Social media giant Meta Platforms (META) is shaking up its executive ranks ahead of Donald Trump’s inauguration on January 20.
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The parent company of Facebook and Instagram has announced that it is replacing current President of Global Affairs Nick Clegg with Joel Kaplan, a former Republican party staffer and the company’s current Policy Vice-President.
The shake-up comes three weeks before Trump’s inauguration, and is the latest sign of how technology companies are positioning themselves for a new administration in Washington, D.C. Clegg, a former British deputy prime minister, said he is stepping down from his role at Meta Platforms and moving on.
Preparing for Trump
Clegg is being replaced in the influential policy role at Meta by Kaplan, who was previously a staffer under former Republican President George W. Bush, and who recently appeared at the New York Stock Exchange with vice-president-elect J.D. Vance.
Clegg had worked at Meta Platforms since 2018 after a career in British politics. During his time at the technology company, he helped Meta navigate political scrutiny, especially concerning its influence over elections through its social media platforms.
The change in Meta’s President of Global Affairs is the latest sign of how the tech company is preparing for the incoming Trump administration. Following the November 5 U.S. election, Meta CEO Mark Zuckerberg met with Trump in-person and reportedly lobbied for a strong relationship with the administration.
META stock has gained 70% over the last 12 months.
Is META Stock a Buy?
The stock of Meta Platforms has a consensus Strong Buy rating among 42 Wall Street analysts. That rating is based on 38 Buy, three Hold and one Sell recommendations issued in the past three months. The average META price target of $678.29 implies 13.36% upside from current levels.
