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. In September 2022, the company was worth $364.64 billion with shares down 60.02% over the past year due to growing competition from TikTok and Apple's iOS privacy changes.įacebook filed for an initial public offering (IPO) on January 1, 2012.

According to Meta, the 'metaverse' refers to the integrated environment that links all of the company's products and services. In October 2021, the parent company of Facebook changed its name from Facebook, Inc., to Meta Platforms, Inc., to 'reflect its focus on building the metaverse'. In 2021, the company generated 97.5% of its revenue from the sale of advertising. It has also acquired Oculus, Giphy, Mapillary, Kustomer, Presize and has a 9.99% stake in Jio Platforms. Meta's products and services include Facebook, Messenger, Facebook Watch, and Meta Portal. It is considered one of the Big Five American information technology companies, alongside Alphabet, Amazon, Apple, and Microsoft. Meta is one of the world's most valuable companies. The company owns Facebook, Instagram, and WhatsApp, among other products and services. Meta Platforms, Inc., doing business as Meta and formerly named Facebook, Inc., and TheFacebook, Inc., is an American multinational technology conglomerate based in Menlo Park, California.

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