Shares in Facebook’s parent company Meta Platforms tumbled on Friday, with shares set to enter a bear market after months of volatility caused by disclosures of irregularities and disappointing quarterly results.
Selling has been around 20% since its record closed on September 7, wiping out nearly $230 billion (€200 billion) from market value.
Meta stock came under pressure this week as investors grappled with the uncertainty surrounding the Omicron variable and the possibility that the US central bank would end its pandemic support program sooner than expected. It fell more than 2% in one stage on Friday.
Meta shares have been hurt in recent months by negative comments about Facebook’s business model from Frances Hogan, according to David Trainer, who covers investment research firm Meta New Constructs. Ms Haugen appeared before the US House of Representatives Technology Subcommittee earlier this week, after she accused the social media giant of putting the « profit on the safety » of its users in October.
Growing concerns about the impact of Apple’s data collection rules and supply chain challenges also contributed to the decline and drove Meta’s biggest drop in nearly a year in October.
Meta shares are down more than 8% for the week ending Friday, with the stock heading for its worst weekly drop since June 2020.
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