Meta spent record $7.6 million on lobbying in Q1 2024
What's the story
Meta has set a new record by spending $7.6 million, on lobbying the US government in the first quarter of 2024.
The figure marks a 64% increase from the final quarter of 2023, and represents over a third of Meta's total lobbying expenditure, for the previous year.
According to spokesperson Daniel Roberts, "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."
Comparison
Meta's lobbying expenditure surpasses industry rivals
In comparison to its industry counterparts, Meta's lobbying expenditure during this period was notably higher.
It more than doubled the lobbying spending of tech giants such as Apple, Google, and Microsoft, which each spent around $2 or $3 million.
Amazon was the second-highest spender after Meta, with a total expenditure of $4.4 million on lobbying.
Despite potential legislative developments favoring Meta, Roberts confirmed that Meta did not lobby on the 'Protecting Americans from Foreign Adversary Controlled Applications' Act.
Emphasis
Children's online safety was in focus
Meta's Q1 disclosure reveals that it lobbied on several bills related to children's online safety.
These include the Protecting Kids on Social Media Act, Kids Online Safety Act, and Children and Teens Online Privacy Protection Act (COPPA).
The company also engaged in issues such as the reauthorization of the Foreign Intelligence Surveillance Act, and bills related to Section 230 - tech's legal liability shield.
Other areas of interest included encryption, international data flows, subsea cables, taxes, and political advertisements.