Mark Zuckerberg Compared With Tobacco Executives By Senate Committee Chair For 'Outrageous Statement' On Mental Health: 'Should Never Have Said Anything Like That'
Portfolio Pulse from Navdeep Yadav
Senate Judiciary Committee Chair Dick Durbin criticized Meta Platforms CEO Mark Zuckerberg for downplaying the impact of social media on mental health, comparing him to tobacco executives. Durbin's remarks followed Zuckerberg's statement denying a causal link between social media use and negative mental health outcomes. The criticism comes amid a Senate hearing on child safety online, where social media executives were questioned. Despite the controversy, Meta Platforms reported a 25% year-over-year increase in fourth-quarter revenue to $40.11 billion, beating estimates and causing its stock to surge 15.22% in after-hours trading.
February 02, 2024 | 2:24 am
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Meta Platforms CEO Mark Zuckerberg criticized by Senate Judiciary Committee Chair for comments on social media's impact on mental health. Despite controversy, Meta reports a 25% revenue increase to $40.11 billion, with stock surging 15.22% after-hours.
Despite the negative publicity from the Senate Judiciary Committee's criticism, Meta Platforms reported a significant increase in revenue, which positively impacted its stock price in after-hours trading. The criticism may raise concerns among investors about potential regulatory scrutiny, but the strong financial performance indicates robust business health, outweighing immediate negative impacts.
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