Every year, Yahoo Finance has a poll to determine the best company of the year based on stock prices, market value, and other variables. Yahoo Finance conducted an open-ended survey to select the worst company of 2021, in addition to naming the greatest (which is Microsoft). And Facebook, which is now known as Meta, has been named the worst corporation of 2021.
According to a Yahoo Finance analysis, the majority of the 1,541 respondents chose Meta as the “worst company of the year.” The social media behemoth earned 50% more votes than the second-place finisher, Alibaba, a Chinese e-commerce corporation. It received 8% of the write-in vote as well.
The cause for people’s animosity against the social media behemoth is no longer a secret. We are aware of the problems that have surrounded the corporation in recent months. It all started in 2018 with the Cambridge Analytica scandal. According to reports, the company paid $9 million to resolve a dispute in Canada for false/misleading privacy settings. This year, the social media behemoth chastised Apple for its App Tracking Transparency system, even encouraging users to disable their privacy settings. The cause for this was most likely their declining revenue.
Instagram, Meta’s photo-sharing network, was not without controversy. Instagram CEO Adam Mosseri recently testified before a Senate Subcommittee on teen safety problems. Despite the fact that it has begun to introduce features to solve the challenges, the platform still has a long way to go.
Many survey respondents also claimed that the company’s current rebranding is just a ruse. It’s said to be a ploy to divert attention away from Facebook’s troubles among authorities and the general public. However, Mark Zuckerberg maintains that he established Meta to help the firm achieve its main objective of establishing a “Metaverse,” or a wholly digital environment for people.
Some participants also brought up the recent scandal, which was sparked by an ex-employee, Frances Haugen, who alleges that in order to develop in the market, Facebook compromised on safety precautions. Because of these major controversies and scandals, Meta was named the worst company of the year.
There does appear to be a silver lining, though. Around 30% of respondents thought Meta could redeem itself by admitting and apologising for its actions and donating a significant portion of its income to charity.
At&T, Nikola, Tesla, and even Robinhood have all been in the news for the wrong reasons. Meanwhile, Microsoft, which was named the greatest company of 2021, became the first US corporation to surpass $2 trillion in market valuation. In December of this year, it also enjoyed a 53 percent boost in its stock price and released Windows 11, a new version of its desktop operating system.