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People were fond of social media when it initially emerged around 2004. People were loving Facebook as it allowed the people to transit in what we call an interactive web today. But users started to see a potential threat to their data privacy from FB following the revelation of the Facebook-Cambridge Analytica Scandal during the 2010s. Recently, BBC reported that the company has agreed to pay $725 Million for settlement. Meta (NASDAQ: META) stock gained following the news.
Meta Making Moves in Favor of Shareholders and Community
According to BBC, the company said that they are doing this in the best interest of their shareholders and the community. Mark Zuckerberg has already seen a heavy loss since he changed the organization’s title to Meta (NASDAQ: META) in 2021. They have reportedly invested over $36 Billion in their research and development arm Reality Labs.
Author and Journalist, James Ball thinks that this is not a big amount to an industry giant like Meta. He says that this is nothing in contrast to what they spend in the “metaverse”. Company also revealed their virtual reality goggles Meta Quest Pro which was met with mixed reviews due to the expensive price it bore. The gear’s in-built cameras, designed to capture face and eye movements, became a point of concern as users started the debate about how they will use the biometric data.
The Facebook-Cambridge Analytica Scandal was exposed in 2018 and instantly became talk of the town. Zuckerberg’s firm became subject to the unethical use of data for political campaigns. Currently, the class action lawsuit involves around 250 Million to 280 Million people. In 2019, they agreed to pay $5 Billion in penalties to the Federal Trade Commission (FTC).
Meta Stock Price Analysis
It is not a fresh news that Meta stock has lost over 65% in its value since this year’s beginning. The share was trading at a market value of $118.04 at the time of writing. Currently, the price has a support level at $112 and a resistance level at $125. Regression channel shows that company shares are close to the neutral zone with Relative Strength Index (RSI) supporting the fact.
Parabolic SAR largely points out to sellers’ interest throughout the year, primarily due to heavy investment in the metaverse research. The Nasdaq Composite was up by around 22 points, a possible factor Meta stock saw a minor push yesterday. 2023 may hold some tailwinds following the potential progress in metaverse and web3 technologies.
Apart from this, the company may benefit from the future VR market. According to research, the virtual reality sector generated $7.72 Billion in 2020. It is anticipated to become a $26.9 Billion market in 2027. Data says, there are around 57 Million users translating it to almost 15% of the country’s population, meanwhile 47% people are familiar with what the term means.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
