Shares of Meta (Facebook’s parent company) fell 14% in the past week to close at $ 146.29, the lowest level since March 2020, and fell further for some time on Friday. The company lost 61% of its value in the past 12 months, the largest decline among the major tech stocks and more than double the decline in the Nasdaq Composite Index.
Amid this five-day decline, the stock is currently trading just 28 cents above its closing price on March 16, 2020, the time when the pandemic sent US equities to a halt.
If it dropped below $ 146.01, it would be the lowest level since January 2019, when Facebook faced the fallout from the Cambridge Analytica data scandal that tested consumer confidence in the social media company and led to to a series of heated Congressional hearings. in the United States in that quarter, but by less than 1%.
Since Facebook’s name was officially changed to “meta” last October, almost all of the news about CEO Mark Zuckerberg and the entire company has been bad news.
–
