A year ago, Facebook was among the five most valuable US companies, with a market capitalization of over $ 1 trillion. Now the company, renamed Meta, is worth about $ 270 billion, no longer among the top 20 most valuable US companies.
Ari Levy for CNBC:
Away from the days of Facebook’s Big Tech, Meta is no longer among the 20 most valuable US companies after the stock plunged 23% on Thursday. The company has lost 70% of its value this year and 74% since the stock peaked in September 2021, totaling more than $ 730 billion in lost market capitalization.
Meta’s staggering share price plunge is reminiscent of the days of the dot-com crash, but far greater in terms of value written off by a single company. The slide began late last year as signs of a failing economy began to emerge and accelerated in early 2022 after the company said Apple’s privacy change to iOS will translate in revenue of $ 10 billion this year.
MacDailyNews takes: Good.
As we wrote in February, “Whether Apple gives people the option to be tracked via App Tracking Transparency hurts Facebook et al. not only highlights the inherent flaw in the business model of these societal cancers, but it makes us laugh. ? “
Those who rely most on targeted ads to generate revenue are those most negatively impacted by Apple’s privacy framework for app tracking transparency. – MacDailyNews, October 27, 2021
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