Facebook is on a continuous plunge, although the stock hasn’t been cheap since the pandemic’s beginning.
After slipping 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, they had sunk even lower. Meta has shed 61% of its value over the past 12 months, by far the most giant slide among Big Tech stocks and more than double the drop in the Nasdaq Composite.
After sliding for five straight days, Meta is now trading just 28 cents above its closing price on March 16, 2020, when the early days of Covid-19 sent U.S. stocks through the mayhem.
If Meta plunges below $146.01, it will be the lowest since January 2019. That’s when Facebook was struck by the Cambridge Analytica Scandal.
Since officially changing its name to Meta last October, the news for CEO Mark Zuckerberg and the company has been almost all bad. Apple’s iOS privacy update made it more difficult for Facebook to target ads, and the increased popularity of social media rival TikTok has drawn users and advertisers away from the app.