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Facebook Stock Rises on Plan to Hire 10,000 EU Workers

Facebook plans to create 10,000 jobs in the European Union over the next five years.

Facebook  (FB) - Get Meta Platforms Inc. Class A Report stock traded higher Monday after the social networking giant said it plans to create 10,000 jobs in the European Union over the next five years in a push to build a digital world known as the metaverse.

The move comes amid rising antitrust and privacy related investigations against the company by regulators in the region.

Shares of Facebook on Monday closed 3.3% higher to $335.34.

Metaverse is an online world where people can use different devices to move and communicate in a virtual environment, according to Facebook. The company added that, "no one company will own and operate the metaverse."

“Europe is hugely important to Facebook,” wrote Nick Clegg, vice president global affairs, and Javier Olivan, vice president of central products, in a blog post late Sunday.

“From the thousands of employees in the EU, to the millions of businesses using our apps and tools every day, Europe is a big part of our success, as Facebook is in the success of European companies and the wider economy.”

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Facebook Chief Executive Mark Zuckerberg first outlined his vision for a metaverse in July.

"We look forward to working with governments across the EU to find the right people and the right markets to take this forward, as part of an upcoming recruitment drive across the region," Clegg wrote.

In June, the European Union and the U.K. opened formal antitrust investigations into Facebook's classified-ads service Marketplace, ramping up regulatory scrutiny for the company in Europe.

Last month, Facebook's encrypted messaging service WhatsApp was fined $267 million by regulators in Ireland for violating European Union privacy laws.

Separately, Facebook whistelblower Frances Haugen is set to meet the social network's oversight board, over the coming weeks, as the board pushes for greater transparency and accountability from the tech giant.

The company was the subject of a series of investigative reports by the Wall Street Journal which unveiled internal company research about the negative impact of its Instagram app on teenagers, among other findings