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Business

Meta CEO Mark Zuckerberg Faces Congressional Criticism and Investor Praise

Meta CEO Mark Zuckerberg has had a tumultuous week, facing criticism from Congress over harmful content on his platforms while also being lauded by investors for the company’s financial performance. In a Threads post on Thursday, Zuckerberg reflected on the ups and downs, stating, ‘You’re never as good as they say when you’re up, or as bad as they say when you’re down. Just keep building and doing good work over long periods of time.’

Zuckerberg, once hailed for connecting the world through Facebook, has more recently come under fire for Meta’s various scandals. At a recent Congressional hearing, he faced accusations of prioritizing profits over child safety, with one senator accusing him of having ‘blood on his hands.’ Zuckerberg apologized to the parents of children who had been exploited online, expressing regret for their suffering and pledging industry-wide efforts to prevent such incidents in the future.

Despite the congressional scrutiny, Meta’s financial report painted a different picture. The company reported a yearly revenue of $134.90 billion, a 16% increase year-over-year, and announced its first-ever cash dividend of $0.50 per share for stockholders. This positive news led to a 15% surge in Meta’s shares on Friday.

In addition to the financial success, Zuckerberg revealed that Threads, Meta’s Twitter alternative, had amassed over 130 million active users and ranked among the top 10 most downloaded apps on both Apple and Android devices in December.

These developments underscore the fickle nature of public perception, as evidenced by the divergent reactions to Zuckerberg’s week. Despite facing criticism, the company’s financial performance and the popularity of Threads have contributed to a surge in Meta’s stock value, highlighting the resilience of the tech industry and its ability to weather controversies.

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