Meta Opposes Australia's 2.25% Levy, Outperforms Peers as S&P Drops 0.75%
META•Meta criticized Australia's draft law imposing a 2.25% levy on its local revenue to compensate news publishers, warning it is grossly unfair and economically incoherent. Meta was the only Magnificent Seven stock to gain when the S&P 500 dropped 0.75% and the Nasdaq fell 0.9%.
1. Meta Rejects Australian News Levy
Meta has formally rejected Australia's proposed news compensation framework, labeling the 2.25% revenue levy discriminatory and economically incoherent. The company argues the draft legislation will undermine the development of a diverse and sustainable news ecosystem and warns it may harm Australian journalists and audiences if enacted later this year.
2. Meta Outperforms During US Market Pullback
On June 3, Meta was the sole member of the Magnificent Seven to record gains as major indexes extended a decline. The S&P 500 fell 0.75% and the Nasdaq dropped 0.9%, driven by Middle East tensions and rising oil prices that shifted investor focus toward energy stocks.
