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Meta’s latest annual report has triggered a significant investor alert. The auditor, Ernst & Young, expressed concerns regarding Meta’s financial decision to remove a data center project valued at $27 billion from its balance sheet, categorizing it as a “key audit matter.” In October of the previous year, Meta divested itself of the Hyperion data center project by transferring it to a newly formed joint venture with Blue Owl Capital. In this joint venture, Meta retains a 20% stake, while funds managed by Blue Owl Capital hold an 80% stake. Furthermore, Beignet Investor issued bonds amounting to $27.3 billion. Meta asserts that it lacks control over the joint venture; however, this claim has sparked controversy, given that the joint venture’s economic success is largely contingent upon Meta’s decisions and expertise.
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