Meta Platforms (Facebook)

Meta Platforms, Inc., doing business as Meta, and formerly named Facebook, Inc., and TheFacebook, Inc., is an American multinational technology conglomerate based in Menlo Park, California. The company owns Facebook, Instagram, and WhatsApp, among other products and services.

Founding

Facebook was founded on February 4, 2004, by Mark Zuckerberg with his Harvard College roommates and fellow students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. It was initially limited to Harvard students but expanded to other colleges and eventually the general public.

Key Acquisitions

Meta has grown largely through acquiring competitors or potential competitors:

• Instagram (2012): Acquired for $1 billion. This is considered one of the best tech acquisitions in history.
• WhatsApp (2014): Acquired for $19 billion.
• Oculus VR (2014): Acquired for $2 billion, signaling an interest in virtual reality.

Rebranding to Meta

On October 28, 2021, Facebook, Inc. changed its name to Meta Platforms, Inc. to "reflect its focus on building the metaverse". According to Zuckerberg, the "metaverse" will be an integrated environment that links all of the company's products and services.

Criticism

The company has faced criticism over issues such as:

• User privacy (Cambridge Analytica).
• Political manipulation and fake news.
• Psychological effects (addictive design, impact on teen mental health).
• Anticompetitive practices.