Trading in the stock, which began on May 18, was delayed that day due to technical problems with the NASDAQ exchange. 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". Jimmy Lee of JPMorgan Chase described it as "the next great blue-chip". The New York Times stated that the offering overcame questions about Facebook's difficulties in attracting advertisers to transform the company into a "must-own stock". corporations-surpassing heavyweights such as Amazon, McDonald's, Disney, and Kraft Foods-and made Zuckerberg's stock worth $19 billion. The stock price left the company with a higher market capitalization than all but a few U.S. The IPO raised $16 billion, making it the third-largest in US history (slightly ahead of AT&T Wireless and behind only General Motors and Visa). On May 16, one day before the IPO, Facebook announced it would sell 25% more shares than originally planned due to high demand. Underwriters valued the shares at $38 each, valuing the company at $104 billion, the largest valuation to date for a newly public company. After the IPO, Zuckerberg would retain a 22% ownership share in Facebook and would own 57% of the voting shares. The preliminary prospectus stated that the company sought to raise $5 billion, had 845 million monthly active users, and a website accruing 2.7 billion likes and comments daily. įacebook corporate logo from 2019 to 2021įacebook filed for an initial public offering (IPO) on January 1, 2012. The word " meta" comes from the Greek language, meaning "beyond", indicating a futuristic motivation. It was rebranded as Meta later that month on October 28. In October 2021, media outlets reported that the parent company of Facebook planned to change its name to "reflect its focus on building the metaverse". It has also acquired Oculus, Giphy, and Mapillary, and has a 9.99% stake in Jio Platforms.
Meta products and services include Facebook, Messenger, Facebook Watch, and Facebook Portal. The company generates a substantial share of its revenue from the sale of advertisement placements to marketers. information technology, alongside Amazon, Google ( Alphabet Inc), Apple, and Microsoft. Meta is one of the world's most valuable companies and is considered one of the Big Tech companies in U.S.
The company is the parent organization of Facebook, Instagram, and WhatsApp, among other subsidiaries. Meta Platforms, Inc., also known as Meta and formerly known as Facebook, Inc., is a multinational technology conglomerate based in Menlo Park, California. Mark Zuckerberg, co-founder, chairman, chief executive officer and controlling shareholder of Meta Inc.
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