Meta reports revenue rise and creates new stock class for Zuckerberg

Meta Platforms chief executive Mark Zuckerberg called for increased investment in artificial intelligence during an earnings call on Wednesday as the company reported a 26 percent rise in third quarter revenue. France 24 and The Times both reported that Meta generated 64.6 billion dollars in revenue for the quarter. The Korea Daily added that Meta's Muse AI agent has reached 10 million users within six weeks of its release, a detail also noted by France 24. [1][8][10]

Business Insider reported that Meta's board created a new category of non-voting Class C stock to ensure Mark Zuckerberg remains chief executive. According to Business Insider, a Special Committee set up by the board stated that the new stock structure will maintain a founder-led model and help the company finance future growth. [2]

The New York Post reported that Mark Zuckerberg engaged in detailed negotiations with Meta's board about potentially moving out of California if the state approves Proposition 40. The proposed law would introduce a 5 percent wealth tax on billionaires. The New York Post and The Verge both noted that Meta made a deal regarding the matter, which could otherwise force the chief executive to sell large amounts of stock and sell his 110 million dollar home in California. [4][5][6]

As FTMQ News reported earlier, Meta's revenue growth during the third quarter pushed the company's stock up by approximately 5 percent in after-hours trading. [11]