Meta Stock Price Falls 61% in One Year... Approaching Lowest Level in Two and a Half Years

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[Asia Economy Reporter Kwak Min-jae] The stock price of Meta Platforms, the parent company of Facebook (hereinafter Meta), has approached its lowest level in two and a half years.

On the 16th (local time) at the New York Stock Exchange, Meta closed trading at $146.29 (203,343 KRW), down $3.26 (2.18%) from the previous day.

Compared to one year ago as of that day, Meta's stock price has fallen by about 61%. This is the largest decline among major big tech companies during the same period, and it has dropped more than twice as much as the Nasdaq index.

Meta's stock price has fallen for five consecutive trading days. During this period, Meta's stock price dropped 14%, reaching its lowest level since March 2020. If it falls below $146.01, it will record its lowest price since January 29, 2019 ($144.19).

At that time, Facebook was suffering greatly, with CEO Mark Zuckerberg appearing before Congress hearings due to the so-called 'Cambridge Analytica scandal.' This scandal was a large-scale data leak incident in which the British political consulting firm Cambridge Analytica collected data from 87 million Facebook users without their consent and used it for political advertising during the 2016 U.S. presidential election.

One of the main reasons for the stock price decline is that Apple's update of its iOS operating system for privacy reasons dealt a blow to Facebook's revenue model, which is based on providing personalized ads.

It is also pointed out that the popularity of the competing social media platform TikTok from China and companies reducing online marketing expenses due to recession concerns contributed to the stock price decline.

This content was produced with the assistance of AI translation services.