Goldman Sachs Group Inc (NYSE: GS), an investment bank and financial services institution, recently published a report that predicts an economic decline in the next two years. Several financial platforms, such as Wall Street, are feeling the pinch, and the Federal Reserve commenced discussions on methods to cushion the decline.
The effects of the COVID -19 pandemic on the economy are beginning to improve; however, analysts observe severe signs of inflation brewing.
Among the concerns that the analysts highlighted, consumer confidence contributed to the high inflation rate across the globe. Companies greatly affected by the early stages of the inflation include major tech companies such as Meta Platforms Inc (NASDAQ: FB), which are inventing different mechanisms to deal with the economy’s strains.
Facebook’s recent changes that affect its bottom line
The pandemic affected several tech companies; however, several analysts allege that Facebook was among the severely affected organisations. The platform’s mishaps don’t seem temporary; hence it developed various mechanisms to alter its position in the next quarter.
One of Facebook’s mechanisms was withdrawing its interests in the podcasting sector. The tech giant recently began a revolutionary podcast known as Audio Rooms, where it encouraged short types of stories for its U.S. consumers. About the podcast, Facebook executed agreements with reputable organisations and financed one of the largest conferences known as the podcast movement. However, the company is focusing on other projects such as the Metaverse and others. The company, through one of its representatives, stated that Facebook was still working on the podcast even though it is assigning other initiatives more attention.
Facebook is in trouble again after its results for the quarter
After releasing Facebook’s results for the recent quarter, an explosive released documentary allegedly detailed the platform’s involvement in fake election claims. The documentary, known as Rigged, details the amount of money that Mark Zuckerberg and his wife donated to specific groups to cushion the effect of the pandemic during the 2020 elections.
The documentary accelerates the harsh political atmosphere around big tech companies; thus, it favours this atmosphere. It allegedly implies that several electoral donations were sent to the Democratic-leaning groups.
