META's Replacing Fact-Checking with Community Notes Is EPS Accretive

• Between third-party partners and internal efforts, it is difficult to quantify how much META invests in fact-checking. I do not believe this figure is comprehensive the way I read META’s post.

• More importantly, the fact that META will significantly reduce censorship is a positive and should help grow usage of the FB and Instagram platforms.

• META’s moving Content Moderation out of CA to TX is a good first step and will reduce OpEx.

---