Meta Platforms, Inc. META CEO Mark Zuckerberg is seeking to play an “active role” in shaping technology policies under the administration of President-elect Donald Trump.
What Happened: On Tuesday in a briefing with journalists, Nick Clegg, Meta’s president of global affairs, said that Zuckerberg intends to play “an active role” in discussions about preserving U.S. leadership in technology, reported the Financial Times.
Last week, it was reported that Zuckerberg met with Trump at Mar-a-Lago, expressing gratitude for the invitation.
Clegg also admitted that the company “overdid it a bit” with content moderation during the pandemic, which seems to be an effort to appease Trump, who has accused Meta of censorship.
The Meta executive said that the company is committed to refining its content moderation practices to ensure "precision and accuracy," admitting the company has faced user backlash over removing non-harmful content.
Why It Matters: Earlier this year, Trump had threatened legal action against Zuckerberg, accusing him of plotting against him while appearing friendly during visits to the Oval Office.
In July this year, Meta lifted additional restrictions on Trump’s accounts, after he threatened to take legal action against Zuckerberg.
Meanwhile, Meta reported third-quarter revenue of $40.59 billion, surpassing analyst expectations of $40.29 billion. The company also reported adjusted earnings of $6.03 per share for the quarter, exceeding the projected $5.25 per share.
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This marks the seventh straight quarter in which Meta has outperformed analyst estimates for both revenue and earnings, according to Benzinga Pro.
Price Action: Meta’s stock rose 3.51% on Tuesday, finishing the day at $613.65. During after-hours trading, it saw a slight uptick of 0.059%, reaching $614.01. Year-to-date, Meta’s shares have surged by 77.21%, significantly outperforming the Nasdaq 100 index, which has gained 28.32% in the same period.
Based on evaluations from 41 analysts, Meta’s consensus price target stands at $639.05, with the highest projection of $811 issued by Rosenblatt on Oct. 31, 2024. Recent ratings from Raymond James, Wells Fargo, and Citigroup average at $673.67, implying a potential 9.72% upside.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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