Im proud to announce our company is now Meta, said Mark Zuckerberg, who is the CEO of Meta now. To reflect who we are and what we hope to build.
As part of this, its time for us to adopt a new company brand to encompass everything that we do. Max Zahn is a reporter for Yahoo Finance. “It’s a little bit of a chicken and egg question.” “It stands to reason that neither of the apps could’ve grown as big as they did as independent entities,” Rippey said. Rippey said these acquisitions did not constitute anticompetitive behavior that should concern the Department of Justice, in part because Instagram and WhatsApp were far smaller when Facebook acquired them.
“To date, we’ve seen nothing to suggest anything of that sort.”įacebook acquired Instagram for $1 billion in 2012, and purchased WhatsApp for $19 billion two years later.
“If there’s behavior Facebook is taking to reduce other apps’ ability to grow or scale, other than offering a superior product, that might be of issue,” he added. (AP Photo/Andrew Harnik) ‘A chicken and egg question’ “Acquisitions of any size will be very challenging going forward,” he added.ĭavid Marcus, CEO of Facebook's Calibra digital wallet service, at a House Financial Services Committee hearing on Facebook's proposed cryptocurrency on Capitol Hill in Washington, Wednesday, July 17, 2019. In this political climate, the DOJ would not permit Facebook to acquire TikTok, Rippey said. TikTok, a social media video app popular with young people, was the lone app among the top five not owned by Facebook. “Nothing we’re seeing on the immediate horizon would suggest these trends will change.” “Facebook is the dominant mobile app publisher,” said Kevin Rippey, a financial analyst at Evercore ISI and co-author of the report. The company’s shares rose in after-hours trading, even though Facebook also revealed that the Federal Trade Commission had opened an investigation into the company. In total, the four high-performing Facebook-owned apps were downloaded 205.86 million times last month, according to the data provided by Evercore ISI.įacebook released second quarter earnings on Wednesday that bested analyst expectations for revenue and daily active users. But they are only holding Zuckerberg personally responsible in a limited fashion. Federal regulators are fining Facebook $5 billion for privacy violations and instituting new oversight and restrictions on its business. FILE - In this May 1, 2018, file photo, Facebook CEO Mark Zuckerberg delivers the keynote speech at F8, Facebook's developer conference, in San Jose, Calif.
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