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Tuesday, January 25, 2022

Survey calls Facebook “worst company of 2021”

After a year of controversy, the tech company finished first in the race to the bottom, according to a new Yahoo Finance poll.

Meta Platforms, formerly known as Facebook, was named the “worst company of 2021” in an audience survey conducted by Yahoo Finance.

In a poll that polled 1,541 readers, Facebook received 8 percent of the total votes for this infamous distinction.

The respondents were polarized in their assessments of the technology company and gave conflicting reasons for their neglect. Conservatives and dissidents have expressed dissatisfaction with the tech company due to excessive censorship and discrimination against their views. However, progressives often complained that the company did not go far enough in its efforts to root out alleged misinformation, with many arguing that the company had inadequately suppressed skepticism about the CCP (Chinese Communist Party) virus pandemic and the 2020 U.S. presidential election. …

Last September, Facebook came under scrutiny due to Facebook files, a series of investigations published by Wall street journal and based on leaks provided by informant Francis Hogen. Much of the publicity surrounding the leaks has focused on the impact of Instagram (a subsidiary of Meta Platforms) on teenage girls and the company’s alleged indifference to those concerns. Haugen also argued that Facebook’s radicalization potential contributed to the genocide in Myanmar and Ethiopia, among a host of other concerns expressed in the reports.

In addition, the company has been under the scrutiny of antitrust authorities for several years. Last year, the FTC and attorneys general of 48 states sued Facebook for alleged antitrust violations. This particular case against the company was dismissed as legally inadequate, but the claim is still pending as the court is considering discontinuing it altogether.

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Perhaps because of this negative publicity, Facebook last October renamed the parent company that oversees its platforms to Meta Platforms. The new name coincides with Zuckerberg’s growing emphasis on the concept of the “metaverse,” a concept in which the Internet will be presented as a simulated 3D world accessible via virtual reality. Facebook’s proposed metauniverse has generated just as much controversy, with critics calling it everything from funny to dystopia.

Nonetheless, Meta’s share price has gained 22% over the past year, which is slightly behind the S&P, but is unlikely to be a crisis for investors. For purely financial reasons, Meta looks much better than the runner-up worst company of 2021: Chinese e-commerce giant Alibaba, whose stock has plummeted more than 50 percent after a tumultuous year of harassment by the Chinese Communist Party.

However, Facebook has faced controversy from the start, and that hasn’t stopped it from becoming an information hub. As such, it is unclear whether such negative publicity will serve as a significant deterrent for the company, which remains a leader on social media, despite the many negative reviews it received.

Facebook / Meta Platforms did not respond to a request for comment.

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World Nation News Deskhttps://www.worldnationnews.com
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