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Meta Share Price Plunged 14% this Week, Reaching A Pandemic Low

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Meta Share Price Plunged 14% this Week, Reaching A Pandemic Low

(CTN News) – Since the beginning of the pandemic, Facebook hasn’t been this cheap.

Having plunged 14% for the week to close at $146.29, Meta shares have fallen to their lowest point since March 2020, and for a time on Friday, they even fell lower.

Over the past year, Meta has lost 61% of its value, by far the biggest decline among Big Tech stocks and more than double the decline in the Nasdaq Composite.

Having fallen for five straight days, Meta is now trading just 28 cents above its closing price on March 16, 2020, when Covid-19 sent U.S. stocks reeling.

Meta shares dropped below the company’s pandemic nadir during the day on Friday and are down more than 60% for the year.

Meta would fall below $146.01 for the first time since January 2019. In the aftermath of the Cambridge Analytica Scandal, Facebook faced consumer distrust and a series of heated congressional hearings.

Even so, Facebook’s U.S. active users increased by less than 1 percent that quarter.

After officially changing its name to Meta last October, CEO Mark Zuckerberg and company have had almost all bad news.

Apple’s iOS privacy update has made targeting ads more difficult, and TikTok’s growing popularity has drawn users and advertisers away.

An economic slowdown has caused many companies to cut back on their online marketing spending.

After reporting second-quarter earnings that missed on both top and bottom lines, Meta said it expected a second straight period of declining sales.

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