Meta Platforms Inc. (NASDAQ:META) inches up in afterhours trading session as to satisfy the regulator’s competition concerns, Britain’s competition watchdog said on Friday that social media giant Meta has promised to limit its use of other firms’ advertising data for its Facebook Marketplace program.
The Competition and Markets Authority (CMA) stated that it was willing to accept the pledges, which include the ability for advertisers to opt out of having their data used to develop the Facebook Marketplace classified ads platform.
CMA executive director of enforcement, Michael Grenfell stated that reducing the risk of Meta unfairly exploiting the data of businesses that advertise on its platform for its own competitive advantage could help many UK businesses that advertise there.
He added, “We are now consulting on these commitments, which we believe, at this stage, will address our concerns.”
According to the CMA, Meta was able to leverage data collected from a person’s involvement with Facebook advertisements to conclude they were interested in trainers, which may subsequently affect listings for shoes to that user on Facebook Marketplace.
The consultation on Meta’s recommendations will end on June 26, according to the announcement.
During Thursday’s companywide meeting following its final layoff, the CEO of Meta Platforms, Inc (NASDAQ: META) attempted to soothe staff. According to a phone tape, Zuckerberg promised staff that the Facebook parent firm will have greater stability but less bureaucracy in the future.
Zuckerberg stated his desire to go to a “scrappier place.”
Meta completed the final wave of pink slips in a months-long drive to reduce over 10,000 employment and terminate another 5,000 unfilled positions on Wednesday.
Meta was alerted of the company’s business division cutting personnel, including teams working on advertising, human resources, and policy projects. Senior executives also disclosed early divisional reorganization plans.
The corporation laid off 5,100 workers in May. It lay off recruiters in March, then eliminated roughly 4,000 people from technical teams in late April. The current job layoffs are in addition to the 11,000 job cuts made in November, which accounted for around 13% of Meta’s staff.
Meta had to contend with TikTok’s ad market rivalry, Apple Inc’s (NASDAQ: AAPL) privacy laws, and an e-commerce industry slump. At the same time, it continues to splurge on its metaverse goals, which are taking their time to bear fruit.
To enhance performance and culture, Zuckerberg wants to see a “critical mass” of workers working together from the office at least a couple days a week.
It intends to revitalize corporate culture in part by addressing future developments, such as its investment in artificial intelligence, which required a greater capex than Reality Labs.
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