Why Meta Platforms Stock Flew Higher on Friday
Shares of Meta Platforms (NASDAQ: META) vaulted into the weekend on a high note. The Facebook and Instagram owner's share price zoomed more than 4% higher on Friday, as investors bid the company up on news that it had disbanded one of its teams.
Thursday afternoon, The Wall Street Journal reported that Meta had dissolved the Responsible Innovation (RI) unit at the company. This was the team that kept an eye on the ethics of its products and services, which also include messaging app WhatsApp in addition to Facebook and Instagram.
Meta spokesman Eric Porterfield told the newspaper that most of the RI team, comprising around 24 individuals, would be shifted to other jobs at the social media giant. He added that Meta remains committed to the unit's objectives; resources devoted to these are better allocated to issue-specific items, according to Porterfield.
Source Fool.com
