Shares of Meta, the company formerly known as Facebook, plunged on Monday, continuing declines triggered last week by earnings that were weaker than expected and concerns over data privacy.
Meta shares slumped 12.18 per cent, extending losses for the third day after a record drop last week. The company’s shares are down 34 per cent since the start of the year. The decline has been fuelled by concerns including privacy changes to Apple products that make it harder for advertisers to see how their ads work on Facebook.
Meta, which owns social media giant Facebook and Instagram, is facing myriad challenges. It is in the middle of a number of regulatory fights and looking to justify its strategic shift to bet on an immersive internet known as the metaverse.
In a report published on Thursday, the company again threatened to pull Facebook and Instagram from Europe if it is unable to keep transferring user data back to the US amid negotiations between regulators to replace a scrapped privacy pact.
EU regulators have for months been stuck in negotiations with the US to replace a transatlantic data transfer pact that thousands of companies relied on. It was struck down by the EU Court of Justice in 2020 over fears citizens’ data is not safe once shipped to the US.
Responding to threats from Meta to quit Europe, German Economy Minister Robert Habeck and French Finance Minister Bruno Le Maire said on Monday that life in Europe would be fine without Facebook.
“After being hacked I’ve lived without Facebook and Twitter for four years and life has been fantastic,” Mr Habeck said.
The disappointing earnings figures last week added to the company’s challenges. Data showed it had lost daily active users for the first time in its 18-year history as its net profit dropped more than 8 per cent annually in the fourth quarter to $10.2 billion.
The results, which point to stagnant growth, triggered the biggest ever single-day market value wipeout for a US company on February 4, with Meta's stock plummeting 26 per cent, erasing more than $200bn in value.
That pulled down founder and chief executive Mr Zuckerberg's net worth to $85bn, pushing him outside the list of the world's top 10 wealthiest people — and the exclusive $100bn club — for the first time since July 2015.
UAE currency: the story behind the money in your pockets
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The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
