A year ago, Facebook was among the five most valuable U.S. companies, with a market cap over $1 trillion. Now the company, renamed Meta, is worth about $270 billion, no longer in the top 20 most-valuable U.S. companies.
Far from Facebook’s Big Tech days, Meta is no longer among the 20 most valuable U.S. companies after the stock sank 23% on Thursday. The company has shed 70% of its value this year and 74% since the stock peaked in September 2021, totaling over $730 billion in market cap lost.
The stunning collapse of Meta’s share price is reminiscent of the dot-com bust days, but far bigger in terms of value erased from a single company. The slide began late last year as signs of a sputtering economy started to emerge, and accelerated in early 2022 after the company said Apple’s privacy change to iOS would result in a $10 billion revenue hit this year.
MacDailyNews Take: Good.
As we wrote back in February, “The fact that Apple’s giving people the choice to be tracked or not via App Tracking Transparency hurts Facebook et al. not only highlights the inherent flaw in the business model of these societal cancers, it makes us laugh. 🤣”
Those who that rely more on targeted ads to generate revenue are the ones most negatively affected by Apple’s App Tracking Transparency privacy framework. – MacDailyNews, October 27, 2021
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