Meta shares are down 14% this week, slumping near their pandemic lows

Facebook hasn’t been this cheap since the start of the pandemic.

After falling 14% for the week to close at $146.29, Facebook parent shares dead They are at their lowest level since March 2020, and for the period on Friday, they fell even lower. Meta has lost 61% of its value over the past 12 months, the largest drop among major tech stocks and more than double the drop in the Nasdaq Composite Index.

In a five-day slide in a row, the Meta is now trading just 28 cents above the closing price on March 16, 2020, when the early days of Covid-19 sent US stocks reeling.

If the Meta drops below $146.01, it will be the lowest since January 2019. That was when Facebook deal In the wake of the Cambridge Analytica scandal that tested consumer confidence in the social media company and led to a series of heated Congressional hearings.

However, Facebook was able to expand its active users in the United States in that quarter, but by just under 1 percent.

Since then officially change his name To Meta last October, the news for CEO Mark Zuckerberg and the company was nearly all bad. An apple The iOS privacy update has made it more difficult for the company to target ads, and the increased popularity of social media competitor TikTok has drawn users and advertisers away from the app. Meanwhile, the economic slowdown has caused many companies to cut back on their online marketing spending.

In July, Meta said it expected a second straight period of declining sales as it announced the second quarter profits That missed the upper and lower lines.

Watch: I’m not sure there is a Meta core that works anymore