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77-714: Sponsored primarily by the then chief operations officer of Meta Platforms and World Economic Forum member Sheryl Sandberg , and operated by Ms. Sandberg's NGO LeanIn.org and the Girl Scouts , the campaign features prominent women and various sponsors urging people to pledge not to use the word. Featured advocates who appear in Ban Bossy promotional material in addition to Sandberg include Jennifer Garner , Jane Lynch , Diane von Fürstenberg , Condoleezza Rice , Jimmie Johnson , Sinéad O'Connor , Arne Duncan , Anna Maria Chávez , Victoria Beckham , and Beyoncé , who stated "leadership

154-533: A "permanent acceleration" that would continue after the pandemic. Facebook hired aggressively, growing from 48,268 employees in March 2020 to more than 87,000 by September 2022. Following a period of intense scrutiny and damaging whistleblower leaks , news started to emerge on October 21, 2021, about Facebook's plan to rebrand the company and change its name. In the Q3 2021 Earnings Call on October 25, Mark Zuckerberg discussed

231-548: A 9.99% stake in Jio Platforms ; the company additionally endeavored into non-VR hardware, such as the discontinued Meta Portal smart displays line and partners with Luxottica through the Ray-Ban Stories series of smartglasses . Facebook filed for an initial public offering (IPO) on January 1, 2012. The preliminary prospectus stated that the company sought to raise $ 5 billion, had 845 million monthly active users, and

308-404: A broader effort to counter Russian covert influence operations, which had intensified since the invasion. At its 2024 Connect conference, Meta presented Orion, its first pair of augmented reality glasses. Though Orion was originally intended to be sold to consumers, the manufacturing process turned out to be too complex and expensive. Instead, the company pivoted to producing a small number of

385-657: A competitor to Twitter. Meta announced its artificial intelligence model Llama 2 in July 2023, available for commercial use via partnerships with major cloud providers like Microsoft. It was the first project to be unveiled out of Meta's generative AI group after it was set up in February. It would not charge access or usage but instead operate with an open-source model to allow Meta to ascertain what improvements need to be made. Prior to this announcement, Meta said it had no plans to release Llama 2 for commercial use. An earlier version of Llama

462-546: A falsified video of US president Joe Biden , even after it had been proven to be fake, attracted criticism and concern. Numerous lawsuits have been filed against the company, both when it was known as Facebook, Inc., and as Meta Platforms. In March 2020, the Office of the Australian Information Commissioner (OAIC) sued Facebook, for significant and persistent infringements of the rule on privacy involving

539-463: A former Facebook employee's testimony in Congress that the company refused to take responsibility. The company noted that tools have been developed for parents to keep track of their children's activity on Instagram and set time limits in addition to Meta's "Take a break" reminders. In addition, the company is providing resources specific to eating disorders as well as developing AI to prevent children under

616-734: A global economic downturn and "ads signal loss". Plans to lay off a further 10,000 employees began in April 2023. The layoffs were part of a general downturn in the technology industry, alongside layoffs by companies including Google , Amazon , Tesla , Snap , Twitter and Lyft . Starting from 2022, Meta scrambled to catch up to other tech companies in adopting specialised artificial intelligence hardware and software. It had been using less expensive CPUs instead of GPUs for AI work, but that approach turned out to be less efficient. In 2023, Ireland's Data Protection Commissioner imposed record EUR 1.2 billion fine on Meta for transferring data from Europe to

693-541: A greater-than-expected decline in profits in the fourth quarter of 2021. It reported no growth in monthly users, and indicated it expected revenue growth to stall. It also expected measures taken by Apple Inc. to protect user privacy to cost it some $ 10 billion in advertisement revenue, an amount equal to roughly 8% of its revenue for 2021. In meeting with Meta staff the day after earnings were reported, Zuckerberg blamed competition for user attention, particularly from video-based apps such as TikTok . The 27% reduction in

770-687: A major reason for the extent of the issue. Meta has acquired multiple companies (often identified as talent acquisitions ). One of its first major acquisitions was in April 2012, when it acquired Instagram for approximately US$ 1 billion in cash and stock. In October 2013, Facebook, Inc. acquired Onavo , an Israeli mobile web analytics company. In February 2014, Facebook, Inc. announced it would buy mobile messaging company WhatsApp for US$ 19 billion in cash and stock. Later that year, Facebook bought Oculus VR for $ 2.3 billion in cash and stock, which released its first consumer virtual reality headset in 2016. In late November 2019, Facebook, Inc. announced

847-448: A meaningful way at all". In May 2019, Facebook founded Libra Networks , reportedly to develop their own stablecoin cryptocurrency . Later, it was reported that Libra was being supported by financial companies such as Visa , Mastercard , PayPal and Uber . The consortium of companies was expected to pool in $ 10 million each to fund the launch of the cryptocurrency coin named Libra. Depending on when it would receive approval from

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924-410: A moral hazard, the consequences of the customer's actions are insured, making the customer more likely to take costly actions. For example, bedbugs are typically excluded from homeowners' insurance to avoid paying for the consequence of recklessly bringing in a used mattress. Insured events are generally those outside the control of the customer, for example in life insurance, death by automobile accident

1001-464: A person's popularity / likability and so on, with the premise being that people scoring high on these parameters are less likely to default on a loan. However, this area is still vastly subjective. Insurance underwriters evaluate the risk and exposures of potential clients. They decide how much coverage the client should receive, how much they should pay for it, and whether to accept the risk. Underwriting involves measuring risk exposure and determining

1078-417: A portion of the security issue, and typically resell securities from that portion to the public. Underwriters make their profit from the price difference (called " underwriting spread ") between the price they pay the issuer and what they collect from buyers or from broker-dealers who buy portions of the offering. The services provided in the process of underwriting include: Once the underwriting agreement

1155-574: A website accruing 2.7 billion likes and comments daily. After the IPO, Zuckerberg would retain 22% of the total shares and 57% of the total voting power in Facebook. Underwriters valued the shares at $ 38 each, valuing the company at $ 104 billion, the largest valuation yet for a newly public company. On May 16, one day before the IPO, Facebook announced it would sell 25% more shares than originally planned due to high demand. The IPO raised $ 16 billion, making it

1232-479: Is an American multinational technology conglomerate based in Menlo Park, California . The company owns and operates Facebook , Instagram , Threads , and WhatsApp , among other products and services. Advertising accounts for 97.8 percent of its revenue. Originally known as the parent company of the Facebook service, as Facebook, Inc., it was rebranded to its current name in 2021 to "reflect its focus on building

1309-507: Is being divided." Phil Mason has drawn parallels between the banning of words and authoritarianism , observing that telling people what words they can or cannot use is inherently bossy. In The New Yorker , Margaret Talbot criticized the campaign itself as bossy and instead suggested reclaiming the word, much as has been done for "nerd" and "queer". Meta Platforms Meta Platforms, Inc. , doing business as Meta , and formerly named Facebook, Inc. , and TheFacebook, Inc. ,

1386-438: Is carried out through separate holding-company affiliates, called securities affiliates or Section 20 affiliates. Of late, the discourse on underwriting has been dominated by the advent of machine learning in this space. These profound technological innovations are altering the way traditional underwriting scorecards have been built, and are displacing human underwriters with automation. Natural language understanding allows

1463-433: Is more important to boys than girls." The campaign website also features training material designed for schools, teachers, parents and children to further the project. The campaign has received criticism since its launch. Joan Rivers commented that she found the online movement to be "so stupid" and added, "I find it outrageous and I find it petty ... and I find we're so damn uptight in this country that this whole country

1540-408: Is often provided by reinsurers , who of course have an interest in accepting risks on appropriate terms. Continuous underwriting is the process in which the risks involved in insuring people or assets are being evaluated and analyzed on a continuous basis. It evolved from the traditional underwriting, in which the risks only get assessed before the policy is signed or renewed. Continuous underwriting

1617-440: Is often seen in initial public offerings (IPOs), where investment banks help a corporation raise funds from the public. The underwriter is obligated to purchase the entire issue at a predetermined price before reselling the securities in the market. Should they not be able to find buyers, they will have to hold some securities themselves. To reduce the risk, they may form a syndicate with other investment banks. Each bank will buy

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1694-409: Is struck, the underwriter bears the risk of being unable to sell the underlying securities, and the cost of holding them on its books until such time in the future that they may be favorably sold. If the instrument is desirable, the underwriter and the securities issuer may choose to enter into an exclusivity agreement. In exchange for a higher price paid upfront to the issuer, or other favorable terms,

1771-444: Is the detailed credit analysis preceding the granting of a loan , based on credit information furnished by the borrower; such underwriting falls into several areas: Underwriting can also refer to the purchase of corporate bonds , commercial paper , government securities, municipal general-obligation bonds by a commercial bank or dealer bank for its own account or for resale to investors. Bank underwriting of corporate securities

1848-399: Is the process by which investment banks raise investment capital from buyers on behalf of corporations and governments by issuing securities (such as stocks or bonds ). As an underwriter, the investment bank guarantees a price for these securities, facilitates the issuance of the securities, and then sells them to the public (or retains them for their own proprietary account). This process

1925-475: Is typically covered, but death by suicide is typically not covered. Correlated losses are those that can affect a large number of customers at the same time, thus potentially bankrupting the insurance company. This is why typical homeowner's policies cover damage from fire or falling trees (usually affecting an individual house), but not floods or earthquakes (which affect many houses at the same time). For all types of insurance underwriting, advice and assistance

2002-500: Is typically justified as the reward for the underwriter for taking on the market risk, is occasionally criticized as unethical, such as the allegations that investment banker Frank Quattrone acted improperly in doling out hot IPO stock during the dot-com bubble . In an attempt to capture more of the value of their securities for themselves, issuing companies are increasingly turning to alternative vehicles for going public, such as direct listings and SPACs . In banking , underwriting

2079-835: The Big Tech companies in 2020. The lobbying team includes top congressional aide John Branscome, who was hired in September 2021, to help the company fend off threats from Democratic lawmakers and the Biden administration. In August 2024, Mark Zuckerberg sent a letter to Jim Jordan indicating that during the COVID-19 pandemic the Biden administration repeatedly asked Meta to limit certain COVID-19 content, including humor and satire, on Facebook and Instagram . In 2024 Meta's decision to continue to disseminate

2156-752: The Cambridge Analytica fiasco . Every violation of the Privacy Act is subject to a theoretical cumulative liability of $ 1.7 million. The OAIC estimated that a total of 311,127 Australians had been exposed. On December 8, 2020, the U.S. Federal Trade Commission and 46 states (excluding Alabama, Georgia, South Carolina, and South Dakota), the District of Columbia and the territory of Guam , launched Federal Trade Commission v. Facebook as an antitrust lawsuit against Facebook. The lawsuit concerns Facebook's acquisition of two competitors— Instagram and WhatsApp —and

2233-520: The Chan Zuckerberg Initiative (CZI), a foundation established by Zuckerberg and his wife, Priscilla Chan , and became one of their projects. Following the rebranding announcement, CZI announced that it had already decided to deprioritize the earlier Meta project, thus it would be transferring its rights to the name to Meta Platforms, and the previous project would end in 2022. Soon after the rebranding, in early February 2022, Meta reported

2310-726: The Irish Council for Civil Liberties , Wikimedia Europe, and the Electronic Privacy Information Center , signed a 2024 letter to the European Data Protection Board (EDPB) expressing concern that this subscriber model would undermine privacy protections, specifically GDPR data protection standards. Meta removed the Facebook and Instagram accounts of Iran's Supreme Leader Ali Khamenei in February 2024, citing repeated violations of its Dangerous Organizations & Individuals policy. As of March, Meta

2387-458: The Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium , would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose. In the financial primary market , securities underwriting

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2464-495: The Nasdaq exchange. The stock struggled to stay above the IPO price for most of the day, forcing underwriters to buy back shares to support the price. At the closing bell, shares were valued at $ 38.23, only $ 0.23 above the IPO price and down $ 3.82 from the opening bell value. The opening was widely described by the financial press as a disappointment. The stock nonetheless set a new record for trading volume of an IPO. On May 25, 2012,

2541-629: The Swiss Financial Market Supervisory authority to operate as a payments service, the Libra Association had planned to launch a limited format cryptocurrency in 2021. Libra was renamed Diem, before being shut down and sold in January 2022 after backlash from Swiss government regulators and the public. During the COVID-19 pandemic , the use of online services including Facebook grew globally. Zuckerberg predicted this would be

2618-401: The financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a public offering , and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. The term "underwriting" derives from

2695-665: The metaverse ", an integrated environment linking the company's products and services. Meta ranks among the largest American information technology companies, alongside other Big Five corporations Alphabet ( Google ), Amazon , Apple , and Microsoft . The company was ranked #31 on the Forbes Global 2000 ranking in 2023. In 2022, Meta was the company with the third-highest expenditure on research and development worldwide, with R&D expenditure amounting to US$ 35.3 billion. Meta has also acquired Oculus (which it has integrated into Reality Labs ), Mapillary , CTRL-Labs, and

2772-400: The premium that needs to be charged to insure that risk. The function of the underwriter is to protect the company's book of business from risks that they feel will make a loss and issue insurance policies at a premium that is commensurate with the exposure presented by a risk. Each insurance company has its own set of underwriting guidelines to help the underwriter determine whether or not

2849-687: The Facebook-WhatsApp-Instagram entity did not exist, and prove that harmed competition or consumers. On December 24, 2021, a court in Russia fined Meta for $ 27 million after the company declined to remove unspecified banned content. The fine was reportedly tied to the company's annual revenue in the country. In May 2022, a lawsuit was filed in Kenya against Meta and its local outsourcing company Sama . Allegedly, Meta has poor working conditions in Kenya for workers moderating Facebook posts. According to

2926-907: The Middle East, revealing a gap in Meta’s enforcement in developing regions. An Iraqi nonprofit Tech4Peace’s founder, Aws al-Saadi helped Ahmed-Adnan and others, but the restoration process was slow, leading to significant financial losses for many victims, including prominent figures like Ammar al-Hakim . This situation highlighted Meta’s challenges in balancing global growth with effective content moderation and protection. On 16 September 2024, Meta announced it had banned Russian state media outlets from its platforms worldwide due to concerns about "foreign interference activity." This decision followed allegations that RT and its employees funneled $ 10 million through shell companies to secretly fund influence campaigns on various social media channels. Meta's actions were part of

3003-570: The U.S. In July 2024, Meta agreed to pay the state of Texas $ 1.4 billion to settle a lawsuit brought by Texas Attorney General Ken Paxton accusing the company of collecting users' biometric data without consent, setting a record for the largest privacy-related settlement ever obtained by a state attorney general. Underwriting Underwriting ( UW ) services are provided by some large financial institutions , such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept

3080-495: The UK. Meta agreed to the sale, though it stated that it disagrees with the decision itself. In May 2023, Giphy was divested to Shutterstock for $ 53   million. In November 2020, Facebook, Inc. announced that it planned to purchase the customer-service platform and chatbot specialist startup Kustomer to promote companies to use their platform for business. It has been reported that Kustomer valued at slightly over $ 1 billion. The deal

3157-464: The United States without adequate protections for EU citizens. In March 2023, Meta announced a new round of layoffs that would cut 10,000 employees and close 5,000 open positions in order to make the company more efficient. Meta revenue surpassed analyst expectations for the first quarter of 2023 after announcing that it was increasing its focus on AI. On July 6, Meta launched a new app, Threads ,

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3234-651: The acquisition of the game developer Beat Games, responsible for developing one of that year's most popular VR games, Beat Saber . In Late 2022 after Facebook Inc rebranded to Meta Platforms Inc, Oculus was rebranded to Meta Quest. In May 2020, Facebook, Inc. announced it had acquired Giphy for a reported cash price of $ 400 million. It will be integrated with the Instagram team. However, in August 2021, UK's Competition and Markets Authority (CMA) stated that Facebook, Inc. might have to sell Giphy, after an investigation found that

3311-488: The age of 13 signing up for Facebook or Instagram. In June 2022, Meta settled a lawsuit with the US Department of Justice . The lawsuit, which was filed in 2019, alleged that the company enabled housing discrimination through targeted advertising, as it allowed home owners and landlords to run housing ads excluding people based on sex, race, religion, and other characteristics. The U.S. Department of Justice stated that this

3388-703: The allegations, a Meta representative said, "We review every data request for legal sufficiency and use advanced systems and processes to validate law enforcement requests and detect abuse." In June 2022, Sheryl Sandberg , the chief operating officer of 14 years, announced she would step down that year. Zuckerberg said that Javier Olivan would replace Sandberg, though in a "more traditional" role. In March 2022, Meta (except Meta-owned WhatsApp ) and Instagram were banned in Russia and added to Russian list of terrorist and extremist organizations for alleged Russophobia and hate speech (up to genocidal calls) amid ongoing Russian invasion of Ukraine . Meta appealed against

3465-487: The amount of manual work in processing quotations and policy issuance. This is especially the case for certain simpler life or personal lines (auto, homeowners) insurance. Some insurance companies, however, rely on agents to underwrite for them. This arrangement allows an insurer to operate in a market closer to its clients without having to establish a physical presence. Two major categories of exclusion in insurance underwriting are moral hazard and correlated losses. With

3542-422: The applicant's health status (other factors may be considered as well, such as occupation and risky pursuits) and decide whether the policy can be issued on the standard terms applicable to the customer's age. The factors that insurers use to classify risks are generally objective, clearly related to the likely cost of providing coverage, practical to administer, consistent with applicable law, and designed to protect

3619-627: The ban but it was upheld by a Moscow court in June of the same year. Also in March 2022, Meta and Italian eyewear giant Luxottica released Ray-Ban Stories , a series of smartglasses which could play music and take pictures. Meta and Luxottica parent company EssilorLuxottica declined to disclose sales on the line of products as of September 2022, though Meta has expressed satisfaction with its customer feedback. In July 2022, Meta saw its first year-on-year revenue decline when its total revenue slipped by 1% to $ 28.8bn. Analysts and journalists accredited

3696-564: The best-performing technology stocks of the year, with its share price up 150 percent. Its stock reached an all-time high in January 2024, bringing Meta within 2% of achieving $ 1 trillion market capitalization. Meta Platforms launched an ad-free service in Europe in November 2023, allowing subscribers to opt-out of personal data being collected for targeted advertising. A group of 28 European organizations, including Max Schrems' advocacy group NOYB ,

3773-423: The company into a "must-own stock". Jimmy Lee of JPMorgan Chase described it as "the next great blue-chip". Writers at TechCrunch , on the other hand, expressed skepticism, stating, "That's a big multiple to live up to, and Facebook will likely need to add bold new revenue streams to justify the mammoth valuation." Trading in the stock, which began on May 18, was delayed that day due to technical problems with

3850-427: The company should accept the risk. The information used to evaluate the risk of an applicant for insurance will depend on the type of coverage involved. For example, in underwriting automobile coverage, an individual's driving record is critical. However, the type of automobile is actually far more critical. As part of the underwriting process for life or health insurance , medical underwriting may be used to examine

3927-495: The company would be changing its internal motto from "Move fast and break things" to "Move fast with stable infrastructure". The earlier motto had been described as Zuckerberg's "prime directive to his developers and team" in a 2009 interview in Business Insider , in which he also said, "Unless you are breaking stuff, you are not moving fast enough." Lasso was a short-video sharing app from Facebook similar to TikTok that

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4004-758: The company's share price which occurred in reaction to the news eliminated some $ 230 billion of value from Meta's market capitalization . Bloomberg described the decline as "an epic rout that, in its sheer scale, is unlike anything Wall Street or Silicon Valley has ever seen". Zuckerberg's net worth fell by as much as $ 31 billion. Zuckerberg owns 13% of Meta, and the holding makes up the bulk of his wealth. According to published reports by Bloomberg on March 30, 2022, Meta turned over data such as phone numbers, physical addresses, and IP addresses to hackers posing as law enforcement officials using forged documents. The law enforcement requests sometimes included forged signatures of real or fictional officials. When asked about

4081-440: The consideration of more sources of information to assess risk than used previously. These algorithms typically use modern data sources such as SMS / Email for banking information, location data to verify addresses, and so on. Several firms are trying to build models that can gauge a customer's willingness to pay using social media data by applying natural language understanding algorithms which essentially try to analyse and quantify

4158-450: The deal between the two companies would harm competition in display advertising market. Facebook, Inc. was fined $ 70 million by CMA for deliberately failing to report all information regarding the acquisition and the ongoing antitrust investigation. In October 2022, the CMA ruled for a second time that Meta be required to divest Giphy, stating that Meta already controls half of the advertising in

4235-493: The ensuing monopolistic situation. FTC alleges that Facebook holds monopolistic power in the U.S. social networking market and seeks to force the company to divest from Instagram and WhatsApp to break up the conglomerate. William Kovacic , a former chairman of the Federal Trade Commission, argued the case will be difficult to win as it would require the government to create a counterfactual argument of an internet where

4312-720: The glasses to be used internally. On 4 October 2024, Meta announced about its new AI model called Movie Gen, capable of generating realistic video and audio clips based on user prompts. Meta stated it would not release Movie Gen for open development, preferring to collaborate directly with content creators and integrate it into its products by the following year. The model was built using a combination of licensed and publicly available datasets. On October 31, 2024, ProPublica published an investigation into deceptive political advertisement scams that sometimes use hundreds of hijacked profiles and facebook pages run by organized networks of scammers. The authors cited spotty enforcement by Meta as

4389-495: The hundreds of millions of dollars spent on content for early adopters. He also urged the company to execute fast and invest heavily in the vision, to shut out HTC , Apple , Google and other competitors in the VR space . Regarding other players' participation in the metaverse vision, he called for the company to build the " metaverse " to prevent their competitors from "being in the VR business in

4466-401: The issuer may agree to make the underwriter the exclusive agent for the initial sale of the securities instrument. That is, even though third-party buyers might approach the issuer directly to buy, the issuer agrees to sell exclusively through the underwriter. In summary, the securities issuer gets cash up front, access to the contacts and sales channels of the underwriter, and is insulated from

4543-486: The lawsuit, 260 screeners were declared redundant with confusing reasoning. The lawsuit seeks financial compensation and an order that outsourced moderators be given the same health benefits and pay scale as Meta employees. In June 2022, 8 lawsuits were filed across the U.S. over the allege that excessive exposure to platforms including Facebook and Instagram has led to attempted or actual suicides, eating disorders and sleeplessness, among other issues. The litigation follows

4620-459: The local market, supply and demand, and risks such as the physical state of the property, environmental or geotechnical risks, zoning, taxes, and insurance. In the evaluation of a real estate loan, lenders assess both the risk of lending to a specific borrower as well as the risk of the underlying real estate. Loan underwriters use various metrics including debt service coverage ratio , loan-to-value ratio , and debt yield ratio to assess out whether

4697-516: The long-term viability of the insurance program. The underwriters may decline the risk, or may provide a quotation in which the premiums have been loaded (including the amount needed to generate a profit, in addition to covering expenses ) or in which various exclusions have been stipulated, which restrict the circumstances under which a claim would be paid. Depending on the type of insurance product (line of business), insurance companies use automated underwriting systems to encode these rules, and reduce

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4774-425: The loss to its advertising business, which has been limited by Apple's app tracking transparency feature and the number of people who have opted not to be tracked by Meta apps. Zuckerberg also accredited the decline to increasing competition from TikTok. On October 27, 2022, Meta's market value dropped to $ 268 billion, a loss of around $ 700 billion compared to 2021, and its shares fell by 24%. It lost its spot among

4851-438: The market risk of being unable to sell the securities at a good price. The underwriter receives a profit from the markup, plus the possibility of an exclusive sales agreement. Also, if the securities are priced significantly below market price (as is often the custom), the underwriter also curries favor with powerful customers by granting them an immediate profit (see flipping ), perhaps in a quid pro quo . This practice, which

4928-411: The metaverse, a digital extension of the physical world by social media , virtual reality and augmented reality features. "Meta" had been registered as a trademark in the United States in 2018 (after an initial filing in 2015) for marketing, advertising, and computer services, by a Canadian company that provided big data analysis of scientific literature . This company was acquired in 2017 by

5005-446: The ongoing criticism of the company's social services and the way it operates, and pointed to the pivoting efforts to building the metaverse – without mentioning the rebranding and the name change. The metaverse vision and the name change from Facebook, Inc. to Meta Platforms was introduced at Facebook Connect on October 28, 2021. Based on Facebook's PR campaign, the name change reflects the company's shifting long term focus of building

5082-450: The property is capable of making debt service payments. Forensic underwriting is the "after-the-fact" process used by lenders to determine what went wrong with a mortgage. Forensic underwriting is a borrower's ability to work out a modification scenario with their current lien holder, not to qualify them for a new loan or a refinance. This is typically done by an underwriter staffed with a team of people who are experienced in every aspect of

5159-512: The real estate field. Underwriting may also refer to financial sponsorship of a venture, and is also used as a term within public broadcasting (both public television and radio ) to describe funding given by a company or organization for the operations of the service, in exchange for a mention of their product or service within the station's programming. Underwriting activity in the mergers and acquisitions , equity issuance , debt issuance, syndicated loans and U.S. municipal bond markets

5236-471: The same issue. The allegations sparked "fury" among some investors and led to the immediate filing of several lawsuits, one of them a class action suit claiming more than $ 2.5 billion in losses due to the IPO. Bloomberg estimated that retail investors may have lost approximately $ 630 million on Facebook stock since its debut. S&P Global Ratings added Facebook to its S&P 500 index on December 21, 2013. On May 2, 2014, Zuckerberg announced that

5313-428: The stock ended its first full week of trading at $ 31.91, a 16.5% decline. On May 22, 2012, regulators from Wall Street 's Financial Industry Regulatory Authority announced that they had begun to investigate whether banks underwriting Facebook had improperly shared information only with select clients rather than the general public. Massachusetts Secretary of State William F. Galvin subpoenaed Morgan Stanley over

5390-538: The third-largest in US history (slightly ahead of AT&T Mobility and behind only General Motors and Visa ). The stock price left the company with a higher market capitalization than all but a few U.S. corporations—surpassing heavyweights such as Amazon , McDonald's , Disney , and Kraft Foods —and made Zuckerberg's stock worth $ 19 billion. The New York Times stated that the offering overcame questions about Facebook's difficulties in attracting advertisers to transform

5467-410: The top 20 US companies by market cap, despite reaching the top 5 in the previous year. In November 2022, Meta laid off 11,000 employees, 13% of its workforce. Zuckerberg said the decision to aggressively increase Meta's investments had been a mistake, as he had wrongly predicted that the surge in e-commerce would last beyond the COVID-19 pandemic. He also attributed the decline to increased competition,

5544-411: Was closed in February 2022 after regulatory approval. In September 2022, Meta acquired Lofelt, a Berlin-based haptic tech startup. In 2020, Facebook, Inc. spent $ 19.7 million on lobbying , hiring 79 lobbyists. In 2019, it had spent $ 16.7 million on lobbying and had a team of 71 lobbyists, up from $ 12.6 million and 51 lobbyists in 2018. Facebook was the largest spender of lobbying money among

5621-419: Was first used in workers' compensation , where the premium of the insurance was updated monthly, based on the insured's submitted payroll. It is also used in life insurance and cyber insurance . Real estate underwriting is the evaluation of a real estate investment, either of equity ownership or of a real estate loan. The underwriting process generally involves a detailed analysis of expected cash flows,

5698-616: Was in violation of the Fair Housing Act . Meta was handed a penalty of $ 115,054 and given until December 31, 2022, to shadow the algorithm tool. In January 2023, Meta was fined €390 million for violations of the European Union General Data Protection Regulation . In May 2023, the European Data Protection Board fined Meta a record €1.2 billion for breaching European Union data privacy laws by transferring personal data of Facebook users to servers in

5775-447: Was launched on iOS and Android in 2018 and was aimed at teenagers. On July 2, 2020, Facebook announced that Lasso would be shutting down on July 10. In 2018, the Oculus lead Jason Rubin sent his 50-page vision document titled "The Metaverse" to Facebook's leadership. In the document, Rubin acknowledged that Facebook's virtual reality business had not caught on as expected, despite

5852-590: Was released to academics. In August 2023, Meta announced its permanent removal of news content from Facebook and Instagram in Canada due to the Online News Act , which requires Canadian news outlets to be compensated for content shared on its platform. The Online News Act was in effect by year-end, but Meta will not participate in the regulatory process. In October 2023, Zuckerberg said that AI would be Meta's biggest investment area in 2024. Meta finished 2023 as one of

5929-798: Was under the investigation of the FDA for alleged use of their social media platforms to sell illegal drugs. On 16 May 2024, the European Commission began an investigation into Meta over concerns related to child safety. In May 2023, Iraqi social media influencer Esaa Ahmed-Adnan encountered a troubling issue when Instagram removed his posts, citing false copyright violations despite his content being original and free from copyrighted material. He discovered that extortionists were behind these takedowns, offering to restore his content for $ 3,000 or provide ongoing protection for $ 1,000 per month. This scam, exploiting Meta’s rights management tools, became widespread in

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