Investment in Housing: Meta's Expenditure on Its $1 Billion Project
Meta Platforms, Facebook's parent company, halted funding for a specific initiative in 2022, causing a slowdown in progress. The particular project that was affected remains unspecified, though the Diem project, a stablecoin endeavor, was among Meta's initiatives around that time. However, the Diem project was abandoned in early 2022 under regulatory pressure and subsequently sold to Silvergate Bank.
It's important to note that Meta had previously committed to allocating $1 billion towards housing in California. However, there is no evidence suggesting that this funding was stopped in 2022. Meta is still expected to honor its commitment by 2029, albeit with some adjustments. A reported $250 million committed for a mixed-income housing fund has been reconsidered, but the company's overall housing pledge remains intact.
Therefore, the 2022 funding halt pertains specifically to the Diem project, which was forced to cease due to regulatory obstacles. Readers are encouraged to subscribe or log in to access the full article for further details.
The funding halt in 2022 did not affect Meta's commitment towards housing in California, but it did impact the progress of the Diem project, a specific investing endeavor in the real-estate sector, which was aimed at the housing-market due to its nature as a stablecoin. Despite the halt, Meta's overall pledge of $1 billion for housing projects by 2029 remains intact, with some potential adjustments to specific investments like the mixed-income housing fund.
