Mark Zuckerberg, CEO of Meta Platforms, speaks at Georgetown University in Washington on October 17, 2019.
Andrew Caballero-Reynolds | AFP | Getty Images
Facebook hasn’t been that cheap since the start of the pandemic.
Shares of Facebook parent Meta are at their lowest point since March 2020, after falling 14% for the week to close at $146.29, and for the period Friday, they had sunk even lower. Meta has lost 61% of its value in the past 12 months, the biggest drop ever in Big Tech stocks, and the Nasdaq Composite has more than doubled.
Slipping for five straight days, the meta is now trading just 28 cents above its closing price on March 16, 2020, when US stocks tumbled in the early days of Covid-19.
If the meta breaks below $146.01, it will be the lowest since January 2019. That’s when Facebook was dealing with the aftermath of the Cambridge Analytica scandal, which 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 US in that quarter, though only by less than 1 percent.
Since officially changing its name to Meta last October, the news has been almost all bad for CEO Mark Zuckerberg and the company. Apple’s iOS privacy update has made it more difficult for the company to target ads and the growing popularity of social media rival TikTok has turned users and advertisers away from the app. Meanwhile, an economic downturn has caused many companies to pull back on their online marketing spend.
In July, Meta said it was expecting sales to decline for the second time in a row as it reported second-quarter earnings that missed the top and bottom lines.
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