Meta Platforms CEO Mark Zuckerberg speaks at Georgetown University in Washington on October 17, 2019.
Andrew Caballero-Reynolds | AFP | Getty Images
Facebook hasn’t been this cheap since the start of the pandemic.
After falling 14% for the week to close at $146.29, shares of Facebook parent Meta are at their lowest point since March 2020, and for a period on Friday, had sunk even lower Meta has lost 61% of its value over the past 12 months, by far the biggest drop among Big Tech stocks and more than double the drop in the Nasdaq Composite.
After sliding for five consecutive days, Meta is now trading just 28 cents above its closing price on March 16, 2020, when the first days of Covid-19 sent US stocks tumbling.
If Meta falls below $146.01, it will be the lowest since January 2019. That’s when Facebook dealt with the fallout from the Cambridge Analytica scandal that tested consumer confidence in the ‘social media company and led to a series of heated congressional hearings.
Still, Facebook managed to expand its active users in the United States that quarter, albeit by just under 1 percent.
Since officially changing its name to Meta last October, the news for CEO Mark Zuckerberg and company has been almost all bad. Apple’s iOS privacy update made it harder for the company to target ads, and the rise in popularity of social media rival TikTok has driven users and advertisers away from the app. Meanwhile, an economic slowdown has caused many companies to scale back their online marketing spending.
In July, Meta said it expected a second straight period of declining sales as it reported second-quarter earnings that missed both the top and bottom lines.
I WILL SEE: I’m not sure there’s a core business in Meta that works anymore