The issue of Facebook, or rather, Meta Platforms (NASDAQ:META) as a news aggregator has long been something of a controversy. But now, it’s going farther than it ever has before, and Canadian press is taking aim at the company. The move isn’t winning Meta many fans among investors, as Meta Platforms is down somewhat in Tuesday afternoon trading.
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Several members of the Canadian press turned to the Competition Bureau in Canada to investigate Meta over its plans to block news content on the platform. Meta announced plans to do just this a few months back, and now, has already started. The move from Meta followed a move from the Canadian government that required Meta to pay publishers for the content that they either linked to or repurposed, a move that also went for Google (NASDAQ:GOOG).
In response, Meta simply stopped allowing the content in question to show up on its platform. No content, no payout, after all. Now, Canadian press is trying to bring in the government to counter Meta’s “abuse of its dominant position,” which is preventing readers from seeing news content. That’s not the only problem Meta has right now either; it’s just been hit with a hefty fine in Norway. The Norwegian government fined Meta $98,500 per day over targeted data and the privacy breaches required to collect said data.
All bad news for Meta, certainly, but analysts are unfazed. With 39 Buy ratings and two Hold, Meta Platforms stock is considered a Strong Buy. Further, with an average price target of $377.70, Meta Platforms stock offers investors a 20.83% upside potential.
