META PLATFORMS, INC.

(META)
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Delayed Nasdaq  -  04:00 2022-08-09 pm EDT
168.53 USD   -1.01%
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Meta Platforms to End Digital Wallet Novi Pilot on Sept. 1

07/01/2022 | 05:57pm EDT

By Denny Jacob


Meta Platforms Inc., the parent of Facebook, said that its Novi pilot will no longer be available for use after Sept. 1.

Novi, the company's digital wallet designed around its Libra digital currency, will no longer be available on the app or through WhatsApp starting in September. When the pilot ends, users will not be able to log in and access their account. Users also can't add money to their account starting July 21.

Users withdrawing from the digital wallet's account can choose to transfer their balance to their bank account or withdraw it as cash where applicable, the social media giant said on its website.

"We have notified Novi pilot participants that we are ending the pilot program at this time. We will be taking forward the technology we developed and what we have learned from the program into future products across the company as we focus on building for the metaverse," a Meta spokesperson said Friday in an emailed statement.

Bloomberg first reported the news.

The Wall Street Journal reported in January that the Diem Association, the consortium Facebook founded in 2019 to build a futuristic payments network, is winding down and selling its technology to a small California bank that serves bitcoin and blockchain companies for about $200 million.


Write to Denny Jacob at denny.jacob@wsj.com


(END) Dow Jones Newswires

07-01-22 1756ET

Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN (BTC/EUR) 2.50% 23363.2 End-of-day quote.-44.42%
BITCOIN (BTC/USD) 2.75% 23817.7 End-of-day quote.-50.11%
META PLATFORMS, INC. -1.01% 168.53 Delayed Quote.-49.38%
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Financials (USD)
Sales 2022 118 B - -
Net income 2022 26 695 M - -
Net cash 2022 40 966 M - -
P/E ratio 2022 17,2x
Yield 2022 -
Capitalization 453 B 453 B -
EV / Sales 2022 3,48x
EV / Sales 2023 3,00x
Nbr of Employees 83 553
Free-Float 84,4%
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Mean consensus BUY
Number of Analysts 55
Last Close Price 168,53 $
Average target price 224,12 $
Spread / Average Target 33,0%
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Managers and Directors
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
David M. Wehner Chief Financial Officer
Atish Banerjea Chief Information Officer
Andrew Bosworth Chief Technology Officer
Rajeev Rajan Vice President & Head-Engineering
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