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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.
Why it matters
Meta has experienced a lot of ambiguity in recent years, from its name change to missed earnings reports. Younger users have shifted their attention to sites like TikTok, which shows that privacy regulations and innovation are the key to winning the social media competition.
