Social media giant Facebook, now known as Meta Platforms, Inc., was launched in February 2004 by a 19-year-old Mark Zuckerberg and his college roommates at Harvard University. The platform quickly gained popularity, growing to over three billion monthly active users. Originally named “TheFacebook,” after a physical student directory commonly known as a “face book,” the site saw rapid expansion, reaching one billion users by 2012. In 2021, Zuckerberg announced the rebranding of Facebook, Inc. to Meta Platforms, Inc., which owns and operates Facebook, Instagram, Threads, and WhatsApp.
Despite its massive user base and financial success, Facebook – now Meta – has faced numerous controversies, including concerns over data privacy and user safety. In 2018, it was revealed that British consulting firm Cambridge Analytica used the personal information of 87 million Facebook users without permission. This led to Zuckerberg attending congressional hearings and agreeing to pay fines to enhance privacy regulations on the platform.
More recently, Meta has faced scrutiny from the US Senate Judiciary Committee, with senators questioning the impact of social media on the health and well-being of children and teenagers. The company reported a revenue of $40.1 billion and a profit of $14 billion for the fourth quarter of 2023, far surpassing analysts’ forecasts.
Looking ahead, Meta is investing heavily in boosting its computing power to support its ambitious artificial intelligence (AI) plans. The company is preparing to unleash its own AI chips, referred to internally as “Artemis,” which will be used in energy-hungry generative AI products integrated into Facebook, Instagram, and WhatsApp.
Currently, Facebook – now Meta – remains the world’s most popular social media platform and is used by individuals across all age groups. However, with concerns about data privacy and user safety persisting, and with the platform’s younger audience dwindling, Meta faces ongoing challenges as it navigates the ever-changing landscape of social media and technology.
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