Mark Zuckerberg, CEO of Facebook (pixabay photo, unsplash, YouTube / ABC News)
Shares of Meta (formerly Facebook) fell on Friday trading on the Nasdaq New York Stock Exchange by 4.58% and fell to $ 175.57 – its lowest price in two years and three months (excluding the price on April 27, which was about 60 cents). The company’s market capitalization fell by $ 475 billion – a collapse of 54.75% from its peak value on August 30, 2021, which stood at $ 1.05 trillion. Which stood at about 3.6%.
The drop came for a number of reasons, with the latest, which stuck the last nail in the coffin, being a third announcement within a month that Cheryl Sandberg, the company’s legendary VP of marketing who recently announced her retirement after 14 years in office, is being investigated on suspicion of misusing company resources for personal use.
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According to a study published in the Wall Street Journal, sources in the meta revealed that the company’s lawyers have been interviewing the company for at least 7 months, in order to understand whether Sandberg abused its role to fund its association, “Lean forward” which promotes women in high-tech, and Her second book (the first is called by the same name as the association), “Option B: Dealing with Distress, Building Resilience and Finding Pleasure.”
This news has joined previous news from the last two months, according to which Sandberg is also suspected of exploiting her position to silence embarrassing media stories about who was her partner at the end of the previous decade – Activision Blizzard CEO Bobby Kotik.
Sandberg and Meta did not respond to a report.
In the two days prior to this investigation, two other alarming news items were published in terms of meta:
The first was the filing of no less than eight lawsuits against the company in various U.S. states – Illinois, Georgia, Delaware, Tennessee, Texas, Missouri, Florida and Colorado – alleging that the social network intentionally harmed minor users in the first place.
Andy Birchfield, an attorney at Beasley Allen’s law firm who filed all eight lawsuits, said Wednesday that “defendants knew their products and related services posed a danger to children and young and ineffective teens, and yet they completely underestimated their own information. They have implemented sophisticated algorithms designed to encourage frequent access to platforms and long-term exposure to harmful content. ”
He added that “the use of social networks among young people should be seen as a significant contributor to the mental health crisis we are facing in the country. These applications could have been prepared to minimize the potential harm – but instead, it was decided to sell adolescents by force in the name of corporate profits. “Growing concerns about the impact of social networks on the mental health and general health of the most delicate part of our society, and will change the algorithms and business goals that have caused so much damage.”
The second news item, released on Thursday, was the dramatic change in Facebook plans regarding its hardware products. According to the report, the company has shelved the first generation of its mixed reality glasses to save on development costs, completely eliminated the smartwatch project that was also supposed to be integrated into its virtual world service, and significantly reduced the development of smart screens for video calling.
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