Mark Zuckerberg-led Meta, formerly known as Facebook, has made a landmark decision in order to dovetail to incoming US president Donald Trump.
No More Fact-Checking
Mark Zuckerberg took to his platforms to announce the end of company’s fact-checking systems on their platforms, Facebook and Instagram.
Instead, Zuckerberg’s company will replace it with ‘community notes’. These would be notes or suggestions generated by users on the platform. This system is similar; in fact, almost the same as the feature on X, formerly Twitter.
This move from Zuckerberg is being deemed a way to dovetail and mend his ties with Donald Trump, who will assume the White House on January 20.
Meta Shares In Red
The company shares nosedived on Tuesday, January 7. The company shares closed at USD 617.89. At the end of the day’s trade on Tuesday, the company shares declined a major 1.95 per cent or USD 12.31.
It needs to be noted, that the company shares have had a relatively positive period in the recent past. In the past five trading sessions alone, the company shares grew by 4.33 per cent, only undercut by the recent decline.
When we look at Zuckerberg’s move, this comes to as, the company has some key issues, with which a good relationship with Donald Trump could help.
Why Is Zuckerberg Doing This?
Many, including both Republican and Democratic legislators, have looked into the monopoly of these tech companies, including Meta. Many have demanded a strategic breakup or splitting of these companies.
In addition, Meta has also been drawn into antitrust litigations for its anti-competitive practices. Regulations have always spooked corporations, and this is another means for companies like Meta to elude regulations.
Adding to all that, the new gold mine in world of advanced tech, AI is also in focus. Meta would like to progress further in working on its AI ambitions, with limited competition and regulations, to maximise profit.
These could only be achieved with a government or an administration that is in ‘good terms’ with companies. Therefore, this, in addition to his previous donation to Trump is seen as another attempt by Zuckerberg to cajole Trump.
