Internal Meta documents reveal that the company expected to make about 10% of its 2024 revenue—roughly $16 billion—from ads promoting scams and banned goods, according to a new expose from Reuters. The files show that Meta knew for years Facebook, Instagram, and WhatsApp were flooded with fraudulent ads for investment schemes, fake e-commerce, illegal gambling, and prohibited medical products, but repeatedly failed to stop them. A December 2024 document estimated that users were shown 15 billion “higher-risk” scam ads every day, generating about $7 billion in annual revenue. Rather than banning questionable ... (full story)