Meta Platforms, formerly known as Facebook and representing the first company of the FAANG group of stocks is facing the heat with its share price down to levels seen during the Covid-19 pandemic. In 2022, the share has lost 56% in value and is close to its Covid-19 lows. On March 16, 2020, Meta’s stock price touched a low of $146.01. On Monday, Meta closed at $148, a level last seen in March 2020 when the markets witnessed the big crash.
The company’s rebranding from Facebook to Meta was announced on October 28, 2021, while the stock began trading on Nasdaq under the ticker code META on June 9, 2022. Meta stock has underperformed the Nasdaq 100 index by over 100% in the last 1-year. Over the last 12 months, since the rebranding was done, the share price of Meta is down by almost 59%, while Nasdaq 100 is down by about 20%.
The continuous slide in the share price of Meta has eroded the value over 3-year and 5-year as well. The Facebook share has lost 7% and 3% over the last 3 years and 5 years respectively.
Since Facebook went public, the company’s first-ever revenue loss was registered in July 2022. However, Mark Zuckerberg, the company’s chief, still has hope for the Metaverse and believes that the company is setting the foundation for what he expects to be a very exciting 2030.