourse, and innovation. From a perspective that prioritizes broad access to information, supporters argue that the platforms play a vital role in connecting people, enabling political organization, and supporting small businesses. Critics have pointed to concerns about market power, data privacy, and the potential for platform design to influence opinions.

Content moderation and free expression: Critics of platform governance argue that moderation policies can be opaque, inconsistent, or biased. Proponents contend that rules are necessary to curb harmful content, misinformation, and incitement while preserving legitimate political and social speech. Debates often focus on whether moderation should be more transparent, decentralized, or standardized across the ecosystem, and how to balance safety with robust free expression.
Data privacy and surveillance economy: Meta’s data collection practices have raised concerns about user privacy and the potential for data to be repurposed for political or commercial influence. Proponents argue that data-driven optimization supports personalized experiences and targeted advertising that fuels innovation and economic growth, while opponents call for stronger consent mechanisms, clearer data minimization, and greater user control.
Antitrust and market power: Regulators in multiple jurisdictions have examined whether Meta’s size and conduct stifle competition, harm consumers, or entrench gatekeeper power. Advocates for robust competition argue for structural remedies or behavioral rules to preserve choice and innovation, while supporters of the current model contend that competition exists in adjacent platforms and that the benefits of scale (lower costs, better services) support consumer welfare.
Metaverse ambitions and innovation policy: The push into immersive computing raises questions about interoperability, standards, and public policy incentives. Proponents see long-term economic and educational benefits, while critics worry about concentration of developer ecosystems and the risk of self-contained digital worlds that limit alternative platforms.

Woke criticisms of Meta—such as calls for broader censorship, content policing biased against particular political viewpoints, or demands for algorithmic transparency—are often debated. From a perspective prioritizing pragmatic policy outcomes, supporters argue that platforms must balance safety and legality with the protection of free discourse, while critics contend that certain moderation standards risk chilling legitimate speech. In this framing, the argument is less about ideology and more about preserving a robust marketplace of ideas while preventing real-world harms.

Regulation, policy, and public governance

Meta operates in a heavy regulatory environment across many jurisdictions. Key issues include privacy protection, data portability, competitive practices, content responsibility, and cross-border data flows. Policy debates focus on:

Privacy and data protection: Laws that govern data collection, usage, and consent shape how Meta can collect and monetize information. Policy design considerations include user control, transparent data practices, and the balance between personalized services and individual rights.
Antitrust and competition policy: Regulators assess whether Meta’s scale and practices hinder competition among social networks, messaging platforms, and advertising ecosystems. Remedies under consideration range from restrictions on mergers to structural separations or behavioral constraints.
Content governance and safety: Government and civil society actors seek to define responsibilities for removing harmful content while preserving lawful expression. This includes examinations of transparency, accountability, and the potential impact of platform decisions on political participation.
Cross-border data flows and digital sovereignty: Jurisdictions differ on data localization, export controls, and data access for law enforcement, which affects how Meta designs global services.

Metaverse strategy and technology

Meta’s metaverse strategy centers on creating interconnected experiences across devices, including virtual reality headsets, augmented reality interfaces, and social platforms that transcend single apps. This long-term vision aims to blur the line between social media, work, gaming, and entertainment, with economies built around digital goods, creator ecosystems, and immersive communication. The effort involves hardware development, software platforms, and a push to establish interoperable standards that enable a broad user base to participate in shared virtual spaces.

The success of this initiative hinges on hardware accessibility, developer engagement, network effects, and the ability to attract mainstream adoption beyond early adopter communities. Critics question the pace of progress and the opportunity costs of heavy investment in speculative technology, while supporters argue that the long horizon offers transformative potential for collaboration, education, and commerce.

Financial performance and market position

Meta has maintained a leading position in the global digital advertising market, benefiting from scale, data assets, and a diversified product portfolio. Revenue growth and profitability are closely tied to advertiser demand, platform engagement, and regulatory developments that influence data usage and monetization. The company’s financial trajectory includes capital expenditures in hardware and software to support immersive computing, as well as investments in research and development that aim to sustain competitive advantage in a rapidly evolving tech landscape.

Corporate responsibility and governance

Meta emphasizes corporate responsibility across user safety, data governance, workforce practices, and community impact. The company articulates policies and programs intended to promote safe online environments, protect user privacy, and foster innovation while adhering to legal and ethical standards. Governance challenges continue to include balancing user trust, innovation incentives, and accountability to shareholders amid a shifting regulatory backdrop.