Meta Platforms (META) stock is trading in negative territory Tuesday after the Facebook and Instagram parent announced that Dana White will join its board of directors and said that it is ending its fact-checking program.
"I've never been interested in joining a board of directors until I got the offer to join Meta's board," said Dana White, president and CEO of Ultimate Fighting Championship (UFC), in a statement. "I am very excited to join this incredible team and to learn more about this business from the inside. There is nothing I love more than building brands, and I look forward to helping take Meta to the next level."
The announcement of Dana White's addition to Meta's board comes just two weeks before President-elect Donald Trump takes office on Monday, January 20. This move by Meta Platforms is seen as significant due to Dana White's longtime friendship with Trump, according to CNBC.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
In addition to Dana White, John Elkann, CEO of European investment firm Exor, and Charlie Songhurst, a technology investor and the former general manager and head of Global Corporate Strategy at Microsoft (MSFT), will also join Meta's board.
Meta will end fact-checking
Meta Platforms also said that it will be ending its fact-checking program in favor of a program similar to that of Community Notes on X.
"We're going to get back to our roots and focus on reducing mistakes, simplifying our policies and restoring free expression on our platforms," said Meta Platforms' CEO Mark Zuckerberg in a video post. "More specifically, here's what we're going to do. First, we're going to get rid of fact checkers and replace them with community notes similar to X, starting in the U.S."
The social media platform will also lift restrictions on specific content, such as immigration and gender, and will take "a more personalized approach" to political content to reduce censorship.
"Finally, we're going to work with President Trump to push back on governments around the world that are going after American companies and pushing to censor more," Zuckerberg said.
Is META stock a buy, sell or hold?
Wall Street is bullish on Meta and for good reason. Indeed, the Magnificent 7 stock has climbed nearly 80% on a total return basis (price change plus dividends) over the past year.
According to S&P Global Market Intelligence, the average analyst target price for META stock is $658.65, representing implied upside of roughly 5% to current levels. Additionally, the consensus recommendation is Buy.
Financial services firm Jefferies is one of the more bullish outfits on the large-cap stock with a Buy rating and a $715 price target.
"We believe META has a unique opportunity to introduce generative artificial intelligence (GenAI) tools to the almost 4 billion users and over 200 million businesses across its family of apps,” wrote Jefferies analyst Brent Thill in a January 5 note.
The analyst adds that Meta Platforms is introducing GenAI advertiser tools, which are already increasing performance.
"Additionally, META, with its Llama models, has become a backbone of the open-source community, putting META in an excellent position to benefit from its rise," Thill said.
Related Content
-
Dow Adds 646 Points, Hits New Highs: Stock Market TodayIt was "boom" for the Dow but "bust" for the Nasdaq following a December Fed meeting that was less hawkish than expected.
-
5 Types of Gifts the IRS Won’t Tax: Even If They’re BigGift Tax Several categories of gifts don’t count toward annual gift tax limits. Here's what you need to know.
-
The 'Scrooge' Strategy: How to Turn Your Old Junk Into a Tax DeductionTax Deductions We break down the IRS rules for non-cash charitable contributions. Plus, here's a handy checklist before you donate to charity this year.
-
Dow Adds 646 Points, Hits New Highs: Stock Market Today
It was "boom" for the Dow but "bust" for the Nasdaq following a December Fed meeting that was less hawkish than expected.
-
I'm a Tax Attorney: These Are the Year-End Tax Moves You Can't Afford to MissDon't miss out on this prime time to maximize contributions to your retirement accounts, do Roth conversions and capture investment gains.
-
I'm an Investment Adviser: This Is the Tax Diversification Strategy You Need for Your Retirement IncomeSpreading savings across three "tax buckets" — pretax, Roth and taxable — can help give retirees the flexibility to control when and how much taxes they pay.
-
Dow Rises 497 Points on December Rate Cut: Stock Market TodayThe basic questions for market participants and policymakers remain the same after a widely expected Fed rate cut.
-
Could an Annuity Be Your Retirement Safety Net? 4 Key ConsiderationsMore people are considering annuities to achieve tax-deferred growth and guaranteed income, but deciding if they are right for you depends on these key factors.
-
I'm a Financial Pro: Older Taxpayers Really Won't Want to Miss Out on This Hefty (Temporary) Tax BreakIf you're age 65 or older, you can claim a "bonus" tax deduction of up to $6,000 through 2028 that can be stacked on top of other deductions.
-
JPMorgan's Drop Drags on the Dow: Stock Market TodaySmall-cap stocks outperformed Tuesday on expectations that the Fed will cut interest rates on Wednesday.
-
Meet the World's Unluckiest — Not to Mention Entitled — Porch PirateThis teen swiped a booby-trapped package that showered him with glitter, and then he hurt his wrist while fleeing. This is why no lawyer will represent him.
