The Clap
Meta’s (NASDAQ: META) stock closed at $146.29, just 28 cents above its price range during March 2020 (early pandemic period).
The Deets
Meta has faced several obstacles this year which saw the company lose 61% of its value YoY.
The continuous decline can be attributed to the rising popularity of rival TikTok and an update in Apple’s iOS privacy policy, making it harder to target ads to users.
In addition, faltering economic conditions continue to push companies to cut expenditures, with companies reducing their online marketing spending for the year.
Why this Matters
Meta’s decline over the past 12 months is the biggest among the large tech firms.
What this Shows
The economic situation as well as the growing popularity of other social networking sites have shaken Meta, significantly affecting the stock price even though the company managed to expand its active users by under 1%.
Meta nearing pandemic low 😳
