Meta Platforms, Inc (NASDAQ: META) terminated its sponsorship agreement with the organization planning the federal government’s commemoration of the 250th anniversary of the U.S., the Wall Street Journal reports.
Meta did not disclose the reasons for the pullout.
Internal battle and a discrimination lawsuit filed by ex-female executives plagued the project, WSJ wrote.
Meta, which forged the deal in June 2021, was the only corporate on board, to its dismay.
Previously Meta looked to review its ties to the U.S. Semiquincentennial Commission and its affiliated America250 Foundation following WSJ reports describing rivalries among the congressionally appointed commissioners, accusations of mismanagement, and misuse of federal funds by ex-employees.
The America250 Foundation remains confident of working with Meta in the future.
The foundation was amid potential sponsorship arrangement discussions with other companies.
Meta, America250’s largest single source of funding apart from the federal government, had already paid America250 the first $2 million installments of a $10 million deal through 2026 to serve as the exclusive “social connectivity” partner. America250 will not receive the remaining $8 million balance.
Congress created the Semiquincentennial Commission in 2016 to plan observances leading to the anniversary on July 4, 2026.
Price Action: META shares traded higher by 1.07% at $157.51 in the premarket on the last check Thursday.
Photo by Anthony Quintano via Wikimedia
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.