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Meta Shares Up 1.23%, A Winner On A Red Tuesday Decommissioning CrowdTangle

Analyst Team trader
Updated 3 Apr 2024

As a sea of red swept the markets, Meta share price (NASDAQ: META) closed up 1.23% in trading on Tuesday despite some concern over a CrowdTangle decision.

In a move that has prompted considerable concern among researchers and electoral integrity advocates, Meta the corporate parent of Facebook, has announced the shutdown of CrowdTangle.

CrowdTangle, a widely-used digital tool that plays a crucial role in tracking viral falsehoods and misinformation, especially in the context of political events. As the United States gears up for significant elections, the decommissioning of this essential tool on August 14 poses potential challenges for those dedicated to combating election-related misinformation.

Critics of the decision point out that the timing of CrowdTangle's decommissioning is particularly troubling, with its closure set just months before the US elections. The absence of this resource is expected to leave a gap in the capacity to detect and address political misinformation spread on social media platforms.

To address the void left by CrowdTangle, Meta has revealed plans to roll out a new tool named Content Library. However, this impending replacement has not convinced all experts. Some harbor concerns that the Content Library might lack the robust functionality that CrowdTangle provided and may fall short in effectively battling the spread of false information in the critical months of election campaigning.


Addressing these concerns, the global nonprofit Mozilla Foundation (Mozilla campaigns for internet safety and accessability for all) has taken a stand, urging Meta to maintain CrowdTangle until at least January 2025. This timeframe is seen as essential to ensure continuity in transparency and accessibility for those monitoring misinformation throughout the election process.

In defense of the company's approach, Meta spokesperson Andy Stone has countered the criticisms of the new Content Library tool. Stone asserts that it will not only match but exceed the capabilities of CrowdTangle by offering more comprehensive data and insights. Moreover, the tool is said to be available to academics and non-profit election integrity experts, according to Stone.

Meta's move, however, leaves a considerable segment of independent researchers and non-profit organisations in a precarious position. While Meta’s fact-checking partners like AFP will be granted access to the Content Library, others will find themselves having to navigate an application process to gain access or else seek cost-prohibitive alternatives. This has raised further scrutiny about the overall transparency of Meta’s operations and the accessibility of pivotal data essential for monitoring misinformation.

The phase-out of CrowdTangle and the initiation of the Content Library as its replacement represent significant shifts in the social media landscape's infrastructure for tracking misinformation. As Meta transitions to these new arrangements, it is yet to be seen how the changes will impact the broader battle against misinformation in an era where the integrity of elections is of paramount importance.

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.