Meta’s Record-Breaking Lobbying Expenditure in Q1 2024
In the first quarter of 2024, Meta shattered its previous lobbying records by spending an unprecedented $7.6 million engaging with the US government, as revealed in its latest lobbying disclosure.
Compensation Changes Drive Spending Surge
Despite the significant increase, Meta attributes the surge primarily to operational expenses. In a statement to The Zero Byte, Meta spokesperson Daniel Roberts explained:
The increase in Meta’s lobbying expenditures is due principally to operating expenses, including changes to the timing of the biannual compensation structure and an elevated stock price.
Meta Outspends Tech Rivals
Meta’s lobbying expenditure in the last quarter dwarfs that of its big tech counterparts. The company spent more than twice as much as Apple, Google, and Microsoft, each of which allocated approximately $2 to $3 million. Amazon came in second behind Meta, spending $4.4 million.
Key Legislative Developments
The most notable piece of tech legislation recently enacted was a bill that could force Meta to sell off Instagram and WhatsApp. Meta also focused its lobbying efforts on the American Data Privacy and Protection Act, taxes, and political ads.
Previous Lobbying Record
Meta’s previous lobbying record was set in the fourth quarter of 2021, with a spend of $5.4 million. This period coincided with the revelations made by whistleblower Frances Haugen, who exposed internal documents showing the company’s awareness of the detrimental impact of its services on teenagers, among other findings.
1 Comment
Meta’s throwing around cash like it’s going out of fashion; what’s next, buying the moon?