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Spiralling Meta Shares Weighing on NASDAQ Pre-Open

EQUITIES
  • A distinct drop in Meta (Facebook)'s share price pre-market really dragging on NASDAQ futures relative to the S&P, DJIA, indicating a drop of over 2% for the index in a few hours' time.
  • Meta is poised to open lower by ~20% today, representing around $180bln in market cap and, according to Bloomberg, one of the biggest wipeouts of value in market history.
  • Meta is struggling on a few fronts: dropping users to rival networks like TikTok, a shrinking user base for the first time in company history, a tightening of Apple's privacy standards hurting Meta's ability to target advertising and sizeable investments in unprofitable virtual reality/metaverse products.

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