08:58:29 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Meta CDR (CAD Hedged)
Symbol META
Shares Issued 4,850,000
Close 2023-08-25 C$ 16.17
Market Cap C$ 78,424,500
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Globe says Meta news ban highlights corporate cruelty

2023-08-28 08:29 ET - In the News

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The Globe and Mail reports in its Monday edition that wildfires in the Northwest Territories and British Columbia are again highlighting the vital role that social media firms play in enabling people to access and share information during a natural disaster. The Globe's guest columnist Natasha Tusikov writes that many people have become accustomed to receiving news stories through Facebook and Instagram, but with Meta now blocking all Canadian news on those two social media platforms, those fleeing wildfires had another thing to worry about. As Prime Minister Justin Trudeau said last week, "Facebook is putting corporate profits ahead of our democracy and well-being." Meta's actions constitute a "choke point" -- a tactic that only works when companies command significant market share and provide critical services. Worse, this news ban is political, intended to pressure the Canadian government into amending or repealing Bill C-18, the Online News Act, which will require "fair revenue sharing" between companies designated as "digital news intermediaries" such as Google, Meta and news outlets. Meta's Canadian news ban during a state of emergency starkly highlights the capriciousness and cruelty of corporate power.

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