On Wednesday, Meta Platforms, Inc. (NASDAQ:META) shut down CrowdTangle, a social media analysis tool used for monitoring trending posts on Facebook and Instagram.

CrowdTangle helped journalists and researchers analyze user engagement, identify key drivers of content spread, and track the virality of political and medical misinformation on social media platforms, as reported by Bloomberg.

According to the report, in July, a bipartisan group of lawmakers requested that CEO Mark Zuckerberg delay CrowdTangle's shutdown by six months, emphasizing the need for continued access to study the impact of platforms and their algorithms.

This week, Meta responded that it would proceed with the shutdown due to maintenance difficulties and concerns that the tool no longer provides a representative view of platform activity.

In separate statements, Senator Chris Coons, a Delaware Democrat, termed Meta's response as "disappointing," and Republican Senator Bill Cassidy of Louisiana added that it "only highlights the need for more oversight and scrutiny of Big Tech."

Notably, in March, the social media giant disclosed its intention to replace CrowdTangle with the Meta Content Library, limiting access exclusively to academic and nonprofit researchers and excluding most news outlets.

Meta stated that CrowdTangle's decommissioning followed years of its use in studying the spread of misinformation and causing frustration among its leaders due to reporting that often highlighted problematic content spread.

Meta promised that the Meta Content Library would be an improvement over CrowdTangle with new capabilities, such as measuring content's reach and accessing public comments data.

Investors can gain exposure to the stock via Fidelity MSCI Communication Services Index ETF (NYSE:FCOM) and Communication Services Select Sector SPDR Fund (NYSE:XLC).

Price Action: META shares are up 2.06% at $537.59 at the last check on Thursday.