- Meta to expand partnership with NBA and WNBA.
- Trump, Ireland and many from the US take legal action against Meta platforms.
- New amends made to adapt the shortcomings.
Meta scores in NBA’s Court
Meta Platforms (NASDAQ: META) has expanded its partnership with the National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) and is set to launch 50 live NBA games in Virtual Reality (VR) on Meta Quest.
The company said the games will be available in Xtadium in the US and the Meta Horizon Worlds in countries like the US, Canada, and the UK. Meta said it also plans to launch NBA-licensed apparel in the Meta Avatars Store in the coming few weeks.
Meta in Trouble?
The latest report comes after NBC news reported that the former President, Donald Trump, is likely to be reinstated on Facebook and Twitter. Trump plans to formally petition Facebook’s parent company Meta Platforms to unblock his account after it was banned following the Januray six, 2021 Capitol hill attack.
Meanwhile, the Irish Data Protection Commission disclosed that Meta’s WhatsApp is being fined 5.5 million Euros ($5.94 million) in Ireland regarding the breach of European Union’s privacy laws. The DPC ruled that WhatApp Ireland lacked transparency with its users regarding the processing of personal data.
Seattle’s Public Schools district filed a lawsuit against several major social media companies earlier this month. They accused the companies of harming young people’s mental health. The lawsuit, filed in the US district court, summons the social media companies including TikTok, Facebook, Instagram, Snapchat (NYSE: SNAP) and Youtube.
Meta, Microsoft (NASDAQ: MSFT), and Twitter stood for Google (NASDAQ: GOOGL) in amicus briefs filed regarding the case of Gonzalez v/s Google. The case debates whether tech companies should be responsible for recommending content to users. Big tech conglomerates worried how a broad ruling might harm their business and offerings.
In light of the occurrences, Meta’s Instagram launched Quiet Mode. It offers to turn off notifications and send an auto-reply to someone reaching the user via direct message (DM). This might help the user to avoid getting distracted and is being promoted specifically for teenagers.
This mode is currently available to users in the US, the UK, Ireland, Canada, Australia, and New Zealand. It also introduces new ways to manage what is recommended to the viewer on Instagram. It aims to provide control over the content and modify it as per the users’ whim.
META stock price analysis
META price tried to crack the rising parallel channel that has formed since November 2022. The volume is observed to be flat and less volatile. Current price of $143.27 rests above the 20-EMA and is predicted to rally up to $167.69, respecting the previous swings. The MACD records buyers actively participating in the market while the lines undergo a bullish divergence. The RSI reaches the ceiling range to mirror buyer’s dominance in the market.
Conclusion
Meta Platforms, instead of reacting to the negative news, shows signs of producing a rally taking support from optimistic reports. The future is filled with unpredictable factors that could add oomph to the stock prices. The Earnings report is scheduled to be launched on Feb 1 for the period ended on Dec 2022.
Technical levels
Support levels: $115.08 and $88.70
Resistance levels: $167.69 and $180.95
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/01/24/meta-swamped-with-expansions-and-lawsuits-can-stock-prices-handle-the-attention/