Meta Platforms(US:META) 阿尔法工场研究院·2025-11-11 00:07Core Viewpoint - Meta is at a crossroads between ethics and profit, facing significant fines and user deception while needing to invest hundreds of billions in AI [3][25]. Revenue from Fraudulent Ads - In 2024, approximately 10% of Meta's revenue, amounting to $16 billion (about 116 billion RMB), is expected to come from fraudulent and prohibited advertisements [3][6]. - Fraudulent ads have become a significant revenue source for Meta, with the scale of these ads being staggering, as the company pushes around 15 billion fraudulent ads daily [4][7]. - If the $16 billion from fraudulent ads were treated as a standalone company, it would rank among the Fortune 500 [6]. Internal Control and Strategy - Meta's internal documents reveal a significant regulatory gap in its advertising business, with the company intentionally allowing the existence of these ads [4][9]. - The company only bans advertisers when the fraud likelihood exceeds 95%, opting instead to increase ad costs for those deemed risky but not outright banned [9][10]. - This "price increase without banning" strategy provides Meta with a stable revenue stream [10]. Compliance and Financial Calculations - Meta's internal estimates suggest that about 10.1% of global revenue comes from "violating ads," with the company balancing compliance enforcement costs against potential fines [13][14]. - The company has set a threshold where compliance measures cannot lead to a revenue drop exceeding 0.15%, equating to about $135 million every six months [13]. - Even if faced with fines up to $1 billion, the company considers this cost lower than the profits gained from violating ads [13][14]. Regulatory Scrutiny - Meta's practices are under investigation by global regulatory bodies, including the SEC and FCA, due to its involvement in a significant portion of payment fraud losses [16]. User Impact - Users are paying a real price for Meta's profits from fraudulent ads, with many cases of scams reported on the platform [21][22]. - Internal documents acknowledge that Meta ignored or mishandled 96% of user fraud reports in 2023, with a goal to reduce this to 75% [24]. - The ease of placing fraudulent ads on Meta compared to other platforms like Google highlights deficiencies in its ad review system [24]. Future Projections - Meta plans to gradually reduce the proportion of revenue from fraudulent ads to 7.3% by 2025, 6% by 2026, and 5.8% by 2027, but will not eliminate it entirely [20][26].