Meta Platforms is also swimming with capital and generating boatloads of cash. Mark Zuckerberg's company closed out June with $58.1 billion in cash, cash equivalents, and marketable securities, and has generated around $23.4 billion in free cash flow (FCF) through the first six months of 2024. The key point is that, unlike most other social media companies, this cash and FCF give it the luxury of taking risks and being aggressive with innovation.