Every December, Yahoo Finance always releases a list of the best and worst companies of the year. For 2021, the title of worst company goes to Meta which is the parent company of Facebook, Instagram, and WhatsApp.
Yahoo Finance determined the list of worst companies based on a vote conducted by 1,541 readers on December 4-5, 2021. As a result, Meta received 8% of the total votes.
The company, formerly known as Facebook, beat other technology companies such as stock investment app Robinhood and electric truck maker Nikola Corporation.
Although 8% is relatively small, Meta actually got 50% more votes than Alibaba who came in second. Yahoo Finance said the reason for choosing Meta as the worst company was not only because of one violation, but because of a series of complaints from many parties.
"There have been significant complaints about censorship, particularly from far-right and conservative voices who feel that the 'free speech policy' is unfair and they feel they have the right to express what they want on the platform," Yahoo Finance said. /12/2021).
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"Facebook is also blamed for the rise of right-wing extremism and undermining democracies around the world," wrote one survey respondent.
Apart from political issues, Meta was also hit by several major controversies throughout 2021. Starting from WhatsApp's controversial new privacy policy, criticism of the Instagram for Kids project, to the leaking of internal documents and the testimony of whistleblower Frances Haugen that brought Meta to the attention of regulators.
But Meta need not be discouraged. The Yahoo Finance survey found that 30% of respondents said Meta still has a chance to improve its image.
One respondent advised Meta to admit and apologize for its mistakes, as well as donate its profits to help overcome the losses that have been created.
The change of name from Facebook to Meta was also enthusiastically welcomed by several respondents. They think this rebranding can take the company in a new direction that is more interesting and different from the current social media model.
Meanwhile, the title of Company of the Year 2021 went to Microsoft, which managed to penetrate a market valuation of USD 2 trillion. Companies that earn this title are selected based on their performance in the market and their achievements in one year.