Shares of Meta (Facebook’s parent company) fell 14% over the past week to close at $146.29, the lowest since March 2020, and fell further for some time, Friday. The company has lost 61% of its value over the past 12 months, the largest drop among major technology stocks and more than double the decline in the Nasdaq Composite Index.
In this decline for five consecutive days, the stock is currently trading at just 28 cents above the closing price that was on March 16, 2020, the time when the pandemic caused US stocks to falter.
If it fell below $146.01 it would be the lowest level since January 2019 when Facebook was facing the fallout from the Cambridge Analytica data scandal that tested consumer confidence in the social media company and led to a series of heated congressional hearings. Expanded its active user network in the US that quarter, but by less than 1%.
Since Facebook’s name was officially changed to “meta” last October, nearly all of the news regarding CEO Mark Zuckerberg and the entire company has been bad news.