Starting today, for U.S. users, Meta Platforms (NASDAQ:META) will graciously allow you to pay money to verify your Meta account using a government-issued ID. That move is going over with all the grace of a lead balloon, as evidenced by the drop that Meta is taking in Friday afternoon trading.
While even Meta itself is aware that most people have zero interest in paying an extra fee to give Meta a copy of personally identifiable information that could ultimately be stolen. Rather, it’s designed more for content creators who want to better establish a community with confidence. The service—which starts at $11.99 per month for web-only users and $14.99 per month for iOS and Android—will include several extra features. Account support and a verification badge are just two of these, along with better visibility of Meta’s services.
However, all the extra features won’t roll out all at once, Meta reps noted. There was some “confusion,” apparently, in how the “increased visibility” part was supposed to work. Therefore, Meta is “…taking the time to further explore its value and learn before we consider expanding this component outside Australia and New Zealand.” So, with that part of the program effectively neutered, at least for now, Meta is “looking into” adding other features that might make it more worth the subscription fee during its testing phase.
Analysts are generally in favor of Meta stock with a Moderate Buy consensus rating based on 36 Buys, six Holds, and three Sells. With an average price target of $224.88, Meta stock offers 13.35% upside potential.