Ackman Says Meta Can Raise Whatever It Needs, Citing $82.45 Billion in Cash and Securities

Billionaire investor Bill Ackman said Meta Platforms (META) can fund any significant increase in spending, pointing to $82.45 billion in cash, equivalents and marketable securities the company held as of Sept. 30, as it accelerates AI infrastructure investment and creates a new non-voting Class C stock. Meta reported third-quarter revenue of $64.601 billion, up 26% from $51.242 billion a year earlier. Total costs and expenses rose 68% to $51.613 billion, cutting operating income 37% to $12.988 billion and operating margin to 20% from 40%. Net income rose 264% to $9.86 billion, or $3.83 per diluted share, partly on a lower effective tax rate of 24% versus 87%. Results included $9.89 billion in legal charges tied to an August settlement with 52 state attorneys general over youth mental health and social media claims. Excluding that, operating income would have been $22.88 billion and diluted EPS $7.40. Third-quarter free cash flow turned negative at $2.12 billion as capital spending, including finance lease principal payments, reached $34.91 billion. Meta forecast 2026 capital expenditures of $135 billion to $145 billion and fourth-quarter revenue of $73 billion to $76 billion. Its board approved publicly listed, non-voting Class C common stock effective Jan. 19, 2027. Shares fell about 7% to $648.85 on October 22.