Hello friends, and welcome back to Week in Review!
Last week, we talked about about the “de-stonkifying” of the market. This week, we’re looking at a wounded Facebook/Meta that finds itself backed into a corner.
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Image Credits: Facebook
the big thing
Meta had a bad week — like history-making rough.
The Facebook parent-company saw its stock price get bludgeoned after a bad earnings report showcased that Apple’s ad-blocking changes are shaving billions off its books and the company’s crown jewel — the Facebook platform — has stopped growing and actually shrank this quarter.
The company’s stock tanked by more than 26 percent, representing a $230 billion reduction in market cap and a $31 billion drop in Zuckerberg’s personal net worth. Plenty of analysts shared that this was the biggest dollar amount single-day drop for a company’s market cap ever.
The co …