Feb 4, 2022

Facebook owner Meta sees biggest ever stock market loss

Facebook's owner Meta Platforms saw its stock market value slump by more than $230bn on Thursday, in a record daily loss for a US firm. Meta, which owns the world's second largest digital advertising platform after Google, also said it had been hit by privacy changes on Apple's operating system. Before the changes Meta used to target advertisements by tracking how Apple users interacted with apps and websites but can no longer do this. "Clearly Meta got more impacted compared to its rivals as other social media like Snap posted healthy results," said Sachin Mittal, head of telecom and internet sector research at DBS Bank."While there has been a broad negative impact on the whole tech sector, we reckon players with lower reliance on targeted ads or better algorithms to cope with Apple's changes would still do well." Meta's share price slump also dragged on other social media platforms, including Twitter, Snap and Pinterest during Thursday's regular trading session.

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