Meta Platforms (META) is ending its workplace diversity programs ahead of president-elect Donald Trump’s inauguration on January 20.
Stay Ahead of the Market:
- Discover outperforming stocks and invest smarter with Top Smart Score Stocks
- Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener
Meta made the announcement in a memo to staff, saying that it plans to cancel several internal programs designed to increase the company’s equity, diversity and inclusion (DEI). Specifically, Meta Platforms is ending its “Diverse Slate Approach” of considering qualified candidates from underrepresented groups for open positions.
The company is also ending a diversity supplier program and equity and inclusion training programs. Meta’s diversity, equity, and inclusion team is being disbanded and the company’s Chief Diversity Officer will move into a new role focused on staff engagement.
Adjusting to the Trump Era
The end of Meta’s DEI policies and programs is the latest change at the social media company ahead of Trump’s return to the White House. In recent weeks, Meta Platforms has announced plans to end fact-checking on its social media platforms.
The technology giant has also appointed Republican Joel Kaplan as its global affairs head and named Dana White, CEO of the Ultimate Fighting Championship (UFC), a Trump friend, to its board of directors. Meta CEO Mark Zuckerberg has also met with Trump in-person since his re-election last November and pledged that Meta will donate $1 million to the president-elect’s inaugural fund.
META stock has risen 67% in the last 12 months.
Is META Stock a Buy?
The stock of Meta Platforms has a consensus Strong Buy rating among 43 Wall Street analysts. That rating is based on 39 Buy, three Hold, and one Sell recommendations issued in the past three months. The average META price target of $683.72 implies 11.95% upside from current levels.
