Mark Zuckerberg initially pledged $1 billion to combat the housing affordability crisis in California, prompted by the public image concerns surrounding Facebook in 2019. However, recent reports indicate that the project has been abandoned, with very little of the pledged funding actually utilized. The Chan Zuckerberg Initiative has also pulled support from a non-profit school for low-income students, indicating a strategic shift in priorities at Meta, particularly amid layoffs and ongoing antitrust challenges.
"The program, while never fully operational, had the potential to address a significant portion of California's housing crisis, but it is now defunct with minimal funds utilized."
"Zuckerberg's shift in focus and the recent layoffs reflect a broader strategy within Meta, moving away from previous public commitments during a time of intensifying scrutiny and criticism."
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