Meta reportedly projected 10% of 2024 sales came from scam, fraud ads

Core Insights - Meta Platforms Inc. projected that approximately 10% of its overall sales in 2024, equating to about $16 billion, will come from online ads related to scams and banned goods [1][2][6] - The company reported total sales exceeding $164.5 billion for 2024, with a 26% year-over-year increase in third-quarter sales to $51.24 billion [3] - Internal documents revealed that Meta generates around $7 billion annually from "higher risk" scam ads, with an estimated 15 billion of these ads shown daily [4] Advertising Practices - The types of ads contributing to the projected sales include promotions for fraudulent e-commerce, illegal online casinos, and banned medical products [2] - Despite efforts to reduce fraudulent ads, there are concerns within the company that removing these ads abruptly could negatively impact business projections [5] Company Response - A Meta spokesperson stated that the estimate of 10% of ad sales from fraudulent ads was a rough approximation and that many of these ads were not in violation of policies [6] - The spokesperson emphasized that the leaked documents provide a selective view of the company's efforts to combat fraud, focusing on the assessment of the issue rather than the comprehensive actions taken [7]