Meta Shuts Down Tracking Tool CrowdTangle, Faces Bipartisan Criticism
Portfolio Pulse from Lekha Gupta
Meta Platforms, Inc. (NASDAQ:META) has shut down its social media analysis tool CrowdTangle, despite bipartisan criticism. The tool was used to monitor trending posts and track misinformation. Meta plans to replace it with the Meta Content Library, which will have limited access. This move has sparked calls for more oversight of Big Tech.
August 15, 2024 | 4:59 pm
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NEUTRAL IMPACT
Fidelity MSCI Communication Services Index ETF (NYSE:FCOM) provides exposure to Meta Platforms, Inc. (NASDAQ:META). The shutdown of CrowdTangle and its replacement with the Meta Content Library could impact the ETF's performance, given Meta's significant weight in the fund.
As FCOM holds a significant position in Meta, the changes in Meta's tools and the associated regulatory scrutiny could impact the ETF's performance. However, the overall impact is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Meta Platforms, Inc. (NASDAQ:META) has shut down CrowdTangle, a tool used for monitoring trending posts and tracking misinformation. This decision has faced bipartisan criticism and calls for more oversight of Big Tech. Meta plans to replace it with the Meta Content Library, which will have limited access.
The shutdown of CrowdTangle and its replacement with the Meta Content Library could have mixed impacts. While it may streamline Meta's tools, the bipartisan criticism and calls for more oversight could create regulatory challenges. The stock price is currently up, indicating neutral to positive short-term sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Communication Services Select Sector SPDR Fund (NYSE:XLC) provides exposure to Meta Platforms, Inc. (NASDAQ:META). The shutdown of CrowdTangle and its replacement with the Meta Content Library could impact the ETF's performance, given Meta's significant weight in the fund.
XLC holds a significant position in Meta, and the changes in Meta's tools along with the regulatory scrutiny could impact the ETF's performance. However, the overall impact is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50