Do Meta And Other Platforms Play A Role In Illicit Drug Sales? US Prosecutors Intend To Find Out
Portfolio Pulse from Maureen Meehan
Prosecutors in Virginia are investigating Meta Platforms, Inc. (NASDAQ:META) for potentially facilitating and profiting from illegal drug sales on Facebook and Instagram. The investigation, led by Assistant U.S. Attorney Randy Ramseyer, involves subpoenas sent in 2023 as part of a criminal grand jury probe. Meta asserts it has policies against drug sales and collaborates with law enforcement to combat online drug sales. Additionally, NY Gov. Kathy Hochul accused Meta and Alphabet Inc (NASDAQ:GOOG) of promoting unlicensed cannabis businesses.
March 17, 2024 | 12:58 am
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Alphabet Inc is accused alongside Meta of promoting unlicensed cannabis businesses, raising concerns about regulatory scrutiny.
The accusations against Alphabet Inc for promoting unlicensed cannabis businesses could attract regulatory scrutiny and potentially harm the company's public image, possibly leading to a negative short-term impact on its stock price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
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Meta Platforms, Inc. is under investigation for potentially facilitating and profiting from illegal drug sales on its platforms, Facebook and Instagram.
The investigation into Meta's potential facilitation of illegal drug sales could lead to legal repercussions and damage the company's reputation, likely negatively impacting its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90