5 things to know about Meta, parent company of Facebook, as it builds new Idaho facility
READ MORE
Meta comes to Idaho
The social media giant Meta, formerly Facebook, announced its plan for a large data center in Kuna that will bring jobs, infrastructure improvements to the area.
Expand All
Meta, formerly Facebook, plans to build a big center in Boise area. What we know
5 things to know about Meta, parent company of Facebook, as it builds new Idaho facility
Meta pledges to make improvements so Kuna can attract more homeowners, businesses
Facebook owner said: We want only green energy. Idaho Power said OK. What it means to you
News of Meta, the social media company formerly known as Facebook, building a new data hub in a suburb of Boise comes with it a number of questions — most importantly: What is Meta, anyway?
Here are five things to know about Meta’s arrival to Idaho, in the next few years.
What’s in a name?
Mark Zuckerberg, the founder, chairman and CEO of the Silicon Valley tech company, announced the name change in October. Individual platforms, including Facebook, and other key assets — Instagram and WhatsApp among them — will remain unchanged and merely fall under the Meta parent company umbrella.
The new name has roots in Greek, Zuckerberg, 37, wrote in a letter announcing the change, and means “beyond.”
“For me, it symbolizes that there is always more to build, and there is always a next chapter to the story,” Zuckerberg wrote, citing Facebook’s start during his days attending college at Harvard University. “Ours is a story that started in a dorm room and grew beyond anything we imagined; into a family of apps that people use to connect with one another, to find their voice, and to start businesses, communities, and movements that have changed the world.”
Is this a full rebrand?
Simply: Yes. Also included in the change was a transition away from Facebook’s trademark thumbs-up signage, which long adorned its headquarters in Menlo Park, California, about 30 miles south of San Francisco in the heart of the Silicon Valley.
Replacing the iconic symbol is a new emblem in the shape of the traditional infinity sign, in a shade of blue similar to that in Facebook’s lowercase “f” logo. The future nearly 1 million-square-foot center in Kuna can be expected to see similar corporate signage.
In addition, on the stock market, the company changed its ticker symbol from FB to MVRS in December. On Wednesday afternoon, Meta was down about 1% and trading at $188 and change per share.
What’s in it for Idaho?
Meta will bring an estimated 100 permanent jobs to the Boise area with completion of what Idaho called an $800 million investment in the region with the server farm. Construction on the project is expected to begin in September and continue through 2025.
What’s in it for Meta?
In attempts to attract such businesses, Idaho offers large swaths of undeveloped land, but also some hefty financial incentives.
Since July 2020, companies that locate new data centers in the state are eligible for sales tax exemptions on server equipment and construction materials used to build the operation. For this project, that could mean savings in the tens of millions of dollars.
To receive the tax break, companies must maintain at least 30 new jobs in Idaho during the first two years once the center opens, including salaries at or above the county average — in this case Ada County. To qualify, Meta would also need to make at least $250 million in capital investments within five years once construction starts.
Is the company still Zuckerberg’s baby?
Yes — and that doesn’t appear soon to change as the company, founded in 2004, further pursues projects in the virtual reality, or VR, tech space, including its Oculus video game headset.
At the time of the announcement regarding the new Meta branding, Zuckerberg — one of the wealthiest people in the world — told The Verge that he “probably” sees himself in his current chief executive role with the company for at least another five years.
“I don’t have a specific date how long I want to be doing this for,” he said. “I guess what I could say is I’m very excited about the next chapter of what we’re doing. So I really want to go do that.”
This story was originally published February 16, 2022 at 1:01 PM.
