(RightIsRight.co) – Facebook has built an empire within the social media and advertising world, and its influence touches nearly every American life in some way. The social media giant just announced enormous earnings last quarter. However, these profits came just ahead of startling whistleblower claims that are threatening to hurt Facebook’s reputation and stock price.
On Monday, October 25, Facebook announced that in the third quarter, from July until September, its profits grew 17% to a total of $9.19 billion. The year prior, it only pulled in $7.85 billion during the same period. However, just as this year’s third quarter ended, a whistleblower made claims against Mark Zuckerburg’s company, detailing that Facebook knew how damaging its content is to children’s mental health. Since then, the company’s stock dropped almost 13%.
Chairman of the Subcommittee on Antitrust, Commercial, and Administrative Law and House Representative Ken Buck (R-CO) shared his statement about Facebook’s social media monopoly on Twitter:
My joint statement with @davidcicilline
“We cannot continue to let this behavior or Facebook’s monopoly go unchecked—Congress must act now to hold Facebook and other tech giants accountable and create more choice for consumers online.” pic.twitter.com/IfhxAGtaTO
— Rep. Ken Buck (@RepKenBuck) October 26, 2021
Even with intense congressional hearings and questionable ethics, experts project Facebook’s earnings to increase 39% year-over-year by the close of 2021. As reporters continue to uncover information about this company and its workings, it’s up to the American people to decide whether or not supporting this company with their time and ‘clicks’ is worth it.
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