Friday, 21 Jun 2024

$80bn wiped from value of Facebook and Instagram owner Meta

$80bn wiped from value of Facebook and Instagram owner Meta


$80bn wiped from value of Facebook and Instagram owner Meta

The sell-off began during overnight trading after a downbeat results presentation, and continued when markets reopened on Thursday. It was one of the most dramatic devaluations Wall Street has seen since investor confidence in Silicon Valley stocks began to crumble at the start of the year.

Amid growing competition from TikTok, Meta is also suffering from a slowdown in advertising spend.

Meta hinted at job cuts, after first announcing a staff hiring freeze and potential restructuring in September.

Meta has also forecast a drop in revenue for the year, its first since it floated on the stock market in 2012.

Its third-quarter losses indicated Meta had focused too intently on new ventures, said Debra Aho Williamson, an analyst with Insider Intelligence.

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All You Need to Know About Thomas Brent Smith Speech at Whitney Western Art Museum
  • by travelandtourworld
  • descember 09, 2016
All You Need to Know About Thomas Brent Smith Speech at Whitney Western Art Museum

The Whitney Western Art Museum at the Buffalo Bill Center of the West is thrilled to announce a special Peter Hassrick Public Program on Tuesday, July 9th, from 5:30 to 7:00 pm in the Center’s Coe Auditorium. This free program features renowned art director Thomas Brent Smith, who will delve into the fascinating world of James Bama’s photographs.

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