Meta Faces Calls For Federal Scrutiny After Report Claims Revenue From Fraudulent Ads
Synopsis
According to a Reuters report, in a joint letter to the Federal Trade Commission and the Securities and Exchange Commission, the lawmakers called for immediate investigations.
- A recent Reuters report claimed that Meta earned a substantial portion of its revenue from fraudulent or banned ads.
- The senators demand that Meta return the ill-gotten earnings, pay fines, and stop running such content.
U.S. Senators Josh Hawley and Richard Blumenthal have reportedly urged the Federal Trade Commission (FTC) to scrutinize Meta Platforms Inc. (META) for allegedly profiting from scam advertising on Facebook and Instagram.
According to a Reuters report, in a joint letter to the Federal Trade Commission and the Securities and Exchange Commission (SEC), the lawmakers called for immediate investigations.
Allegations
The move comes after a recent Reuters report claimed that Meta earned a substantial portion of its revenue from fraudulent or banned ads. The senators demand that Meta return the ill-gotten earnings, pay fines, and stop running such content.
Get updates to this developing story directly on Stocktwits.<
Stay updated with all the latest Business NewsShare Market NewsIPOsGold PriceDA Hike8th Pay CommissionAsianet News Official App