Meta is creating a new non-voting stock to help pay for its AI push, and says Muse has passed 10 million users.

Meta reported its July to September results on Wednesday, Oct 21 (Meta). Revenue was $64.60 billion, up 26% from a year earlier, but costs rose 68%, partly because of a $9.89 billion charge for its settlement with state attorneys general over teen mental health.

Meta spent $34.91 billion on capital expenditures in the quarter, and it now expects $135 billion to $145 billion for the full year. Its free cash flow for the quarter was negative $2.12 billion, meaning that spending was more than the cash its business brought in.

The bigger change is a new Class C stock. It carries no votes, takes effect in January 2027, and every existing shareholder gets one Class C share for each share they hold. Meta says it expects that to look like a two-for-one stock split in the price of its current shares. Meta says the new shares are for "capital raising, employee compensation, potential acquisitions" and other purposes, because the investment needed to compete in AI is "significant." Because the new shares carry no vote, Meta says they won't change anyone's voting power, which keeps its founder-led structure in place. Mark Zuckerberg also signed a separate agreement covering his sales of the new shares and his service at Meta.

On the earnings call, Zuckerberg said more than 10 million people in the US and Canada set up Muse personal agents in a month and a half, and that about a quarter of people who set it up now use it daily (TechCrunch, TechCrunch). He said Muse is "very compute-intensive to run" for now, and that Meta expects to make it more than 10 times cheaper to run within a year.

What to watch: Meta plans to keep Muse free for most people and make money from shopping that happens through it, while charging power users who want the most advanced models or more usage. Watch for when paid tiers show up and what they cost. Zuckerberg also said Meta is building capacity to serve more than a billion people over the next few years, as always-on agents like Muse and Anthropic's new Claude Duet compete to become the assistant people use every day.