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On its 18th anniversary, the shares of Facebook parent, Meta (META, $146.29) fell 14% to their lowest point in more than three years. The company is down 61%, far more than any other major tech stock and more than double the drop in the Nasdaq Composite.
- During the past week, Meta's stock price has hovered just $0.28 above its price from early pandemic days. If the company falls below $146, it will reach its lowest point since January 2019, when it was dealing with the aftermath of the Cambridge Analytica Scandal congressional hearings.
- Meta has had a rough year since its name change, with increased competition from social media rival TikTok, stealing users and advertisers away from the app. Even more, Apple's (AAPL, $150.70) iOS privacy policy has made it harder for the company to target ads.