Meta to issue new class of non-voting stock to fund AI buildout

Meta plans to issue a new class of non-voting capital stock, distributed to all existing shareholders via a stock dividend, to fund AI initiatives, employee compensation, acquisitions, and other corporate purposes while preserving the voting power of existing Class A and B shareholders. In the third quarter, Meta reported $64 billion in revenue, a 26% jump year-over-year; however, costs and expenses rose by 68% year-over-year. Reality Labs is expected to shrink its losses to between $18 billion and $19 billion. CEO Mark Zuckerberg said over 10 million people in the U.S. and Canada have set up Muse personal agents in just a month and a half.